The Time-Cost Comparison of Moving into a Biotech Park V/S an Industrial/Non-Biotech Building
When setting up a biotech enterprise or expanding your research facilities, location is a crucial factor. One of the key decisions you will need to make is whether to opt for a purpose-built biotech park or a more generic industrial building/Galas.
In this blog, let’s delve deep into this very question to help you make a well-informed choice, especially when you are looking at India’s evolving biotech landscape.
What Are Biotech Parks?
Biotech parks are areas dedicated to facilities, infrastructures and resources curated specifically for biotech companies. They offer a number of advantages, including:
- Access to specialised facilities and resources
- Opportunities for collaboration and networking
- A supportive ecosystem for biotech companies
- Easy access to approvals, licenses and permissions to facilitate business operations
However, biotech parks can be more expensive than traditional industrial or non-biotech buildings. This is because they have to invest in specialised facilities and resources.
Biotech Parks V/S Non-Biotech Buildings
A biotech facility isn’t just about brick and mortar. It includes an ecosystem of specialised infrastructure, tailored specifically for biotech research and development.
You may be tempted to settle for a non-biotech building due to its immediate availability or seemingly lower costs. However, that choice might soon lead you down a rabbit hole of retrofitting and customising, adding up more costs than you intended.
Here are some hidden costs that you may have to encounter in a non-biotech building:
- Lab Infrastructure: Biotech parks typically offer specialised, readymade labs designed specifically for biotechnological research and operations. In contrast, non-biotech buildings lack this specialised infrastructure. Transforming such an industrial space into a biotech-ready lab may thereby involve substantial modifications, such as the installation of specialised ventilation systems, safe chemical storage solutions, contamination control measures, and other essential lab equipment.
- Compliance & Regulation: Biotech firms operate under strict regulatory standards. Making a non-biotech building complaint can be a cumbersome process, leading to unnecessary delays and expenditures.
- Operational Efficiency: Without dedicated facilities, everyday operations could be slower, impacting overall productivity and leading to escalating costs in the long run.
In business, especially in the dynamic field of biotechnology, time is money. Every day spent on modifications or waiting for approvals due to non-compliant infrastructure is a day lost in innovation and potential breakthroughs.
A biotech park, like TCG-IBP, provides an environment that is ready to support your endeavours from day one. By circumventing the time spent on getting a non-biotech space up to par, companies can hit the ground running in no time.
A Glimpse of TCG-IBP
TCG-IBP is the only integrated biotech park in India, located in Pune. It offers several cost and time advantages, including:
- Location: Situated in Pune, it boasts superb connectivity by road, rail, and air, ensuring seamless logistics and access to talent pools from premier educational institutions, saving both cost and money.
- Facilities: Apart from the functional labs and office spaces, TCG-IBP also provides environmental and waste management solutions, essential for sustainable biotech operations.
- Collaborative Environment: At TCG-IBP, you get to be amidst like-minded enterprises, fostering an environment of collaboration and innovation, which is an intangible yet invaluable asset.
- Flexibility To Expand: Being a biotech park, TCG-IBP understands the needs of a biotech company and is thoroughly invested in the business, allowing for the flexibility of expansion in future if needed.
The Bottom Line: True Value for Money
Evaluating the real costs and benefits isn’t just about the immediate financial outlay. It is about forecasting the time and money spent in the future and the potential ROI from having the right facilities from the outset.
When you choose a dedicated biotech park like TCG-IBP, you are not merely renting a space; you are investing in an ecosystem that understands and caters to your specific needs. Hence, while the costs of moving into a specialised biotech park might seem higher upfront; when one factors in the subsequent savings in time, potential business growth, and operational efficiencies, it is both cost and time-effective.
Remember, in the rapidly evolving biotech landscape of India, making the right infrastructure decision today could shape your enterprise’s future trajectory. Choose wisely.