EQRx is even more ambitious than you thought
One of the biggest stories of the week so far has been the launch of EQRx, a new company from health care veteran Alexis Borisy that aims to develop medicines at lower costs and sell them at lower prices.
The company raised $200 million from a bevy of top tech and biotech investors, but that won’t be nearly enough: It’ll need to raise $2.5 billion to $5 billion to achieve its goals, Borisy said during a panel discussion hosted by STAT last night.
Borisy also said he expects his company’s cost structure to look a lot different than that of a typical generics pharmaceutical company, which might spend 20% on general and administrative expenses, 40% on sales and marketing, and 20% on research and development — and then take 20% as profit. EQRx plans to flip those marketing and R&D percentages.
How? By steering clear of spending big on “frivolous medical marketing studies” and direct-to-consumer TV ads, Borisy said.
The company raised $200 million from a bevy of top tech and biotech investors, but that won’t be nearly enough: It’ll need to raise $2.5 billion to $5 billion to achieve its goals, Borisy said during a panel discussion hosted by STAT last night.
Borisy also said he expects his company’s cost structure to look a lot different than that of a typical generics pharmaceutical company, which might spend 20% on general and administrative expenses, 40% on sales and marketing, and 20% on research and development — and then take 20% as profit. EQRx plans to flip those marketing and R&D percentages.
How? By steering clear of spending big on “frivolous medical marketing studies” and direct-to-consumer TV ads, Borisy said.
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