How Do You Determine A Board's Composition Based On A Product's Stage Of Development?
BOARD MEMBERS SHOULD BE SELECTED FOR THEIR ABILITY TO PROVIDE VALUE TO THE COMPANY in terms of the expertise and industry connections each provides. They must be utility players. Workable boards range in size from six to 10 members. As a result, the ideal board candidate should be a modern-day “renaissance” person. That is, a board member should have at least three areas of expertise. No board is big enough to allow for a person with a single area of expertise. Also, no board can be expected to have expertise across every domain. It is critical that boards are populated by individuals with strong industry connections. This enables the board and management to quickly access expertise on an as-needed basis.
RICH DALY, COO of BeyondSpring, has more than 25 years of biopharmaceutical industry leadership experience, including roles as chairman and CEO.