A Me-Too Career Option
Viren
In the year 2000, when I completed PhD in biotechnology with the
specialization in molecular biology, even sky was not the limit. I
enjoyed working with the best biotechnology institutes in India and
aboard. Being a molecular biologist, most of my work was limited to
molecular neurobiology or bacteriology. Although everyone is
fascinated by the glamour biotechnology research and want a bite of
the sweet pie, looks like today, the life sciences graduates have
limited career opportunities. Also, limited efforts have been made by
different job portals to collect employment statistics in the
biotechnology management areas, in particular. However, initiatives
from the government agencies and educational institutes and
undoubtedly from the web-career sections of biotech/pharma companies
are underway to address this and to establish a measurement framework
for tomorrow's industry needs. Looking at the scarcity of career
opportunities in basic sciences, probably the ray of hope is
biotechnology management as a me-too career option for tomorrows' life
sciences graduates.
The key to a career in biotechnology, regardless of educational
background or expertise, is to appreciate the unique challenges faced
by biotechnology companies. While a majority of individuals involved
in research and development have advanced degrees in the sciences,
there are numerous other opportunities for individuals without
scientific degrees. For many trained in biotechnology and the life
sciences it is this core competency in management that creates
entrepreneurial success. It is important to realize that technology
entrepreneurship is an attitude towards management and technology that
focuses on opportunities, needs fulfillment and controlling resources.
It is not only focused on risk management, owning resources, or
science for science sake. The history of innovation has demonstrated
that science alone or the better technology does not bring a
technology to commercial success. By understanding the factors
influencing the business of biotechnology companies it is possible to
select opportunities and a rewarding career. Although, the
biotechnology companies focus on researching and developing new drugs,
there is a relatively greater involvement in other areas like
marketing and licensing that require managers with business expertise
in addition to those with scientific backgrounds.
The purpose of this write-up being the know-how of biotechnology
management sector as a career option, a functional overview of this
sector is needed. Many students either pursuing or aspiring for an MBA
find it difficult to differentiate the biotechnology-related
specialized management with the usual business administration.
However, a real barrier for successful technology firms (especially
biotechnology) is the lack of entrepreneurial management skills.
Therefore, rather than explaining a hypothetical biotechnology sector,
this monograph is confined to introducing the modern areas of
biotechnology management. This includes an assessment of how the need
for biotechnology management related education is currently being
addressed, mainly in terms of commercialization of biotechnology and
industry requirements. Aside from research and development,
biotechnology companies perform many of the same operations as other
companies. Corporate executives, for example, generally have business
or management degrees. The biotechnology management could be divided
into equally important specialized areas (without any specific order)
like: marketing management of biopharmaceuticals, human resource
management in the biotech companies, financing/venture capital funding
management and intellectual property management in biotechnology.
Failures in the transition from scientists to management occur because
they believe that adding supervision skills is simply a learn-as-you-
go experience. Science Management is an entirely different career from
that of the individual contributor in science.
The biotechnology industry, after years of promises, is finally
starting to bring products to market. Most of the biotechnology
companies are establishing links with larger, more established drug
companies to give them the financial and marketing muscle they need
for the next stage of their development. Marketing and sales experts
are needed to study and develop markets and ultimately enable the
delivery of products to consumers. The significant negative impact of
patent expirations on sales represents a great opportunity for
individuals who can successfully develop strong brand positions for
pioneers to help them sustain sales post-expiration. Marketing is
important, but it is the biotechnology company who also needs
financial resources to complete the development of technology or
become the next Amgen or Biocon or Genentech? The answer is quite
simple, the more you can explain and demonstrate your understanding of
your market, the increasing levels of confidence investors have in
your concept and ultimately your firm.
The manager of a biotechnology start-up faces the challenge of
fostering a transition within the founding team from science-oriented
to commerce-oriented thinking and action. The central role of funding
and financial management in biotechnology establishes a demand for
individuals with proven financial expertise. Furthermore, the
potential for substantial financial returns has attracted great
interest for biotechnology in public markets, creating a demand for
analysts, venture capitalists, and investment bankers with an
understanding of biotechnology-related financial issues. The
challenges include making decisions with either perfect (higher risk,
higher return expectation) or imperfect (technology, market, people,
intellectual property, etc) information to picking up a financial
partner in the strategic business.
Likewise, whatever the changing fortunes of the biotechnology industry
are, successful management of human resources is essential. Today's
biopharmaceutical projects have a high degree of complexity. In order
to properly utilize staff and other resources like suppliers and
internal groups, a manager must be able to clearly visualize the
desired goal. Human resources constitute an increasingly critical
function in any biotechnology company, particularly in an industry
that's in an increasing state of inflation. Perhaps the most valuable,
but often least recognized, source of a company's intellectual
property is the staff. However, keeping those hearts and minds loyal
to the cause is no easy feat. Middle managers and human resources
experts are needed for their specialized abilities. The volatile
nature of R&D and funding also necessitates carefully crafted
communications with a diverse audience.
The creation of innovations in a knowledge intensive sector is
essentially a dynamic process. The biotechnology revolution also had a
profound impact on the organization of innovation creation, and
subsequently, on industrial organization in the biopharmaceutical
sector. Considering the prospectus of patenting new drugs and
diagnostics both the inventor and a manager of an invention-intensive
business will need to understand to make meaningful decisions on the
subject. Because of the importance of intellectual property protection
in biotechnology, the life science graduates with technical and legal
expertise are needed to write and defend patents and assist in the
collection and evaluation in the competitive biotechnology industries.
So, you've managed to read this column on biotechnology management. I
hope you have enjoyed it. I also had a good time writing it. I welcome
your comments and suggestions!
Visit http://biotechmanage.blogspot.com/ for more topics in this
series.