A: HERE ARE MY RECOMMENDATIONS:
- Put the patient at the center of everything you do … with no exception.
- Define your core purpose: An exciting mission in less than 15 words, a lofty vision in less than 15 words, a crisp strategy that focuses on value creation, and set yourself up for a disciplined execution.
- Define your company’s culture “by-design” with values that represent you as the leader and are nonnegotiable.
- Design a business model that leverages your unique strengths, and select a team that complements them.
- Focus on therapeutics that are truly innovative, will reduce the healthcare cost, and will improve the patient’s quality of life.
- Remember that the regulatory agencies follow their rules, not yours.
- Cash is king: Raise capital when you can, spend as if it is your own, and only on value-creation activities.
- Prepare for what to do and not to do when a crisis will hit, and it will hit.
- Never cut corners! Doing so will come back and bite you at the worst possible moment.
- Don’t strategize for an exit; strategize for value-creation milestones.
FRANCOIS NADER, M.D., MBA
Francois is chairman of Acceleron Pharma and the former CEO of NPS Pharma.