British Biotech is taking a Beating

Despite a recent report heralding the ascendancy of the Welsh biotechnology industry, the majority of biotech companies in Britain are in danger of fading away according to a report in London's  Financial Times. According to the Times; “Over the past year the sector has witnessed a string of high-profile drug failures, share prices have plunged and there have been almost no public listings. The sector is shrinking as private biotech companies are bought by cash-rich pharmaceutical companies, most of which are based abroad”.

“The quality of British science has never been in question. Commercial biotech’s perennial problem, say the pundits, is instead a lack of financing, management expertise and commercial savvy. “The UK has always labored under the yoke of not having enough venture capital around and not having the people prepared to take risks” said one analyst.” Nevertheless, the UK is currently  responsible for more than one-third of the European Union’s total drug pipeline.

The British biotechnology industry isn’t alone. Consolidation of the US biotechnology industry has been quietly going on for the past 5-10 years. Many successful American companies have been acquired by major pharmaceutical companies. For example, MedImmune and Millennium Pharmaceuticals were recently purchased by Astra Zeneca and Takeda Pharmaceuticals respectively. That said, I don’t think that what is happening in the UK is unique to the British biotech industry. The bottom line is this; Biotech is a capital-intensive, briskly paced, risky business that is, at most, 35 years old. More companies than not are expected to fail. Pharma, on the other hand, is a conservative and experienced cash-rich industry that is over 100 years old. Therefore, it follows that pharma companies, when possible, will buy successful biotech companies to bolster their thinning pipelines to stabilize their stock prices.

In my opinion, the seminal underpinning and essence of the biotech industry is to harness scientific originality to create innovative l technologies and products. That said, I believe that the biotechnology industry has finally become an integral part of the life sciences ecological food chain (think of biotech as a producer and pharma as a consumer).  I can’t think of many biotechnologies company executives (with the exception of Biogen) that wouldn’t consider acquisition or merger with a major pharmaceutical company as an ideal exit strategy for their stakeholders!

Until next time….

Good Luck and Good Job Hunting!!!!!!

Personal Branding and Developing an Online Presence

Peggy McKee wrote an interesting piece on her Medical Sales Recruiter blog about personal branding and developing an online presence to find a job. For those of you who haven’t heard about personal branding, it is de rigueur and the hottest thing on the net these days. Put simply, you, the jobseeker, are the brand and to be successful (get a job), the brand must be vigorously promoted! Personal branding can be easily achieved by creating profiles on social networks like MySpace, Facebook or Linked In or creating your own promotional website using your name as the domain name.  However, there are a few things that you ought to consider before you embark on your personal branding campaign. Peggy offers a few pointers and recommendations when it comes to both personal branding and your online persona.

Employers and recruiters research prospective candidates online to get more information about them before an interview is scheduled or an offer is extended.  This can work against you if your MySpace page is filled with “party” pics (or worse), but it can work for you if you have an effective online persona

Web Worker Daily rounds up several tips for developing an effective online presence:

  • Check your Google profile.  What comes up when your name gets typed in?  Know what’s out there so you don’t get suprised.
  • Own your domain name.  Even if you don’t want to do something with it now, you might later.
  • Develop your personal brand.  Set up a LinkedIn profile.  Write a blog.  Be a guest writer on blogs specific to your industry (maybe you could write a post for me - describing your job, etc).   If you’re not sure what personal branding is or how to do it, there’s a lot available out there.  Here’s 3 articles to get you started:

The 6 P’s of Personal Branding (Persona, Positioning, Packaging, Presentation, Promotion, and Passion)

Three Keys to Building a Strong Personal Brand.  “A good brand has 3 main features:  clarity, consistency, and constancy.”

Dan Schwabel’s podcast, Top Social Media Tools for Turning Your E-Brand into a Powerhouse.  Let Dan show you how to choose what to use.

 Until next time…

Good Luck and Good Job Hunting (personal branding can’t hurt)!!!!!!!

More Interviewing Tips

I happened upon this article that expands upon some of the interviewing ideas and tips that I presented in previous posts. The piece was written by someone from Business Week so it must relevant and might even be worth reading! 

Until next time….

Good Luck and Good Job Hunting!!!!!!!!

2008 FASEB Career Development Symposium

I am sitting in Newark Airport waiting for my flight to San Diego which, not surprisingly, has been delayed for about 2 hours.  As you might have guessed from the title of this post, I am on my way to the 2008 FASEB Career Development Symposium which is run every year at the annual FASEB meeting. 

As we have done in the past, my colleagues Eric Celidonio and Joe Tringali, and I  will be presenting seminars and resume writing workshops for graduate students and postdocs.  Our goal, as always is to offer these folks some advice and tips on how to find a job after they complete their training.  Unfortunately, the job market for PhDs has been depressed for the past 8 years or so.  There once was a time, circa 1994-2000, when finding a job for alife sciences or chemistry PhDs was a snap.  In those days, many jobs were left unfilled. Ironically, it  has been scientific advances and technological innovations that have made it more difficult for PhDs to find jobs over the past decade or so.

Anyway, if you are attending FASEB this year, please stop by.  Also, tell all your friends!  We like when it is busy.

Until next time....

Good Luck and Good Job Hunting!!!!!!!!!!

Part 6: Ask the Recruiter--Preparing for a Face-to-Face Job Interview

The hard work you that invested in your resume has finally paid off–you just received a call from the ACME Biotech’s Human Resources Department inquiring about your availability for a face-to-face interview with the company. After about 30 seconds of elation and joy, fear and anxiety begin to creep into your psyche-“OMG, an interview, this is my first one, what am I going to do?” 

As you all should know by now, a job interview is typically the pivotal event in any job search. Your performance on a job interview will likely be the different between a job offer or not. That said, you must be adequately prepared for all of yourjob interviews (even the ones that you think you don’t want) if you expect to receive job offers. Unlike stand-up comedy where improvisation has its place, ad libing or “shooting from the hip” during a job interview is dangerous and can yield disastrous results. Like everything else in life–practice makes perfect! So how does one prepare for a productive and successful job interview?

Scheduling An Interview

Typically, during your initial phone call, an HR representative will offer you several dates and times for an interview. I highly recommend that you refrain from verbally accepting the first date and time that the representative offers. Instead, thank him/her for the proffered dates and times and indicate that you will get back to them shortly regarding your availability. It is wise to use this approach because, at this stage of the job search process, there is a huge imbalance in the relationship between an employer and job candidate. Put simply, at this point, the employer has the power–without an offer you cannot work at the company! By delaying your response, you are signaling to the company that you (like their employees) are a busy person with a full schedule. Further, it suggests to a hiring manager that you may have other job interviews and that you’re “not desperate” for the job. Whether your level of desperation is high or low is irrelevant. The purpose of this tactic is to attempt to tip the balance of power in your favor–something that will be important in negotiations if a job offer is extended.

After you have decided which of the proposed interview dates and times is most convenient for you, call the company back to schedule the interview. Obviously, if there are scheduling conflicts surrounding the date that you chose, you must be flexible enough to accommodate the company. If your interview requires air travel, I highly recommend that you arrive a day before your interview. Arriving the evening before is okay but if you flight is delayed or cancelled you may be out of luck! Likewise, if the interview requires that you drive more than 2 hours, I highly recommend that you arrive at the interview destination the evening before. Again, if you wait until the day of the interview to travel, heavy traffic, weather conditions, road closures or car problems may prevent you from arriving to your interview on time.

Interview Preparation

Once the interview date has been scheduled, you must begin to prepare, in earnest, for the actual face-to-face. This will require a fair amount of work on your part. That said, you must allocate a sufficient amount of time from your otherwise busy schedule to accomplish this task. Leaving it to the day before your interview is not a good idea!

First, you must thoroughly research the company to find out: 1) what they do, 2) how they do it and 3) who is in charge. A facile way to accomplish this is to visit company websites, read press releases and blog posts and chat with current or former employees. Another way, if the company is publicly traded, is to read a company’s annual stock holders report. 

Typically, during a job interview, you will meet and chat with a variety of individuals ranging from co-workers to managers to company executives. It is vitally important that you craft a list of questions that you can ask all of interviewers that you will meet. This signals to a prospective employer that you “did your homework” and that you are interested in the job that you are interviewing for. It also provides them with insight into your work habits, skill sets and the level of detail that you might bring to the company if you are offered a job. If you don’t ask any questions, it might appear that you are not seriously interested in the job or the company. Nevertheless, it is critically important to remember that a job interview is a fact finding mission for the both the company and job candidate. Both parties need to be convinced that they are a fit before a job offer is extended.

I have listed below several questions that you might ask various individuals during a face-to-face job interview:

Hiring Manager (your future boss)

  • What are the most important skills for the job?
  • What type of person are you looking for?
  • What is the typically career path for individuals hired into this position?

Company Executives (the big kahunas)

  • Why does this company have an edge over competitors?
  • Where do you see the industry moving in the next five years?
  • When do you anticipate that your lead product will hit the market?
  • What are the company’s biggest challenges and how will the company meet them?

Coworkers (the guys in the trenches)

  • What is a typically day like for you?
  • What is the company culture like?
  • What do you like most about your job?
  • What challenges do you face at the company?

In addition to the questions that you will ask, you must prepare answers to a serious of questions that company representative will undoubtedly ask you during your interview.   I will cover those in my next post.

Interview Appearance and Wardrobes

Surprisingly, choosing what to wear for an interview is not as easy at it might seem. The bioscience industry is a very conservative one–not as traditional or “stuffy” as the banking industry but not as free-wheeling at the advertising biz. When in doubt, it is better to trend toward the conservative rather than the flamboyant. Like many other things in life, interview appearances and wardrobe choices are much simpler for men than women. Listed below are some of my recommendations on how to look and what to wear on a job interview.

For Men 

  • Always wear a sports jacket or suit and tie to the interview and dinners that you may attend (never wear shorts, blue jeans or other informal attire)
  • Get a haircut
  • Shave (unless you have a full beard) the morning of the interview
  • Don’t wear an overpowering deodorant or cologne
  • Make sure that your shoes are polished and match your outfit (do not wear sandals or Birkenstocks)
  • Take off your earrings, nose studs and other piercings
  • Cover all tattoos and other body art

For Women

  • Wear a suit (with pants or skirt)
  • If you wear a skirt, make sure it is an appropriate length (miniskirts may get you looks but usually not the job)
  • Don’t wear low cut blouses (again, you might get looks but not the job)
  • Wear an appropriate amount of make up
  • Decide on a hairstyle (don’t wait until the morning of the interview to decide!)
  • Make sure that your shoe choice is appropriate (4”-6 “heels may not be a good idea)
  • Wear a subtle (not overpowering) perfume
  • Don’t wear nose studs or rings or other piercings (earrings are, of course, acceptable)
  • Cover all tattoos and other body art

Look for my next post on interviewing to learn how to behave, act and react on the day of your interview!!!!

Until next time….

Good Luck and Good Job Hunting!!!!!!!!

What to Look For in a "Bad" CEO

According to Terry Leap, a Professor of Management at Clemson University, CEOs that exhibit some or all of the following traits or behaviors are likely to be problems.

  • An obsession with acquiring prestige, power and wealth
  • A reputation for unwarranted and shameless self promotion
  • A tendency to propose “grandiose strategies” and failing to include a detailed plan to carry them out.
  • A superb ability to compartmentalize and rationalize things.
  • A history of emphasizing activity, like hours worked or meetings attended, over accomplishment.
  • A reputation for implementing major strategic changes unilaterally or for forcing programs down the throats of reluctant managers.
  • An impulsive, flippant decision–making style.
  • A love of monologues coupled with poor listening skills.
  • A tendency to display contempt for the ideas of others.
  • A penchant for inconsiderate acts

The thing that worries me is that many academicians and most CEOs that I know exhibit five or more of these traits. Oy! 

Until next time…

Good Luck and Good Job Hunting

GPC Biotech Slashes More Jobs

Germany’s GPC Biotech announced another round of job cuts as it tries to regroup after its failure to win US approval of its experimental prostate cancer drug satraplatin.

The company said that this latest restructuring will sharpen its focus on oncology clinical development efforts and further reduce costs to extend its cash reserves to cover three years of operating expenses. The restructuring is mainly focused on GPC’s early-stage research activities in Munich and will result in 38 job losses. The remaining work force will be 14 in Munich and 49 in Princeton, New Jersey. These latest cuts come after an announcement in November that the firm was slashing its workforce by over 100.

A GPC Biotech spokesperson also announced that the company is discontinuing internal development of the 1D09C3 monoclonal antibody, which is in Phase I clinical trials for relapsed/refractory B-cell lymphomas. However, RGB-286638, a broad-spectrum cell cycle kinase inhibitor, is expected to enter the clinic within the next six months. 

Things are looking pretty dicey at GPC Biotech.

Until next time….

Good Luck and Good Job Hunting!!!!!!!!!

Just As I Suspected!!!!

I want to thank Ed Silverman over at Pharmalot for providing me with data to back up my suspicions that hiring is taking a downturn at most pharmaceutical, biotechnology and medical devices companies.

According to the post at Pharmalot “Employers and recruiters in pharma, health care and biotech performed fewer searches in October, mostly thanks to declines in two key states - New Jersey and Massachusetts, which dropped by 5.6 and 3.2 percent, respectively, according to stats from MedZilla.com. Of the top jobs posted, the biggest changes were in research (a loss of two percent) and gains of 1.8 to 2.3 percent in business development, primary care, and marketing. Applicants, meanwhile, continued at the previous month’s rate of job searching, with only California seeing a change of more than one percent in either direction.”

Sales jobs are also taking a big hit.

I hate to be the bearer of bad news but sometimes a reality check is necessary to maintain perspective.

Keep the faith!

Until next time…

Good Luck and Good Job Hunting!!!!!!

Pharmalot