Let’s talk Biotech Culture. Biopharma* start-ups often tout the noble aspiration of curing all that ails the world. And in many instances, they have been successful. Advances in drugs and vaccines are a huge contributing factor to our ability to live longer and lead more active and productive lives.
Many biopharma companies, however, have systematic cultural & values issues that are far from apparent when reading their well-groomed press releases and perusing their flashy websites. Many of these illustrious, high-flying organizations are in fact perpetuating ‘mistruths’; their claims of a virtuous, meritorious, transparent and science based approach are often misleading or outright untrue. Careful observation reveals some serious rifts, cultural divides, and outright lies beneath the surface.
Interviewers beware! Here are some clues there might be a more complicated truth beneath a company’s attractive exterior:
Interviewers beware- here are some clues :
No one is willing to talk about why previous employees have left the company.
The interview feels like an interrogation, and no one thanks you for coming in.
No one at the company seems to be smiling or making eye contact.
You were left waiting with no apology, or there were hasty last minute cancellations.
The leaders have elaborate offices while everyone else is in micro cubicles.
You weren’t offered parking or expense reimbursement.
The interviewer focused on your weaknesses and lack of experience.
Read between the lines and observe the body language of your interviewers. Much of the time, interviewers won’t be forthcoming about problems within the company, so it’s important to pay special attention to visual cues and behaviors. Many rely on employer rating sites like Glassdoor for honest reviews of a company directly from employees, but these are hard to trust and tend to attract fringe reviews, both the good and the bad.
The problem often starts with executives that don’t truly live the values they espouse, because they feel that they are above them. This can create a downward cultural spiral as cynical employees observe the disconnect, or, worse yet, they may emulate and spread this negative behavior until it feeds into the general population.
beware biotech interviewers
It’s important to first differentiate culture from values. Culture can be defined as the personality of a company, which establishes the climate of the environment. Corporate values can be defined as philosophies or principles which guide an organization’s internal conduct as well as its relationship with its customers, partners, and shareholders. The two are different, yet closely intertwined.
For sure, biopharma can’t be completely singled out for its empty corporate values and cultural insincerity. Most every biotech or pharmaceutical industry has its share of guilty companies, but biopharma is a special case.
To be fair, there are many well managed, promising biotechs run by executives who truly care, and who adhere to respectable values while building healthy, robust company cultures. The typical biopharma values list has good intentions of trying to conjure a harmonious environment, where people work as a team and have each other’s back in finding a cure for a particular disease area. However, many would be more appreciative of honest statements about a current culture, rather than a phony, contrived or even aspired one. Just admit that you are incomplete, that there are gaps but opportunities. Be real. Be sincere. Confess that you intend to monetize your technology/drug/vaccine. Don’t partake in the charade of a selfless, philanthropic institution just to attract talent. Employees will resent it if they discover the truth is not what was advertised. It’s ok to be for profit, and in this business with less than 10% of drug programs succeeding to commercialization, there has to be a prospect of high profitability or few would partake.
an illusion at many places
The fact is, for many pre-commercial biotechs, the corporate values may come across well, but are often disingenuous. The issue is, once this hi-po person has landed s/he quickly realizes the truth and has buyer’s remorse. This partially explains the high turnover rate of biotechs. Of course, the volatility of proof of concept and the fact that you need a mountain of cash to succeed are major factors as well.
quitting a start-up biotech
There are other high-beta industries that churn and burn people as well. High-tech is similar in this respect. Biotech is probably a more egregious offender, though, because of its stark stages and higher regulatory hurdles. These companies often grow in ways that management hadn’t anticipated or expected. Example: most ‘platform technology’ biotech companies re-brand themselves as ‘drug companies or Pharmas’ as they show progress clinically. Drug Development companies in turn may quickly change therapeutic focus after a clinical failure or competition. They are often bought by bigger companies, after which their brand and values will change yet again. Ultimately, these companies can change into very different entities at these inflective junctions, and it can all happen in a very compressed period of time: often only a couple of years.
The talent base, of course, changes too. A pre-clinical discovery company will rotate out early research-based talent in its clinical stage, focusing primarily on development, medical and regulatory staff. Then it will refocus dramatically as it approaches commercialization, bringing on sales and marketing teams. The skills needed change rapidly, as well as the personality types, and many of the individuals who seeded the company, the ones who set the tone of the company’s values, will be long gone by the time you get to the commercial stage.
So how did the set of core values by which a company operates become so important, and in turn become so often misleading?
It seems to have gained popularity after the Jim Collins and Jerry Porras business classic Built to Last, was published in 1994. This book offers evidence that the “best” companies follow a set of principles or core values, and that created a sort of cultish blueprint that every company feels compelled to now follow. This book offers evidence that the “best” companies follow a set of principles or core values, and that created a sort of cultish blueprint that every company feels compelled to now follow. To quote Patrick Lencioni in the July 2002 Harvard Business Review: “The values fad swept through corporate America like chicken pox through a kindergarten class. Today, 80% of the Fortune 100 tout their values publicly—values that too often stand for nothing but a desire to be au courant or, worse still, politically correct. Organizations follow the lead and behavior of their CEO, and this establishes a company’s culture. This culture is perpetuated, for better or worse, by corporate values that either ring hollow and or are eschewed, or truly mean something and therefore are adhered to. Because of the industry’s expansion, it’s been harder to find experienced, talented leaders who possess the necessary qualities of leadership, integrity, and sincerity along with the experience and competence necessary to lead biotech start-ups.
In the end, culture can be a moot point for biotechs because of the very business of drug development. You can have a culture and values system that enriches the corporate environment, but if your drug flunks a Phase IIb that fantastic culture won’t guarantee a buyer. Just the same, even if a company has clinical success but keeps bleeding talent because employees are unhappy within the company culture, things can unravel quickly that way. Company culture and values do matter, and can either drive organizational success or hasten systemic failure.
Ultimately, it’s best for companies to say what they mean and mean what they say. It’s okay if your culture needs work, but transparency about this goes a long way; just admit that the culture is evolving and you’re building towards a set of core values. Don’t use hollow words just because you think they will resonate; they won’t if your leadership doesn’t embody and adhere to them. For CEOs: don’t commit yourself to a carved-in-stone system of values that is likely to change. The nature of the life-cycle in this business is not simple, and cannot easily be mapped-out ahead of time. It isn’t realistic to pretend that you’ve summed up all the outcomes, values, and necessary competencies before you begin the journey. Start by acting with integrity and sincerity, and realistically describing the current state of your team, and where you strive to improve. Honesty is crucial; your employees will thank you for it.
say it like you mean it
Disclosures/postscripts
*Differentiating: biotech(nology) and biopharma (pharmaceutical) companies. Both produce medicine. Biotechnology companies produce medicines which have a biological basis, and pharmaceutical companies’ produce those with a chemical basis. Biotechnology companies use live organisms or parts of living organisms, such as bacteria or enzymes, to manufacture their drugs. In this use of the word, we refer to any pre-commercial biotech or pharma company.
Science MBA Combo? The short answer: yes! The long answer: yes, because career opportunities in the STEM business space are more abundant than ever, and it’s never been more useful to bring a wide range of skills to a position. An MBA can be the perfect complement to a science degree, supplementing a technical grounding in science with some highly sought-after business skills.
A solid foundation
Science degree holders are often already well-versed in many of the skills required to succeed in business. These can include research skills, data analysis skills, and the ability to communicate high-level concepts. With a little bit of instruction, these skills can easily be applied in a new context. In addition to applying them to lab work and problem-solving on a chemical level, a science-and-business expert knows how to apply them within the context of a whole company.
STEM Science MBA
Some highly specific MBA programs offer tracks for STEM, healthcare, and other fields. This is in response to the ever-growing need for specialized business experts. If you’re thinking about doing an MBA, consider applying to a specialty program that will not only teach you the standard content of this classic degree, but how to apply these lessons to your chosen field.
If you do find yourself shopping around for STEM MBA programs, make sure you have your screening process down pat. Prioritize programs whose curricula offer a direct pathway into the role you’d like to land afterwards. And should you be called in for an interview, be sure to clarify what companies recruit from the program, and the kinds of positions that are up for grabs.
Career opportunities for a winning combo
For those who’ve graduated with a STEM degree and go on to pursue a Science MBA combo, career prospects abound. Many positions require a blend of technical science acumen and more hands-on, management-focused business skills. If you can bring both to the table, you’ll be a piping hot candidate.
Financial analyst: a financial analyst in the life science space can choose to work for a company, or to work as a freelance consultant. In either case, your primary role will be to offer financial and business advice to biotech and pharma companies.
Quality control specialist: this position involves overseeing research processes to make sure they comply with all applicable regulations. That might sound dull, but there can be an element of creativity, too: this job can also involve making recommendations to improve the efficiency of the research process.
Sales account manager: A sales account manager for a life science company may indeed find that they can work in a scientific field they’re passionate about, while receiving no shortage of opportunities to schmooze with customers. For the right person, managing a sales account in a field they love can bring the best of two worlds to the work experience.
Product manager: an employee in this role oversees the development of new products in the life science and biopharma space. This could involve monitoring lab work, advising a marketing team about current project specs, or advising businesses on what products to develop next.
Advantages of a diverse skill set
Biotech businesses are some of the hottest on the market right now, and at present the industry is only growing. As a result, life science employers are more in need than ever of employees who understand their businesses on both a micro and macro level. Surprise surprise: the science MBA combo lends itself beautifully to just that.
Another benefit of getting an MBA post-life science undergrad: more interactive career opportunities. After years of highly detail-oriented and isolated lab work, some scientists hunger for more interactive, people-facing employment. If you can relate, take note: an MBA will bolster your chances of finding a socially dynamic position that still calls upon your years of rigorous scientific study.
The perfect position for your background
Clearly, the science-MBA combo has never been timelier. Employers nowadays are looking for a blend of soft skills and hard skills, and the moment they see that winning duo of specialties on your resume, they’ll know without any further investigation that you possess plenty of both. If you’re looking for an interdisciplinary position that incorporates the full range of your skills, Sci.bio’s recruitment services can help you find it.
Yes, you can improve your memory! We’ve all been there. Someone approaches you whose name you don’t remember. You’ve met each other a few times, but your mind goes blank… You manage to get through the interaction with a “hey, you!” and feel too embarrassed to ask for their name again, especially since they know yours. Whether they notice you didn’t remember their name or not, it is difficult to forge a strong relationship with the person if you don’t know their name!
Why does your memory fail you in moments like this? There could be a number of reasons. Research shows that the average American consumes at least 100,000 words and 34 GB of data per day! Given all of the information you consume on a daily basis, your brain cannot possibly store everything in your long term memory. Indeed, common reasons why you can’t remember something could be because it was never encoded into your memory in the first place, or you don’t have any “retrieval cues” to call the memory back into your mind.
Despite these challenges, remembering aspects about a person is essential not just for creating new relationships with people, but also for strengthening existing relationships. Forgetting someone’s name or an important detail can be a sign that you are not interested in the other person, which is the opposite of making a good first impression! Conversely, being able to remember details about your boss’ kids or a client’s favorite hobby goes a long way because it shows you genuinely care about them. What’s more, recalling details and asking additional questions about them will cause them to associate positive memories with you, since psychologically, people love to talk about themselves.
Ways to Improve Your Memory
Try these techniques the next time you want to commit important facts to memory:
Repeat it to yourself. According to research, your short term memory only lasts for 20- 30 seconds, unless you try to repeat the information out loud or in your head. You can ask a clarifying question using the person’s name or restate what you just heard to make sure you understood correctly. After the interaction, try to repeat it again mentally to commit it to memory so you can retrieve it later. In fact, experts recommend “overlearning” the things you want to remember through repetition so that your new memory does not interfere with your existing memories.
Write it down. Studies show that your short term memory only holds about seven pieces of information. Since you’re not exactly in control of which seven pieces your brain will remember, a good idea is to write down important details in case you forget later. After a conversation with someone, make a note on your phone, on their business card, or on your laptop’s notepad with their name and any critical data. This is particularly important if you’ve offered to provide them with further information or connect them with someone.
Remove distractions. Don’t multitask when absorbing the new facts. Unless you’re using your phone to take notes about what you want to remember, put it away. If you’re juggling more than one task or multiple inputs, your brain has no choice but to prioritize one thing over the other. Another common distraction occurs when you’re not actively listening to the new information, and you’re thinking about something else or planning your next response. Instead, try to focus your complete attention on listening to the other person, and you’ll be more likely to remember what they say.
Make associations. To help yourself retrieve the memory later, make an association between the person and something easy to remember. This can help trigger the memory of the person and their name or important details. For example, if Sarah mentioned she’s going on a sailing trip, remembering “Sarah sails” will be easier to recall the next time you try to retrieve information about Sarah. Another example is comparing the person to someone famous or someone you’ve met before. If your new acquaintance Matthew has brown hair like your cousin Matthew, making this association may help you recall his name the next time you interact with him.
Get enough sleep. Research shows that sleep is essential for the formation of long-term memories. Furthermore, if you’re sleep deprived and tired, your ability to focus and learn new information will be impaired. After your next networking event or big meeting, make sure to get a good night’s sleep to increase your chances of being able to retain the significant facts you were exposed to during the day.
Final Thoughts on Memory and Relationships
Remembering details about a person is a meaningful part of establishing a new relationship or strengthening an existing one. By failing to remember someone’s name or a significant aspect of someone’s life, it could be interpreted as you not being interested in them. Solidify important facts in your mind by trying these tips to improve your memory. You will reap the rewards in your relationships!
The collapse of the SVB on March 10, 2023 made national headlines, and prompted fear of a looming financial crisis and a return to government bailouts. For biotech investors and employees, the collapse of the tech-focused bank raises additional concerns about the stability of the biotech sector.
What is the Silicon Valley Bank?
The Silicon Valley Bank (SVB) was the 16th largest bank in the USA. Founded in 1983, it catered almost exclusively to technology companies by providing the venture capital funds necessary for biotech start-ups to grow. Prior to the events of early March, the bank was worth $212 billion.
Why did it collapse?
In early March 2023 the SVB announced it needed to raise more money, citing rising interest rates and inflation. This announcement caused panic, and customers and investors rushed to withdraw their money, leading to the collapse of the bank’s value. Within 48 hours the damage was done, and the Federal Deposit Insurance Corporation (FDIC) took over the emergency operation of the bank.
The FDIC is currently trying to sell SVB as part of its break-up plan.
Is this a repeat of the 2008 financial crisis?
Following the collapse of the SVB, Silvergate Bank and Signature Bank fell in quick succession a few days later. Although the successive liquidation of US banks is alarming, and the overall likelihood of a recession in the next few years has risen, the fallout from the SVB collapse is mostly contained to the biotech sector and other medium-sized banks who cater to a narrow selection of industries (both Silvergate and Signature focused on cryptocurrencies).
Some issues appear unique to SVB’s downfall, such as the role of a chief risk officer being unfilled last year. The bank also stored its money in long-dated Treasury deposits, which give modest returns on investments. When inflation rose, the bonds no longer yielded satisfactory returns.
How does the Silicon Valley Bank affect the biotech industry?
Silicon Valley Bank was seen as the bank of choice for young biotech companies, because they tailored their services to venture-backed start-ups and agile biotechs looking to grow. Unlike commercial banks, most of SVB clients deposited amounts greater than $250,000, which is the maximum amount of savings protected by the FDIC in the event of a financial collapse. It’s estimated that 85% of SVB’s bank deposits were uninsured. It’s therefore not clear how much damage has been wrought on the biotech sector, and it will take a time for companies to disclose any losses. It’s possible the US government will bail out companies who lost uninsured deposits if the crisis deepens, but that’s not happened yet.
In early 2023, biotech start-ups are already struggling thanks to rising interest rates and a hiring slowdown. Established companies have the diversified portfolio necessary to withstand economic shocks better than start-ups with only one or two pipeline products.
However, the failure of Silicon Valley Bank may see a slowdown in the biotech sector as venture capitalists become more cautious about investing in biotechs, or the regulations around life sciences investment increase. What this does for the biotech sector as a whole remains to be seen.
Workforce statistics from the past two years paint a concerning picture of the biotech recruiting sector in 2023. The COVID-19 pandemic led to a boom in hiring and growth, but now that the initial biotech demand is leveling off, many companies are ‘right-sizing’ to pre-COVID-19 levels. Statistics predict the growth of the biotech sector slowing in 2023, in part to rising inflation.
The overall trend means biotech companies are slowing down their hiring. It’s not clear how much growth will slow in 2023, and hiring managers might wonder whether it’s worth adding more workers to the payroll if layoffs are coming. Due to its ability to consolidate and diversify their portfolio, Big Pharma is in a stronger position than agile biotech start-ups, but industry experts still urge caution.
Attracting Biotech Talent in 2023
Despite an economic slowdown, the biotech sector is continuing to grow, and companies are still looking to hire top talent. Here are a few ways biotech recruiting is filling positions and attract candidates.
First, it’s important to understand candidates’ motivation for switching roles, because there are many professionals considering a job switch, even if they’re currently employed. A lot of candidates are seeking appropriate salary increases to combat inflation. Or, perhaps instability at their current company has created a threat of layoffs.
As a recruiter, there are several ways to appeal to these candidates and fill your client’s vacancies.
Highlight remote, hybrid and flexible working options. Thanks to rising gas prices, commuting is expensive, and many employees don’t like feeling pressured to come into the office. Flexible working remains a high priority for jobseekers as they explore new roles.
Emphasize supportive work culture for new hires. Work culture is not just about throwing money at employees, but thoughtful initiatives to support new hires and integrate hybrid teams. The COVID-19 pandemic has left many workers feeling adrift from their colleagues, and they want to better integrate into their teams, virtual or not.
List opportunities for career growth and developmental opportunities within the company. The new hire is more likely to make long-term commitment to the role if they think they can progress in their career without needing to switch companies again.
With over ten years’ experience serving biotech companies in the Boston area, Sci.Bio knows how to guide your company through economic changes. Schedule an appointment with us today to learn more.
Life Science Jobs – When you think about what it means to be employed in STEM, do you think of syringes, microscopes, and lab coats? If so, you’re not alone! In reality, however, lab jobs are just one path you can take as a life science graduate.
Within STEM and biopharma, there are many hidden-gem positions that simply don’t get as much attention as they should. If you have an interest in science but also enjoy analysis, management, or communications, there is no shortage of exciting and non-traditional job prospects out there for you to explore.
STEM (Life Science Jobs) and Business
Not all STEM positions are primarily scientific. Most will require at least a foundational understanding of STEM concepts, but some also call for a strong big-picture grasp of business operations.
As such, if you possess both a science background and a keen understanding of economics, markets, and/or human behavior, you’re in luck. Job-seekers with passions for both science and business can consider the following options:
Medical science liaison: this position requires both people skills and a knack for clearly communicating important information. The main duty associated with this role is the provision of medical product information to key players in the pharma and life science industries.
Life science recruiter: if you have a strong network and enjoy the thrill of the chase, this position may be for you. Recruiters in the life sciences have the chance to make new connections across many different fields, and to gain an insider perspective on the back-end of science-based business operations.
Biopharmaceutical sales rep: if you have an advanced science degree, a go-getter attitude, and are a self-professed “people person”, you may find a perfect match in this position. The earning potential is very high, and for the right fit, the work environment can be exhilarating.
STEM and Communications
Any job in scientific communications will require both a keen analytical mind and the ability to articulate high-level concepts. If you’ve cultivated that elusive blend of “soft” communications skills and “harder” data and research skills, this may be the niche you’ve been searching for.
If you’re interested in finding a job in this field, here are some positions to keep on your radar:
Technical/Medical Writer: If you feel comfortable communicating scientific concepts to wide audiences, consider looking into medical or technical writing as a career. Some science writers work on a freelance basis, while others are employed by corporations.
Science Journalist: science journalism is similar to technical writing, but potentially broader in scope. A scientific journalist produces copy for not only scientific media but also blogs, websites, newspapers, etc.
Scientific Instructional Designer: this position is ideal for anyone with a teaching background as well as a scientific mind. Instructional design is a growing field, with many roles currently available at life science/biotech companies.
Another path less travelled: health informatics
When it comes to lab-coat-free science positions, health informatics jobs are just about as good as it gets. For one thing, they tend to pay well. And for another, the work they involve usually proves to be both stable and stimulating – the perfect combo. Positions in this field tend to involve management, advising, communicating, and/or analysis. If you possess one or more of these skills, consider that HI could make for a very fulfilling career path.
Here are just a few health informatics jobs available today:
Clinical Informatics Analyst: this position is all about the data. It involves compiling and analyzing health information, and using that analysis to make policy and workflow changes within an organization.
Health Information Technology Project Manager: think regular project manager, but with a little added expertise. For an employee in this role, projects often center on the implementation of new technology and the optimization of existing workflows.
Health Informatics Consultant: often contracted for on a per-project basis, an employee in this role advises a healthcare organization on health-informatics-related challenges, questions, and initiatives. Because of its broad scope, the nature of this position can vary greatly from client to client.
Look before you leap (into a career)
Depending on your skill set and personality, a lab position may be ideal for you. But no matter where you end up, you’ll never regret having explored your options. Remember: modern career paths are not always linear! What you learn now could come in handy years down the line.
Whether you’re looking for a medical writing position, a senior lab job, or just for some career guidance, Sci.bio’s recruitment services can help you get where you want to go.
