There are many different types of bioscience businesses in Maryland, many of which specialize in different things. Lab Rat’s website gives a list of the company name, where it is located, as well as a brief summary describing what that company does in the state of Maryland.
Few businesses are as expensive to run as a biotechnology company. Every stage of the product cycle, from research to product development to getting the product on the market requires millions of dollars in investment. The challenge some biotech companies face is that they don’t understand that good science may result in a good product, but product alone doesn’t guarantee good business. The product is the foundation, but it’s what you do with the product that a business is built upon.
It’s the role of a company’s business development staff to develop and implement strategies for turning products into profit. A good business development person keeps their ear to the ground relying heavily on relationships.