Financial Management Practices of Biotech Companies Poised for Rapid Growth
The financial management challenges that face biotech companies are unlike any other industry. Tracking profitability of products is a complicated, long-term endeavor—outside the capabilities of traditional ERP systems. Reporting requirements to ensure regulatory compliance and accurately reflect stakeholder interests are complicated. Spreadsheets fill the gap, but make reporting more complicated and can hold the company back when it’s time to scale for growth.