Clay Siegall was asked what is one business strategy that has helped him to expand his company’s sales and growth. Ideamensch also followed up this question with how this strategy has worked for Seattle Genetics, which is the company that Dr. Siegall founded. A big part of Seattle Genetics’ growth and expansion has to do with collaborating and working with other biotech companies that are also developing oncology drugs.
Such collaborations says Dr. Siegall, have allowed Seattle Genetics to greatly expand the reach of the firm’s technologies. It has also helped the company develop new ideas and put more resources into helping people with cancer. One notable example of a collaboration of Seattle Genetics with other biotech firms is its licensing out of its unique and patented ADC drug called adcetris. Also known as brentuximab vedotin, adcetris is an antibody drug conjugate medicine that specifically targets cancerous cells in the body, while ignoring normal healthy cells.
The licensing out and collaboration with other companies has had a positive financial impact on Seattle Genetics says Clay Siegall. The company has generated hundreds of millions of dollars in revenue through licensing out drugs and antibody drug conjugate technology. You should not be afraid to collaborate with other companies in your industry or license certain drugs or technology out. It can lead to new opportunities as well as much needed revenue, especially during the early years of a company.
Another question that was asked of Clay B. Siegall was what is one thing he does as a businessman over and over that he recommends everyone else try to do. Clay Siegall’s answer to this question was the following. He said that when he was in his 20s he thought he knew almost everything that were was to know. In his 30s Dr. Siegall realized that maybe he did not know everything and was lacking some areas. Now in his 40’s Clay Siegall admits without a doubt that there is so much that he does not know. His advice is to not be cocky and learn as much as you can. Surrounding yourself and interacting with intelligent people is another way that you can learn and improve yourself.