To be successful in the biotech industry you need a minimum of three things; an innovative technology, significant capital, and patience - a lot of it. If it was only that simple, right? As you know businesses in the biotech industry are regularly met with extreme regulation, and other enormous roadblocks along the way, which means that the cost of doing business is high. This results in most companies participating in continuous fundraising, innovation, and often a series of strategic partnerships. Not to mention extreme sensitivity around the company's intellectual property, and other critical corporate information.
So, when you are met with such significant obstacles while on the road to achieve great technological breakthroughs you absolutely need a tool that can help streamline and protect all of your efforts. That is where a secure virtual data room can lend a helping hand. Here is how:
During fundraising use a virtual data room to share your corporate information with potential investors. Using a data room to share your information with investors means that you remain in control over your documentation at all times. Plus, you can use unique roles and permissioning features to restrict access to view-only or full-access depending on who you are sharing the information with, and create a secure, auction like environment with the audit log- giving you complete transparency into who is viewing which documents, and how often. This provides you with invaluable insight into who is actually interested in your business, and who isn't. Then when your round has closed you can simply restrict access to your room, instantly removing those who are not involved with your company, and protect your private information from the chance of a data breach.
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Sometimes two are just better than one. When it comes time to collaborate with another businesses in order to further advance both of your technologies a data room allows both businesses to share critical information quickly and easily, saving time and money. When your business is partnering with a company in another or remote location the data room makes sharing the information just as simple as if their office was located next door. Plus you have the benefit of being able to track every detail of your partnership, so if something does go wrong, you know how it happened, and who is responsible.
Intellectual Property (IP) is the lifeline of any biotech company. Without your unique IP your business is probably not worth anything to anyone. It is what sets you apart from other business in your industry. So, the very last thing you want to happen is for into fall into the wrong hands, and loose everything you've worked so hard to develop. A data room gives you an encrypted and secure location to store this information, and protect it from internal or external theft with the added benefit that it is always accessible to you and your team.
Taking things one step further you may get to the point in your business where another company wishes to use your technology. With all of your information in a data room you can execute the arrangement, share information, and protect your business all while expanding your industry reach. Any deal of this nature will require significant negotiation and documentation that needs to be stored once finalized. Using a data room simplifies this process, and removes questions around what was agreed upon when both parties have access to the final signature documents for reference. Then when your agreement is up you can simply revoke access to your information, and it is once again uniquely yours.
Initial Public Offering
For most companies the IPO can be the single largest and most complicated event they will ever prepare for. It requires organizing and sharing every piece of corporate documentation, financial or otherwise, with lawyers, bankers, government officials, partners, investors, board members, the list goes on. It's a tremendous undertaking for company leadership, for the chief financial officer in particular. A virtual data room, especially if a business has been using one since it's inception, can simplify the entire process. A well used data room means that all of the information that needs to be shared is already organized, and ready to go. The data room gives the leadership team the ability to see every last interaction with their information, allowing them to stay ahead of any potential problem, and ultimately helping them achieve success.
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The Health Insurance Portability and Accountability Act of 1996 (HIPPA) Security Rules apply to protected patient health information in electronic formats. This information must be protected with appropriate security measures to guard against unauthorized access during transmission over an electronic communication network. Basically, if you do business with anyone that is somehow involved with the healthcare industry you must be HIPPA compliant. Hey biotech (for many of you anyhow) that's you! Fortunately, using a virtual data room can help. They can assist with HIPPA compliance efforts through, off-site backup for disaster recovery, encryption, secure data centers, user access controls, written information security program, and no required business associate agreements.