¶ … Pharma Technologies
Case analysis Pharma Technologies: A biotechnology firm, Pharma Technologies, developed a competing method treatment erectile dysfunction
Pharma Technologies Inc. based in Canada at a major medical research University in February 1999, wanted to develop a product to compete with Viagra which is developed by Pfizer. PTI obtained a patent for developing a revolutionary sexual dysfunctional treatment drug. The company is faced with financial problems to assist it in developing the new drug. Before a drug can receive full approval by the Food and Drug Administration (FDA), it needs to undergo several testing phases. These testing phases consume a lot of time money. The case study indicates that it can cost over $500 million and take 10 years before the drug is approved for manufacturing and marketing Herbert, 2004.
The patent the company obtained has a life span of 20 years. The patent is obtained when the development process is beginning, which gives the company a short period before the drug becomes commercially available. These problems put a lot of pressure on PTI to expedite on the development process.
The other problem was negotiating an agreement with owners of Factor X, which was the main component for their drug. Though PTI had found investors who had committed to funding the project for a tune of $5 million, the investors had specified conditions and milestones that would have to be met before the funds were released. The first amounts would be released immediately after the agreement was signed, and the second after PTI has successfully completed the technical milestones and signing a partnership agreement for co-development with a pharmaceutical company.
The issues that would need to be addressed immediately to ensure the continuation of the development and release of funds are, selecting a pharmaceutical company to partner with, get Investigational New Drug (IND) status, so they can begin clinical trials, and fixing the final product components. These milestones had to be achieved in the next 11 months of the project. For the company to achieve the milestones set out by the investors, the company should expedite on the corporate partnership agreement, and finalize on the screening process.
How will PTI be able to get access of the second payment from the investors...
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