Does Boston Biotech Have a Career Navigation Problem?by Susan Nemetz, October 2018
For those of us who have been in the industry since pre-DRG days, and have the wisdom and experience across the industry, there are many opportunities to mentor and network with today’s emerging generation of biotech executives. Now and then, we get the chance to speak with those who truly are the future generation – recent college graduates. Such was the case for me, earlier this month when I sat down with a young woman who was interested in consulting. Since The NemetzGroup model requires substantive industry experience, I knew we didn’t have a role for her at this time but, as a favor to a former client, I agreed to meet. What a gift! Not only was her enthusiasm and energy wonderful to see, our discussion crystalized for me one of the challenges addressing the talent gap in our Boston biopharma ecosystem: We need to paint a better picture of the many career paths (conventional and unconventional) that are possible. I’m sure that’s not news to you and that attracting and retaining talent is a high priority for all of our companies. The May 2018 MassBio ED jobs report stated that:
- In 2017, the total amount of job listings exceeded 27,700, second only to 2016. Of those, STEM/technical jobs accounted for over 16,000.
- 11,976 new jobs are forecast to be created between May 2017 – May 2023.
- 83% of life sciences companies reported plans to expand their headcount in the next 12 months, consistent with the last two years.
We need to paint a better pictureThis young woman had a neuroscience degree from a reputable liberal arts college. Her GPA reflected the intellectual firepower needed to go in many directions. Sounds like a great addition to one of our amazing biopharma companies, yes? Unfortunately, she didn’t want to start in a lab so she focused on joining a big management consulting firm where “you make a lot of money” (raised eyebrows), “see a lot of jobs” (read: millennial), and don’t have to commit to a path now that would limit her later (read: everyone). Fortunately, I was able to reframe her perspective and highlight the tremendous opportunity within the industry as opposed to through only the consulting lens (at least at this juncture in her career and even though consulting has been a professional gift for my experienced team and me). We talked about the thrill and significance of being “part of something important,” and we mapped various possible routes she might take, based on her skills, interests, and experience. (It became a matter of pride to me to ensure she appreciated what our industry had to offer!) But it made me realize how unfamiliar she was as a college grad about what it could mean to work in our industry – her solution to not knowing what was available was to get into management consulting, as opposed to actually going inside and seeing for herself, first hand. The banks and consulting firms flood college campuses early, laying out career opportunities and offering money, travel, and a chance to learn. Are we not doing enough of the same? Sometimes I wonder if we do our young people a disservice by encouraging commitment too early in their academic and early career pursuits. Often it is through experimentation and skill acquisition that they discover their true talents and passion and evolve to be the leaders our industry needs.
Mid-level people are not so differentDuring our conversation, I was also struck by how similar her view was to the way many mid-level people understand their career paths. For those who have a set of core skills acquired in one discipline, it can be hard to see how these can be applied elsewhere, either within their own companies or across the industry at large. Perhaps, we need a career map app within our industry to help people figure out how to take what they have and what they want to do, and consider multiple options from there? We have plenty of patient journey flow charts, is this really that different? Additionally, what if we all spent time helping these career travelers navigate a path that encouraged this exploration? Sure, there are specific roles that require a committed and dedicated path from the beginning. The chief medical officer needs to be an MD; the chief general counsel needs to be a lawyer; and the chief financial officer better know something about finance. Many other disciplines require something broader: curiosity, leadership, collaborative skills, scientific and business acumen and, increasingly, expertise with technology:
- A scientist with strong leadership skills, the ability to understand clinical data, and a belief in the translation of the science to clinical practice can find satisfying roles in medical affairs.
- A strong medical affairs professional who understands drug development (or the reverse) can find roles in program leadership.
- Deep analytical skills in science or business can be applied to new product planning and marketing analytics, as well as business development.
- Commercial experience with a scientific base is a superb resource for corporate development in an early stage company where “is this anything?” is often the most important question.