Careers in Biotechnology
A number of transferable skills are gained when completing a Ph.D. and postdoctoral research which can be applied when making your career transition. Some of these skills include but are not limited to: data analysis, budgeting, written communication, presentation skulls, problem solving, computer skills, project and time management, idea generation, business/research grant writing, training/educating skills. Below are some of the top employment opportunities and industry positions for students with a PhD in life science and engineering.
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Health Care Finance: Venture Capital, Institutional Investing, Investment Banking, and Equity Research
Professionals in these careers have a unique position in the industry: Although they are completely removed from the bench, they indirectly have the potential to dramatically improve people's lives by making it financially possible for companies to develop products or treatments for diseases. Biotechnology and drug development companies go through discrete phases in their progression toward becoming a public entity. Each phase offers opportunities for the health care financier: Angle investors typically invest in start-up companies; venture capitalists and corporate venture capitalists funds developing private companies; and investment bankers shepherd companies through an initial public offering (IPO) or an acquisition and assist with various other financial transactions. When the company is public, institutional investors purchase stock, whereas sell-side equity research analysts rate the stock and provide analysis of the company.
Career tracks: a) Venture Capitalism: Investor in Private Companies, b) Institutional Investing: Investor in Public Companies (e.g. Hedge Funds, Mutual Funds), c) Investment Bankers: The Transaction Business
Roles and responsibilities: Venture Capitalists: raising capital from limited partners, portfolio development, deal sourcing and due diligence, portfolio management, providing company support and serving on boards, keeping updated (e.g. attending conferences); Institutional Investors: communication with investors, portfolio management, responding to news, screening companies as potential investments, due diligence on prospective investments, monitoring the global market environment, identifying new business and building relationships, financial analyses, keeping updated
Requirements: outstanding interpersonal skills, a tremendous network, strong analytical skills, intellectual courage, tolerance for high stress and risk, strong technical knowledge, ability to focus on more than just the science, ability to multitask, good judgment of people, markets, and science, ability to make objective and intelligent decisions, patience and perseverance, ability to investigate or delve into details, desire and interest to learn about the financial markets
Examples: Sequoia Capital, Google Ventures, JP Morgan, RA Capital
Career tracks: a) Venture Capitalism: Investor in Private Companies, b) Institutional Investing: Investor in Public Companies (e.g. Hedge Funds, Mutual Funds), c) Investment Bankers: The Transaction Business
Roles and responsibilities: Venture Capitalists: raising capital from limited partners, portfolio development, deal sourcing and due diligence, portfolio management, providing company support and serving on boards, keeping updated (e.g. attending conferences); Institutional Investors: communication with investors, portfolio management, responding to news, screening companies as potential investments, due diligence on prospective investments, monitoring the global market environment, identifying new business and building relationships, financial analyses, keeping updated
Requirements: outstanding interpersonal skills, a tremendous network, strong analytical skills, intellectual courage, tolerance for high stress and risk, strong technical knowledge, ability to focus on more than just the science, ability to multitask, good judgment of people, markets, and science, ability to make objective and intelligent decisions, patience and perseverance, ability to investigate or delve into details, desire and interest to learn about the financial markets
Examples: Sequoia Capital, Google Ventures, JP Morgan, RA Capital
Management Consulting
Management consultants bring an integrated, cross-functional, cross-industry perspective to biotech companies. These firms are great sources of collective intelligence and keen business acumen, which they use when providing tactical assistance to clients or when helping them solve complex business problems.The assignments that management consultants face vary, ranging from global issues such as the introduction of new business models or technologies, to more fundamental questions about how to anticipate changes in the industry. Typical assignments include those centered on basic business issues, such as developing strategic plans for the future, prioritizing different compounds in development, devising pricing strategies, or developing ways to improve productivity.
Career tracks: a) Management Consulting, b) Other Types of Consulting
Roles and responsibilities: understanding the client's business needs, conducting primary research, analyzing and synthesizing data, drawing meaningful conclusions, presenting results to clients, make recommendations for implementing change; consultants at large global firms (e.g. McKinsey and BCG) generally work in multidisciplinary teams on-site at the client's location, several days of travel per week can be common
Requirements: extraordinarily good communication skills, exceptionally good problem-solving and analytical skills, creative and innovative thinking, great self-motivation, drive, and intellectual curiosity, excellent time-management and multitasking skills, tolerance for ambiguity, ability to balance work and personal life, good stamina and stress resistance, collaborative, team-player attitude
Examples: McKinsey & Company, Boston Consulting Group, L.E.K. Consulting
Career tracks: a) Management Consulting, b) Other Types of Consulting
Roles and responsibilities: understanding the client's business needs, conducting primary research, analyzing and synthesizing data, drawing meaningful conclusions, presenting results to clients, make recommendations for implementing change; consultants at large global firms (e.g. McKinsey and BCG) generally work in multidisciplinary teams on-site at the client's location, several days of travel per week can be common
Requirements: extraordinarily good communication skills, exceptionally good problem-solving and analytical skills, creative and innovative thinking, great self-motivation, drive, and intellectual curiosity, excellent time-management and multitasking skills, tolerance for ambiguity, ability to balance work and personal life, good stamina and stress resistance, collaborative, team-player attitude
Examples: McKinsey & Company, Boston Consulting Group, L.E.K. Consulting
Business and Corporate Development
Business development professionals identify products with the largest market potential and, through research alliances or other forms of licensing agreements, develop and commercialize these products alongside their own. In doing so, the pharmaceutical companies provide the biotechnology firms with the means and expertise to develop and commercialize their products, while maintaining a constant flow of products to the market. The main role of a corporate development department is to work with the executive management team to establish a strategic plan for the company and to raise capital for operational expenses. The primary function of business development is to consummate deals that will further the company's strategic development plan as established by the executive management team.
Career tracks: a) Portfolio Manager, b) Search and Evaluate/Source New Technologies to In-License, c) Licensing Professional, Licensing Technology from Universities, d) Alliance Manager
Roles and responsibilities: corporate development and strategy, competitive intelligence, portfolio management, financial analytics, due diligence, alliance management, networking, negotiating deals
Requirements: exceptionally good interpersonal skills, excellent diplomatic skills, ability to listen well and be highly perceptive, excellent communication skills, strong analytical skills and the ability to think quickly, visionary leadership skills, willingness to take calculated risk, broad knowledge of the industry, ability to be a self-starter who takes the initiative
Career tracks: a) Portfolio Manager, b) Search and Evaluate/Source New Technologies to In-License, c) Licensing Professional, Licensing Technology from Universities, d) Alliance Manager
Roles and responsibilities: corporate development and strategy, competitive intelligence, portfolio management, financial analytics, due diligence, alliance management, networking, negotiating deals
Requirements: exceptionally good interpersonal skills, excellent diplomatic skills, ability to listen well and be highly perceptive, excellent communication skills, strong analytical skills and the ability to think quickly, visionary leadership skills, willingness to take calculated risk, broad knowledge of the industry, ability to be a self-starter who takes the initiative
Executive Leadership and Entrepreneurship
Because the product development cycle is so long, and the capital requirements in biotechnology companies are so enormous, having the right executive management team often is the difference between a company's success and failure. Start-ups are the fundamental building blocks of the biotechnology industry. They are where the trill innovative and experimental projects occur. These new companies bridge the gap between discovery science and the creation of commercial value.
Career tracks: a) CEO, b) Executive Leadership (COO, CSO, CCO, CMO, CFO), c) Entrepreneur and Founder
Roles and responsibilities: writing the business plan, raising capital, setting expectations and establishing the vision, planning corporate milestones and budgets, developing an operating plan, building and leading teams, managing employees, establishing corporate culture, market assessment and strategy, building and managing boards, human resources-related activities
Requirements: great ambition, charismatic and evangelistic leadership, strategic vision, self-confident, leadership skills, the ability to motivate people, fast and accurate judge of character and the ability to build teams, willingness to work hard, excellent decision-making skills, broad experience within the industry, tremendous communication skills
Career tracks: a) CEO, b) Executive Leadership (COO, CSO, CCO, CMO, CFO), c) Entrepreneur and Founder
Roles and responsibilities: writing the business plan, raising capital, setting expectations and establishing the vision, planning corporate milestones and budgets, developing an operating plan, building and leading teams, managing employees, establishing corporate culture, market assessment and strategy, building and managing boards, human resources-related activities
Requirements: great ambition, charismatic and evangelistic leadership, strategic vision, self-confident, leadership skills, the ability to motivate people, fast and accurate judge of character and the ability to build teams, willingness to work hard, excellent decision-making skills, broad experience within the industry, tremendous communication skills
Discovery Research
Discovery research is the first step in developing new products. Although, this position oftentimes refers to drug discovery research, there are also many research positions in life science companies that provide platform technologies, instruments, readjust, services, medical devices, etc.
Career tracks: a) Manager, b) Scientist or Fellow
Roles and responsibilities: conducting research, team participation and management, providing scientific oversight (picking the most promising projects and product candidates), picking the best-suited people, managing people, spokesperson for R&D, resource allocation and portfolio management
Requirements: strong research background, collegial attitude and ability to work in teams, tenacity and perseverance, ability to work in a goal-oriented, time-constrained, research environment, receptive attitude toward feedback, excellent problem-solving and analytical skills, leadership skills (for management track), excellent communication skills
Examples: Genentech, Amgen
Career tracks: a) Manager, b) Scientist or Fellow
Roles and responsibilities: conducting research, team participation and management, providing scientific oversight (picking the most promising projects and product candidates), picking the best-suited people, managing people, spokesperson for R&D, resource allocation and portfolio management
Requirements: strong research background, collegial attitude and ability to work in teams, tenacity and perseverance, ability to work in a goal-oriented, time-constrained, research environment, receptive attitude toward feedback, excellent problem-solving and analytical skills, leadership skills (for management track), excellent communication skills
Examples: Genentech, Amgen
Preclinical Research
The role of preclinical research is to mitigate clinical risk by conducting as much investigation as possible in animals and human tissue cells before the company commits to clinical trials.
Career tracks: a) Metabolism and Pharmacokinetics, b) Toxicology, Drug Safety Evaluation, and Pathology, c) Pharmacology, d) Translational Research and Medicine, e) Laboratory Animal Sciences and Welfare, f) Chemistry Manufacturing and Controls and Biologics, g) Characterizing Drug Candidates
Roles and responsibilities: conducting research, investigating new technologies and methods to improve models, attending conferences, writing reports or manuscripts for publication, writing sections for IND filings
Requirements: solid knowledge of science, ability to be comfortable with standardized procedures, ability to work with people in a team environment, good communication skills, hands-on technical skills, project management skills, attention to detail
Career tracks: a) Metabolism and Pharmacokinetics, b) Toxicology, Drug Safety Evaluation, and Pathology, c) Pharmacology, d) Translational Research and Medicine, e) Laboratory Animal Sciences and Welfare, f) Chemistry Manufacturing and Controls and Biologics, g) Characterizing Drug Candidates
Roles and responsibilities: conducting research, investigating new technologies and methods to improve models, attending conferences, writing reports or manuscripts for publication, writing sections for IND filings
Requirements: solid knowledge of science, ability to be comfortable with standardized procedures, ability to work with people in a team environment, good communication skills, hands-on technical skills, project management skills, attention to detail
Project Management
Project managers ensure that projects are moving forward according to pre-established timelines, scope, and budgets. A project manager works as part of a team of people that also includes technical specialists. The manager does not have direct authority over these functional team members; instead, he or she helps to coordinate the tasks of the project so that the team works more effectively and efficiently.
Career tracks: a) Project Manager, b) Project Team Leader
Roles and responsibilities: leadership, communication, meeting management, resource allocation, strategy and decision management, risk mitigation and contingency planning, alliance management, documentation
Requirements: superb interpersonal skills, excellent communication skills, ability to simultaneously see the big picture and pay attention to the details, ability to foster a collaborative and positive work environment, "team player" attitude, excellent organizational and time management skills, strong leadership skills, practice and analytical thinking skills, creative problem-solving skills
Career tracks: a) Project Manager, b) Project Team Leader
Roles and responsibilities: leadership, communication, meeting management, resource allocation, strategy and decision management, risk mitigation and contingency planning, alliance management, documentation
Requirements: superb interpersonal skills, excellent communication skills, ability to simultaneously see the big picture and pay attention to the details, ability to foster a collaborative and positive work environment, "team player" attitude, excellent organizational and time management skills, strong leadership skills, practice and analytical thinking skills, creative problem-solving skills
Clinical Development
In clinical development, the company must first show that a product is safe and effective by conducting clinical trials. After the trials are completed, a label is composed that defines the indication, dose, and preferred treatment population. It also includes characterizations of the product such as risk, safety issues, adverse events, and possible side effects.
Career tracks: a) Directly working on clinical studies: Clinical Development, Operations, Pharmacology, Translational Research, and Project Management, b) Support Functions: Biometrics, Medical Writers
Roles and responsibilities: development strategy, designing studies and writing clinical protocols, clinical trial management/operations, medical monitoring and drug safety assessment, data management, clinical trials analysis and biostatistics, interaction with key opinion leaders, writing standard operating procedures
Requirements: goal-oriented work ethic, ability to keep the bi-picture in perspective while simultaneously managing many details, outstanding people skills, ability to work well in teams, exceptionally good communication and writing skills,commitment to maintaining public safety and a strong sense of ethics, capacity for strategic, critical, and analytical thinking, good judgement, ability to multitask, and exceptional time management skills, broad understanding of drug development, ability to work in a heavily regulated environment, risk takers.
Career tracks: a) Directly working on clinical studies: Clinical Development, Operations, Pharmacology, Translational Research, and Project Management, b) Support Functions: Biometrics, Medical Writers
Roles and responsibilities: development strategy, designing studies and writing clinical protocols, clinical trial management/operations, medical monitoring and drug safety assessment, data management, clinical trials analysis and biostatistics, interaction with key opinion leaders, writing standard operating procedures
Requirements: goal-oriented work ethic, ability to keep the bi-picture in perspective while simultaneously managing many details, outstanding people skills, ability to work well in teams, exceptionally good communication and writing skills,commitment to maintaining public safety and a strong sense of ethics, capacity for strategic, critical, and analytical thinking, good judgement, ability to multitask, and exceptional time management skills, broad understanding of drug development, ability to work in a heavily regulated environment, risk takers.
Medical Affairs
Medical affairs is typically considered the culmination of the integrated activities involved in post-drug-approval efforts (although some activities, such as Phase IIIb trials, are conducted after regulatory filings and before market approval). After a drug has been approved, the medical affairs department provides an array of important services. it continues drug safety surveillance, provides a call center for sutures, conducts clinical trials for efficacy and label expansion, publishes results from those trials and updates customers, and more.
Career tracks: a) Medical Affairs Clinical Research and Operations, b) Medical Communications and Information, c) Continuing Medical Education and Medical Marketing, d) Medical Science Liaisons
Roles and responsibilities: strategic guidance for clinical development programs, for potential business development deals, and for sales and marketing efforts; clinical operations that involved the reviewer, approval, and management of phase IIIb and IV clinical trials.
Requirements: outstanding communication skills, flexibility with prioritization's and scheduling, "team player" attitude, ability to work independently, good judgement, interest in science and desire to learn new technologies, excellent time, organizational, and project management skills.
Career tracks: a) Medical Affairs Clinical Research and Operations, b) Medical Communications and Information, c) Continuing Medical Education and Medical Marketing, d) Medical Science Liaisons
Roles and responsibilities: strategic guidance for clinical development programs, for potential business development deals, and for sales and marketing efforts; clinical operations that involved the reviewer, approval, and management of phase IIIb and IV clinical trials.
Requirements: outstanding communication skills, flexibility with prioritization's and scheduling, "team player" attitude, ability to work independently, good judgement, interest in science and desire to learn new technologies, excellent time, organizational, and project management skills.
Regulatory Affairs
Regulatory affairs personell play a crucial role in managing the regulatory approval process in companies. They provide strategic advice for the company's therapeutic and business development programs, they oversee the regulatory submissions process, and they serve as the primary liaisons between companies and the health authorities.
Career tracks: a) United States Regulatory Affairs Liaisons, b) International Regulatory Affairs Liaisons, c) Regulatory Operations: Publishing, d) Regulatory Operations: Document Management and Archiving, e) Medical Writers, f) Government Affairs, g) Regulatory Compliance
Roles and responsibilities: regulatory intelligence, regulatory strategy, regulatory submission, documentation and publishing, meetings and communications with the FDA and other health authorities, labeling, promotion, and post-marketing of products, project management, writing standard operating procedures, regulatory compliance
Requirements: outstanding oral communications skills, exceptionally good reading and writing skills, excellent interpersonal skills and the ability to work with many personality types, leadership skills, ability to think strategically about complex issues, strong science background, ability to quickly re-prioritize, high tolerance for pressure and the ability to manage daily crises, superb diplomatic and negotiation skills
Career tracks: a) United States Regulatory Affairs Liaisons, b) International Regulatory Affairs Liaisons, c) Regulatory Operations: Publishing, d) Regulatory Operations: Document Management and Archiving, e) Medical Writers, f) Government Affairs, g) Regulatory Compliance
Roles and responsibilities: regulatory intelligence, regulatory strategy, regulatory submission, documentation and publishing, meetings and communications with the FDA and other health authorities, labeling, promotion, and post-marketing of products, project management, writing standard operating procedures, regulatory compliance
Requirements: outstanding oral communications skills, exceptionally good reading and writing skills, excellent interpersonal skills and the ability to work with many personality types, leadership skills, ability to think strategically about complex issues, strong science background, ability to quickly re-prioritize, high tolerance for pressure and the ability to manage daily crises, superb diplomatic and negotiation skills
Quality
Quality ensures that products are consistent and that company procedures comply with FDA regulations. For therapeutic companies, quality also ensures that products are pure so that they are safe for human consumption.
Career tracks: a) Quality Control, b) Quality Assurance, c) Regulatory Compliance, d) Quality Systems
Roles and responsibilities: laboratory testing, validating systems, providing compliance oversight for contract service providers, conducting vendor audits, conducting internal audits, being audited and hosting inspections by health authorities, document reviewer for product release, good documentation practices, training employees, handling complaints
Requirements: meticulous attention to detail, systematic, methodical, and organized approach, ability to remain focused on the rules, good writing, presentation and verbal communication skills, service or customer oriented, knowledge of the drug discover and development process and regulations
Career tracks: a) Quality Control, b) Quality Assurance, c) Regulatory Compliance, d) Quality Systems
Roles and responsibilities: laboratory testing, validating systems, providing compliance oversight for contract service providers, conducting vendor audits, conducting internal audits, being audited and hosting inspections by health authorities, document reviewer for product release, good documentation practices, training employees, handling complaints
Requirements: meticulous attention to detail, systematic, methodical, and organized approach, ability to remain focused on the rules, good writing, presentation and verbal communication skills, service or customer oriented, knowledge of the drug discover and development process and regulations
A list of additional industry positions is shown below but is not exhaustive:
Operations
Operations plays an influential and strategic role in business and is intimately tied to sales, marketing, technical support, and product development. At its core, operations is about manufacturing and distributing products to customers at the highest level of quality for the lowest cost. To accomplish this and its many other tasks, an operations group typically consists of a manufacturing department with all of its attendant functions. These include supply chain (raw materials), logistics, facilities management, shipping/receiving, purchasing, procurement, quality control, manufacturing engineering, and more.
Bio/Pharmaceutical Product Development
The overall role of product development is to advance the drug candidates that originated in discovery research through clinical trials and, ultimately, to commercialization. In this department, scientists develop formulations and produce clinical supplies to support investigational trials.
Marketing
The marketing professional's goal is to accelerate the process by which the medical and scientific communities learn about and eventually adopt novel and superior technologies. Marketers serve several roles in the product development and launch process. Early in product development, they provide commercial advice and analyze the financial viability of products. Later in the product development process, they provide ales staff with strategic support, sales forecasts, and other resources.
Sales
Sales professionals educate consumers about the special features and benefits of new products that can solve problems and facilitate consumers' work. From any company's perspective, sales are needed to generate revenue for continued operations and the development of new products. There are three main types of sales in biotechnology and pharmaceutical companies: scientific, drug, and medical device sales.
Law
Lawyers incorporate companies, provide legal and business counsel, and conduct transactions. They also manage intellectual property, including a company's patents, copyrights, and trademarks.
What to do with a background in biological sciences?
Below is an infographic of several career opportunities for PhD students and postdocs with a background in biological sciences.
References:
Information contained on this page is a summary of the following resources: sciencecareers.sciencemag.org, www.nature.com/nature/careers, careers.cell.com, cheekyscientist.com, www.techatlasgroup.com, "Career Opportunities in Biotechnology and Drug Development" by Toby Freedman. For more detailed information about each career option please consult these references.
Information contained on this page is a summary of the following resources: sciencecareers.sciencemag.org, www.nature.com/nature/careers, careers.cell.com, cheekyscientist.com, www.techatlasgroup.com, "Career Opportunities in Biotechnology and Drug Development" by Toby Freedman. For more detailed information about each career option please consult these references.