About Success Builder
How do you find your place in life? How do you find something to do that both comes naturally to you and makes you happy? The answer is that you have to apply the knowledge you’ve gained from university and from life itself correctly. The Success Builder Project features HSE University graduates who have discovered themselves through an interesting business or an unexpected profession. The protagonists share their experiences and lessons learnt and talk about how they’ve made the most of the opportunities they were given.
In 2021, Anatoly Vilikotsky and Victoria Sharapova, as students of HSE University, participated in the BioMedTech business incubator. Their project to develop a leukaemia treatment drug and launch it on the pharmaceutical market was deemed the best one and awarded residency at Skolkovo. In this interview with Success Builder, they explain the process of creating a pharmaceutical product from the ground up, offer insights into fostering a synergy between science and the market, and suggest avenues for applying academic education in the industry.
Victoria, how did you transition from the sphere of academic chemistry to the idea of launching your own start-up?
I graduated from the MSU Faculty of Chemistry with a degree in analytical chemistry, which is mostly fundamental science, but during my fifth year of study, I developed an interest in the commercialisation of scientific discoveries. In 2010, I got a job at Splat, which at that time it was one of the few Russian companies with its own R&D centre, where I could fully apply my competencies. I worked there for over five years and then ventured into entrepreneurship as a private consultant specialising in the development of FMCG products and the commercialisation of technological innovations.
In 2020, I enrolled in the Department of Innovation Management at HSE University, where I met Anatoly. During our second year of study, the department received a proposal from Skolkovo that resulted in a collaboration between scientists and entrepreneurs to devise a methodology for the commercialisation of science-intensive projects. Skolkovo wanted to see concrete outcomes from entrepreneurial activities, while we needed a framework that would allow us to apply what we had learned at HSE University. To participate in the initiative, we needed a suitable technology to work on, and that was when we were introduced to the third co-founder of our current project, Vsevolod Misyurin, Doctor of Sciences in Biology. At that time, Dr Misyurin was already a resident at Skolkovo involved in the development of liposomal technology, which was highly suitable for creating a drug for blood cancer. Together, we launched a project to develop a liposome-based drug for the treatment of various types of blood cancer.
In what field do you offer consultancy services?
I consult numerous projects related to cosmetics and fast-moving consumer goods. I provide consultancy services for these projects in two areas: the first one concerns the development and manufacturing of cosmetics, while the second one is centred on the use of AI to recommend cosmetic products to consumers based on their photos. In these projects, my role is that of an expert and an R&D partner for beauty products. Essentially, I engage in R&D partnerships with companies and start-ups that manufacture products using bio- and chemical technologies, since this is where I can apply my expertise. Our joint project with Anatoly runs in parallel and perhaps employs the most comprehensive set of professional competencies we developed at the Department of Innovation Management.
Ten years elapsed between your graduation from MSU and enrolment in HSE University. Why did you decide to continue your education?
Between graduation from MSU and enrolment in HSE University, I made two attempts to acquire management skills and receive practical education. The first involved obtaining a mini-MBA from Synergy Business University, and the second was a distance course in innovation management at Copenhagen Business School. In 2020, I felt the need to systematise and further deepen the knowledge I had acquired. I'm typically someone who consistently seeks to learn new things, which enables me to advance professionally. Failing to adapt and learn to respond effectively to changes in the environment can lead to becoming captive to one's subjective expertise and losing touch with the industry.
For me, education is always about immersing myself in the context of the world
When I contemplated pursuing a master's degree, I decided to re-engage with the academic environment to establish a solid foundation and acquire the tools necessary for working with highly specialised products such as innovation-driven projects. I chose HSE University because its programme combined the depth of theoretical knowledge with a hands-on and practical approach to learning. At HSE University, you have the opportunity to promptly translate theoretical foundations into project-based activities. The two years of study were highly intense and dynamic, filled with sustained motivation to absorb everything that our instructors taught us.
What is special about innovation management as a field of study?
It is highly dynamic. We learned about ‘the VUCA world’ (VUCA stands for volatility, uncertainty, complexity, and ambiguity – Ed.) which is characterised by continuous change, and one must consider an array of factors just to be able to navigate without losing your mind. Indeed, innovation management, along with its techniques and tools, is precisely what enables us not only to manage but also to expertly materialise remarkable high-tech ideas capable of transforming the world.
How was the practice-oriented component of the programme organised?
Each discipline included full immersion in a project environment, enabling us to create a product and commercialise our innovations. Over the two years of training, we were essentially encouraged to develop our own start-up with the support of instructors who shared their expertise and guided us around pitfalls. For our degree project, we presented a start-up focused on the development of a pharmaceutical product, systematically incorporating all that we had learned from the programme. In terms of both tools and knowledge, including both theoretical and practical aspects, we were equipped with a strong foundation that now enables us to take an idea, transform it into a finished product, and bring it to the market, ensuring commercial success.
Anatoly, what brought you to HSE University?
In 2018, I graduated from the D. Mendeleev University with a specialist qualification in chemical technology and worked as a laboratory assistant at the Zelinsky Institute of Organic Chemistry. The laboratory synthesised chemical compounds and evaluated their biological activity. After that, I went on to work in the industry—at the Splat company, like Victoria, although she was no longer employed there at a that time. My position at Splat was that of Innovation Manager. However, while I grasped the basics of the product, I lacked a systematic understanding of how to manage projects of this nature. I enrolled in HSE University's Master's Programme 'Corporate Research, Development and Innovation Management' to build the theoretical knowledge and practical skills needed for managing innovative products, and in the second year of studies, our collaborative project with Victoria was accepted into the biomedical cluster at Skolkovo.
Why is it unfeasible to learn innovation management on the job while working within an innovation-focused company?
I believe that both fundamental knowledge and practical tools are indispensable for producing high-quality results, and one cannot be effective without the other. Had I continued working at Splat without taking the course, I wouldn't have been able to delve so deeply into the context and effectively manage it, whereas the programme at HSE University accelerated my professional development. There were multiple hands-on classes, during which students formed teams and worked on case studies focused on implementing innovative projects within a company, all while putting into practice what we had learned. I often borrowed case studies from my own work agenda in order to better understand their logic and dynamics. Several of the projects we implemented during the course were subsequently expanded into independent ventures.
In my view, throughout the programme, we benefited from the perfect synergy between theoretical knowledge and a practice-oriented approach, when you not only have the tools but also understand the rationale behind their application. This system of training makes it possible to analyse a situation in depth and anticipate the prospects of a specific solution.
What caused your loss of interest in pure science?
I had gained enough experience to recognise the drawbacks of pursuing a purely academic career. My several years at the Institute of Organic Chemistry provided me with valuable academic skills. During this time, I was involved in synthesising new compounds, assessing their biological activity, and writing academic papers.
The issue with a scientific environment is that most of one’s work remains confined within the laboratory walls, and employees often lack motivation due to a complete absence of tangible practical goals, despite their assumed presence
In grant applications and research papers, we consistently assert that the compounds we aim to synthesise are essential, valuable, and hold significant promise, even from a commercialisation perspective. However, there is no genuine interest in bringing the product to the market, and research is primarily conducted for the sake of academic recognition. Instead, my interest and motivation revolve around the practical aspect and the potential real-world application of any truly valuable discovery. When we worked on producing a compound, I was inspired by its potential application, such as its biological activity against malaria, for instance. However, the indifference within the academic environment regarding any potential industrial application of my research demotivated me. Therefore, I ventured into the business world and joined Splat, where I could leverage my scientific expertise to create a tangible product.
How did you launch your project for developing and marketing a blood cancer drug?
Anatoly:
Technically, the idea originated with our third colleague on the project, who subsequently became our scientific supervisor. Our collaboration took some time to evolve. In general, out of the 20 collaborative projects initiated between students and scientists with support from the Skolkovo Foundation, only a dozen survived, and only our project really took off, even though we were initially sceptical. As we delved deeper into this project, exploring it from biological, chemical, pharmacological, and business angles, we came to realise that we lacked faith in it, a crucial element without which the start-up was unlikely to thrive. Initially, we even considered scrapping the project due to its substantial level of risk. However, we then concluded that what we really needed was to build better rapport as a team. So, we headed to a bar together to have an informal discussion about everything. We are immensely grateful to our instructors, who remained consistently supportive and provided valuable guidance throughout this journey.
Victoria:
The challenge for our teamwork was to establish a clear agreement from the outset regarding the distribution of shares and responsibilities.
A common mistake made by many Russian start-ups is overlooking the critical early step of allocating the responsibilities and the eventual benefits from their work
We contemplated these aspects early on and defined the individual contributions and expected outcomes for each project participant. As a result, we were able to begin working together seamlessly, not only as colleagues but also as friends. We were now aware of each other's capabilities, what to expect and prepare for, and even anticipated the potential psychological reactions each of us might have. This awareness is crucial for conducting projects constructively and avoiding strategic errors. We successfully registered our company, with a clear understanding of our individual areas of responsibility. We also devised a phased project development plan and have been implementing it in accordance with this strategy.
Where and how did you solicit financial support?
Victoria:
Initially, we were not granted any external financing and had to start our search from scratch. The challenge in seeking funding was that our project did not align with the timeframe set by the foundation for investment solicitation. We even wrote a degree paper on the subject of engaging with Russian venture funds. The Russian venture funding model leans towards low-risk investments, and Russian business angels typically invest in projects with a well-defined business plan and a reasonable expectation of tangible profits within two years.
The sole avenue for financing our project was through major pharmaceutical companies, which primarily favour projects directed at producing import replacements, generics, and bio-analogues. Instead, we offered a completely novel drug developed from the ground up. Indeed, all projects in the biomedical cluster are currently queuing up in the hope that some company would strategically incorporate their novel drug into its portfolio. In our situation, the supply of novel formulations for pharmaceutical companies exceeds the demand, because companies only risk investing in one or two novel drugs.
Anatoly:
There are several other factors that complicate the financing of such projects. Biotech is still underdeveloped in Russia. Companies that originate from start-ups in the Skolkovo cluster are often weak in terms of commercialisation and do not know how to effectively present their products to the market. Furthermore, the development of a new drug is a high-risk and time-consuming undertaking. The drug development process comprises several stages, including preclinical studies, three phases of clinical trials, and the registration procedure. Failure can occur at any of these stages. Hence, major pharmaceutical companies are willing to invest in these projects at an early stage only when the likelihood of success exceeds 50%, which can be predicted only after preclinical studies and phases 1 and 2 of the clinical trials.
How should an effective pharmaceutical market operate, and what suitable examples are there?
Anatoly:
This is precisely the topic of my doctoral paper. The Russian pharmaceutical industry has been systematically developing since 2010, incorporating Western approaches, among others, with support from the Skolkovo biomedical cluster. One market which could serve as an example is that of the United States, where a vast number of drugs are developed from scratch. There are various investment approaches available, such as family businesses, hedge funds, numerous government programmes, and IPOs, which enable start-ups to enter the stock exchange at an early stage and generate funding for their development through the stock market. For instance, in the United States, there are mega-funds that operate to support projects in their early stages. These funds invest substantial amounts in multiple projects, taking many of them to a level where pharmaceutical companies are interested in acquiring them. Following this model, the Russian Venture Company (RVC) was established, along with many smaller subsidiary funds, which were actively investing in biotech back in 2014. However, this story was short-lived, as RVC no longer operates as a biotech fund, having redirected its investments towards medtech and digital ventures, with new drug development falling out of favour.
Last year, space opened up in the Russian market for domestic investors, and currently, there is a favourable environment for financing those projects aimed at bringing pharmaceuticals to the market. The stock and venture capital markets have also begun to evolve. For instance, this year, the start-up Genetico, a subsidiary of the Human Stem Cells Institute, conducted an IPO and secured substantial funding.
Tell us about the drug that your project team has been working on. At what stage are you currently?
Anatoly:
Our prospective drug for blood cancer is based on the concept of employing a specific protein that triggers programmed cell death in cancer cells. This protein is used in the treatment of localised tumours in the bloodstream, initiating the destruction of cancer cells throughout the body. There are multiple methods for delivering this protein, known as Granzyme B, to blood tumour cells. To achieve this, we employ an immune liposomal form in which the protein is encapsulated, while the surface is equipped with antibodies designed for the precise targeting of cancer cells, leading to attachment and subsequent initiation of cell death.
Our project is currently at the stage of hypothesis testing. Obtaining the Granzyme B protein, let alone modifying it, is difficult and costly. We synthesise it ourselves using biotechnology by genetically modifying a bacterium to produce the required protein. At this stage, we have received a microgrant from the Skolkovo Foundation and have been conducting tests on the equipment for obtaining this bacterium. After that, we will proceed to the second stage, where we will encapsulate the protein within a liposome and test it on cell lines from melanoma and other types of cancer. To successfully complete this stage, we will need to test the drug on mice. Preclinical trials also involve testing on dogs and primates to minimise the potential risks associated with human testing.
In 2021, as we formed our team, we applied for residency at Skolkovo several times and were eventually granted residency as well as financial support. If we successfully complete all stages of the drug trials, we will submit a patent application and, in the future, pursue a patent to enter foreign markets. This will necessitate a separate line of financing. Currently, we have secured a microgrant for ‘onshoring’ the drug in multiple markets, including the USA, China, the UAE, and Europe. We anticipate the official release of the drug around 2027–2028.
Victoria:
We are engaged in a rather revolutionary project for the Russian pharmaceutical industry, and we are considering the possibility of establishing a pharmaceutical plant to consistently undertake such projects and sell them to major pharmaceutical companies at advanced stages of clinical trials. Securing a strategic partner who will purchase this innovative drug for their portfolio will mark the successful completion of our project.
How are technologies like artificial intelligence used in the pharmaceutical industry?
Victoria:
Currently, I'm engaged in a project that employs AI algorithms for the visual identification of skin health issues. Specifically, the project developers have devised a solution that supports early diagnosis of melanoma and, more broadly, promotes greater health awareness, with the aim of preventing this disease rather than treating it once it manifests.
AI is also used in the analysis of big data gathered from various sources and can enhance business performance. Gradually, with the assistance of AI, platforms for medical specialists from various fields are emerging, aiding in the diagnosis of diseases based on tests and CT scans, which enables doctors to make effective treatment recommendations.
Do you already have ideas for your next collaborative project?
Victoria:
At a certain point, we brainstormed ideas about potential directions for future development and, after analysing the market, concluded that digital medicines and big data appear to be the most promising areas. Digital medicines are pharmaceutical preparations which contain an ingestible biological sensor inside a pill. Once swallowed, the ingested sensor interacts with gastric juice and transmits signals to a wearable sensor attached to the patient's body. The wearable sensor, in turn, sends information to a smartphone application. This information can include the time medications have been taken and the body's reaction to various changes. For example, Andrew Thompson, [former] President and CEO of Proteus Digital Health, Inc., has been a proponent of this technology. Together with Otsuka Pharmaceuticals, the company produced the ground-breaking smart pill Abilify MyCite (aripiprazole, an anti-psychotic drug with a biological sensor), which was approved by the FDA. Thus, we can begin with a cancer treatment drug and expand it into a comprehensive ecosystem for the management and support of cancer patients. Our project has a significant social dimension. We hope that our idea will evolve into a major initiative that can enhance the quality of life for people living with cancer.