Knowledge Based Article
8 Key Tips to Building the Best Life Science Board
Deciding on the ideal composition for a life science company board involves a thoughtful and
strategic approach. Here are some steps to help you determine the ideal composition for your
life science company’s board
Define Board Roles and Responsibilities
Clearly define the roles and responsibilities of the board. Determine the specific areas where the board will
be involved, such as strategic decision- making, governance oversight, financial stewardship, risk
management, and CEO succession planning. This clarity will guide your search for board members who
can effectively fulfil these roles and responsibilities
Assess Your Company’s Needs
Begin by assessing your company’s specific needs and priorities. Consider the stage of your company, its
business model, product pipeline, and growth trajectory. Identify the key areas where board expertise and
guidance are crucial, such as scientific development, regulatory affairs, commercialisation, fundraising, or
market access. This assessment will serve as a foundation for identifying the skills and expertise required
on the board.
Consider Industry-specific Expertise
Given the life science industry’s unique challenges and dynamics, prioritise individuals with industryspecific expertise. Look for candidates who have a deep understanding of the life science sector, including
relevant sub- industries such as biotechnology, pharmaceuticals, medical devices, diagnostics, or digital
health. Seek individuals who have experience with the specific scientific, technical, regulatory, and
commercial aspects relevant to your company’s focus.
Identify Key Skill Sets
Identify the key skill sets that will be valuable for your company’s success. This may include expertise in
areas such as drug discovery and development, clinical trials, regulatory affairs, market access,
intellectual property, business development, finance, operations, or commercialisation. Determine the skills
that align with your company’s strategic goals and seek individuals who possess those skills.
Seek Diversity & Breadth of Experience
Aim for diversity in board composition to bring a range of perspectives and experiences to the table. Look
for individuals with diverse backgrounds, including gender, ethnicity, age, and professional experiences.
Consider candidates who bring a breadth of experience from various industries, functions, or roles, as their
diverse insights can contribute to well-rounded decision-making
Evaluate Reputations & Networks
Consider the reputations and networks of potential board members. Look for individuals who have a track
record of success, integrity, and ethical conduct in the life science industry. Assess their connections and
networks, as these can be valuable for accessing resources, partnerships, investors, or potential
customers.
Assess Compatibility and Chemistry
Evaluate the compatibility and chemistry between potential board members and the existing board and
management team. Look for individuals who can work collaboratively, contribute constructively to
discussions, and challenge ideas when needed. Seek candidates who align with the company’s values,
culture, and long- term vision.
Seek Professional Advice
Consider seeking professional advice from legal, financial, or governance experts who specialise in the life
science industry. They can provide guidance on best practices, regulatory compliance, and governance
frameworks specific to your sector. Remember the ideal composition may evolve over time. Regularly
assess the composition of the board, fill any skill or expertise gaps, and consider refreshing to ensure the board remains aligned with the company’s evolving needs and goals
Open & Transparent Communication Culture
Foster a culture of open and transparent communication within the board and between the board and
management team. Encourage board members to ask questions, challenge assumptions, and provide
constructive feedback. Ensure that information flows freely, and concerns or risks are promptly
addressed.
Confidentiality and Compliance
Emphasise the importance of confidentiality and compliance with applicable regulations, especially
when discussing sensitive or confidential information. Ensure that all board members understand
their responsibilities regarding confidentiality and adhere to relevant legal and regulatory
requirements. By implementing these best practices, life science company boards can establish
effective communication methodologies that foster collaboration, informed decision-making, and
strategic guidance. Adapt these practices to your company’s specific needs and consider seeking
professional advice on governance and communication frameworks tailored to the life science
industry.