http://www.pharmalot.com/2008/01/venture-capital-pumps-big-money-into-biotech/ News, Comment and Conversation Fri, 10 Feb 2012 22:30:30 +0000 http://wordpress.org/?v=2.6.2 http://www.pharmalot.com/2008/01/venture-capital-pumps-big-money-into-biotech/#comment-107865 harry Mon, 21 Jan 2008 16:08:02 +0000 http://www.pharmalot.com/2008/01/venture-capital-pumps-big-money-into-biotech/#comment-107865 it is another disgrace. Big pharma launder funds through venture capatalists, who then fund small start-ups who use patients as guinea pigs in the US and worldwide. These companies hide safety data to generate promising results then are swallowed up by the big giants when experimentation continues with a larger group of patients and many preexisting safety issues. These biotechs collaborate with IVY league doctors and MBAs, they are in the same boat, make buckets loads of money and harm patients in the process. The FDA look the other way. it is another disgrace. Big pharma launder funds through venture capatalists, who then fund small start-ups who use patients as guinea pigs in the US and worldwide. These companies hide safety data to generate promising results then are swallowed up by the big giants when experimentation continues with a larger group of patients and many preexisting safety issues. These biotechs collaborate with IVY league doctors and MBAs, they are in the same boat, make buckets loads of money and harm patients in the process. The FDA look the other way.

]]> http://www.pharmalot.com/2008/01/venture-capital-pumps-big-money-into-biotech/#comment-107823 ol cranky Mon, 21 Jan 2008 15:26:20 +0000 http://www.pharmalot.com/2008/01/venture-capital-pumps-big-money-into-biotech/#comment-107823 The downside to VCs pumping money into and comprising the board of biotechs is that I'm coming across some companies that do not have a non-employee on the board who has any experience with developing drugs. This can lead to broad compliance issues due to the lack of understanding of the need for SOPs and regulatory compliance, especially if the executive board members don't have that sort of understanding and/or are shady enough to willfully mislead the board. It's amazing how many less than ethical people on the senior management team will find ways to circumnavigate regulations and pitch unrealistic budgets and plans to the board (which may lead to more egregious compliance violations to meet an unrealistic goal) all because nobody on the board can/will know any better. This, of course, is exacerbated when the senior management team isn't concerned about getting busted because the company will fly under the radar of the feds. The downside to VCs pumping money into and comprising the board of biotechs is that I’m coming across some companies that do not have a non-employee on the board who has any experience with developing drugs. This can lead to broad compliance issues due to the lack of understanding of the need for SOPs and regulatory compliance, especially if the executive board members don’t have that sort of understanding and/or are shady enough to willfully mislead the board. It’s amazing how many less than ethical people on the senior management team will find ways to circumnavigate regulations and pitch unrealistic budgets and plans to the board (which may lead to more egregious compliance violations to meet an unrealistic goal) all because nobody on the board can/will know any better. This, of course, is exacerbated when the senior management team isn’t concerned about getting busted because the company will fly under the radar of the feds.

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