Careers in Management Consulting, Pharma and Biotech 9 JUL 2009

Careers in Management Consulting, Pharma and Biotech 9 JUL 2009

Alex Szidon background Biology undergrad (Dartmouth 94) ; Biochem Ph.D (UCSF 2002) L.E.K. management consulting in life sciences Business toolbox (memo writing, valuation modeling,.ppt, analysis) Being right is only half the answer DARA Biosciences Director of Strategy Planning Program management (2 diabetes, 1 neuropathic pain program) Sell-side Business development (licensing, spon. research, JV creation) IP development (linking IP with asset and value creation) Zafgen Co-founder Company creation via IP roll-up (angiogenesis inhibitors for obesity) Fundraising Novartis Strategic Alliances Big company operating experience Buy side business development / sophisticated transactions Harvard Office of Technology Development Managing reports of invention for Dept. of Genetics, Microbiology, Lab for Translational Research, New England Primate Research Center Devising development/commercialization strategy for technologies and seeking appropriate collaborators

Differences between science and business Speed v. Accuracy Truth Ambiguity Progress Science Getting it right is more important than speed. It takes as long as it takes Absolute. Results measured against absolute standard. Messenger well-regarded To be avoided or dissected to reveal tractable next steps Progress depends on publishable results Business Speed is often more important than accuracy. Rapid iteration beats slow and perfect. Relative. Even decisions supported by quantitative analysis are context dependent. Messenger bears risk Time-limited decisions with incomplete information are common Progress depends on actions; projects turnover despite results Priorities Most often set by researcher; guided by data / publication impact / evolving interests Most often set by management or Board / can shift based in external factors outside of direct control

How scientific training helps in business Business Analysis Creativity Access MBA intimidation Discriminating fact from fiction; linking primary data to a recommendation Finding evidence for/against business decisions requires blend of creativity and tenacity. What is the market opportunity for drug Y? Mid-level to Senior management in life sciences generally requires a Ph.D. Technical mastery provides avenue for advancement Conventional wisdom: it s easier to teach a scientist business than it is to teach a business person science

Some considerations for professional happiness* Satisfaction Lifestyle Compensation * Where happiness = reality - expectations 5

Managing employers perception of value Well managed career Poorly managed career Perceived value of a prospective employee Potential Experience Potential Experience Time Time

Some options for academic scientists Academic Research Biotech/ Pharma Res. Biotech/ Pharma Res. Non-Research Functions (Jr.) BS/MS/PhD/ Post-doc MBA Patent law Mgmt. consulting Non-Research Functions (Jr.) Tech. Transfer Non-research Functions (Sr.) Banking (Sr.) Can include Business Development Banking

Biotech vs. pharma: happiness considerations Pharma Biotech Satisfaction Impact High absolute, low relative impact High relative, low absolute impact Type of work Driven by business needs instead of individual interests Driven by business needs instead of individual interests Variety of work Higher Lower Lifestyle Hours 40-45 hour weeks 50-60 hour weeks Culture Stable, but bureaucratic Unstable, but fast paced Travel Higher likelihood, with possibility of int l travel Lower likelihood Compensation Base Med. Med. Bonus Med. Low Stock options Low Med.

Biotech vs. pharma: experience considerations Pharma Biotech Types Projects Many well structured projects at various stages with different levels of exposure One or two projects with high degree of exposure Training Many formal programs No formal programs Mentoring Many possible mentors with significant experience One or two possible mentors with variable experience Networking Many contacts inside and outside of company with various levels of intensity Small no. of intense contacts Variability Career progression Promotions every 2-5 years, driven by individual performance Variable, influenced by external factors Stability Major changes unusual Significant likelihood of job changes or layoffs Credibility High Low with the potential for very high credibility if company is successful

Tech transfer vs. mgmt consulting: happiness considerations Tech. transfer Mgmt. consulting Satisfaction Impact High absolute, low relative impact High relative and often high absolute impact Type of work Driven by market demand and inventions instead of individual interests Driven by client needs Variety of work Moderate Higher Lifestyle Hours 45 hour weeks 60+ hour weeks common Culture Stable, moderate pace Intense; high burn-out rate Travel Lower likelihood Higher likelihood Compensation Base Med. High. Bonus Low to med. (if any) High Stock options None Generally only at partner level.

Tech transfer vs. mgmt consulting : experience considerations Tech. transfer Mgmt. consulting Types Projects Varied but generally at the genesis of innovation Many well structured projects at various stages typically with high levels of exposure Training No formal programs Many formal programs Mentoring One or two possible mentors with variable experience Many possible mentors with significant experience Networking Many contacts inside and outside of univ. with various levels of intensity Small no. of sr. level contacts at client companies. Colleague Diaspora Variability Career progression Depends. Promotions every 2-5 years, driven by individual performance Stability Major changes unusual Intensity is the only constant Credibility Moderate Moderate with client company; High to prospective employers

Some possible next steps Find out more about the options (and their tradeoffs) Read career guides, e.g. Wet Feet Press, Vault Guides Talk to friends and colleagues, preferably 5-10 years ahead of you Attend OTD s Making Medicine Speaker Series to learn about different aspects of life sciences

Some possible next steps (continued) Reflect on your options (over the long and short term) Think about what will make you happy in the long term Assess your strengths and weaknesses relative to each option (external feedback and selfassessment) Pursue the attractive options (with back-up plans)