By: Deborah Johnson Wood
MichBio is Michigan's largest annual gathering of life science experts, educators, and investors—so what better place to launch a new leading-edge life science endeavor?
Two new companies, Michigan Virtual BioPharma Company, LLC and Michigan Virtual Medical Device Company, LLC, were launched Tuesday by the Michigan Life Science Network (MLSN), a group working to elevate the state's 650 biotech companies and medical device manufacturers as leaders of life science innovation and production in the global marketplace.
The new companies create two new separate networks that get life science products to market faster, more efficiently, and for less money than traditional practice. Both networks use
Crowdsourcing, a web based tool that enables each company to fill in their piece of the collaboration puzzle whether it be research, clinical trials, or manufacturing capabilities. From there, a virtual company is created that leverages the strengths of each individual business.
"Other cooperatives are organized by alphabet, category of business, etc.," says Michael Debiak, MLSN president. "None are organized by a timeline that shows where their capabilities fit into the whole. We'll be able to search these lists according to the timeline we create, and visually determine what the client needs next, what capabilities are in the state already. We'll get more customers for Michigan companies and attract more services to the state."
Debiak says that the October 9 announcement of the virtual company concept has stimulated business, with inquiries coming immediately from China, Europe, and other parts of Asia.
"We thought we'd be ready to launch the virtual companies in March," says Debiak. "The question is should we wait. We're driven by urgency. We need something to replace the jobs we've lost."
Source: Michael Debiak, Michigan Life Science Network
Deborah Johnson Wood is development news editor for Rapid Growth. She can be contacted at [email protected].
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