Labco: Innovation in Prenatal Biomedicine
As I introduced on my last post, our most recent commercial launch is a blood test for non-invasive prenatal testing, a test that can assess risk for Down Syndrome or trisomies 18 and 13 with no risk for the mother or baby. This opens a new window to prenatal testing, and represents probably the biggest advance in obstetrics in the history of medicine.
But this is not intended to be a scientific publication, or at least not what I should be writing on. And I won’t. The reason I am telling you about this test is because it is a great example of what I believe is one of the keys to success in biotechnology: partnership. Labco Diagnostics believes innovation does make the difference. We are devoted to offering to our patients the best diagnostic technologies available. For sure these new technologies do need to go through the approval of our Scientific Committee, and we must make sure they do comply with our high standard of quality, but once we get the green light, we like to make them available to our customers as soon as possible. I am not saying something new if I tell you that in my industry the progress happens at the speed of light. Every day we hear of a new technology having been validated, and the way we approach certain treatments has been completely modified over the last years. Specially when it comes to cancer, being ale to offer our patients the best technology available does make a difference.
Why am I telling you all this? Wasn’t I talking about prenatal testing? Well, the key for us here is to be able to work with the right partners. It is absolutely impossible to keep up the pace of innovation in biomedicine if you want to go on this journey by yourself. There is no way a company could offer the best available technologies if it wasn’t through strategic partnerships. Not even Labco could, despite being the market leader in Europe. Nor Quest Diagnostics, the largest lab services company in the world.
I cannot disclose yet who we are partnering for the launch of the non-invasive prenatal test, but I can assure you they do meet what we consider is necessary to find the appropriate partner. First, the technology they are offering we are convinced is the best available in its field. Second, the management team is honest, passionate, and has the same vision we have. In the end, it’s all about trust and moving forward together. Sure term sheets are necessary, but my experience says the best businesses are those in which once signed you will not use it ever again.
Labco is now able to offer the best diagnostic technologies in many cases thanks to what we share with our partners. So there you goes my advice. Do not try to do everything by yourself. Be honest to yourself and establish what you are proficient at. Then, try to establish win-win partnerships with other companies and help each other to move onto the nest step in your business. You might sometimes choose the wrong partners, but the potential benefit is worth the risk.
Hopefully on my next post I will be able to tell you more details about our new partnership. I can tell you I have learnt a big deal from these intense last weeks of discussions with them; and now I now we not only will be successful together, but I have established new friendships based on trust and sharing the same vision of business.
Merry Christmas to you all, and I wish you a prosperous 2013. We will continue to be devoted to our patients and customers, and offering them the best of biomedical innovation.