Alternate Career Options for Life Scientists: Persons Able to Manipulate "Big" Data Sets Will Be In High Demand Says New Report!
An article in today’s NY Times entitled “New Ways to Exploit Raw Data May Bring Surge of Innovation, a Study Says” suggests that persons with quantitative skills and a firm grasp of the scientific method will be in high demand in the near future. This is because there is a current data surge coming from “sophisticated tracking of shipments, sales, suppliers and customers, as well e-mail, Web traffic and social network comments.” And, the quantity of business data has been estimated to double every 1.2 years!
According to the report “Big Data: The Next Frontier for Innovation, Competition and Productivity” put together by the McKinsey Global Institute, harvesting, managing, mining and analyzing “big new data sets” can lead to a new wave of innovation, accelerated productivity and economic growth. And, the place where this may be felt first is the US healthcare system. The report asserts that better management of big data sets can lead to as much as $300 billion in savings. Also, American retail companies could possibly increase their operating profit margins by as much as 60 percent. However, one of the major hurdles to this paradigm shift is a talent and skills gap. The US alone will likely need 140,000 to 190,000 with expertise in statistical methods and data-analysis skills. McKinsey also notes that an additional 1.5 million data-literate manages will be required. Accordingly, “Every manager will really have to understand something about statistics and experimental design going forward,” noted one of the report’s authors.
As far as jobs for scientists in the healthcare realm are concerned, the report suggests that
“....the biggest slice of the $300 billion gain is expected to come from more effectively using data to inform treatment decisions. The tools include clinical decision support to assist doctors, and comparative effectiveness research to make more informed decisions on drug therapy.” That said, life scientists with backgrounds in statistical analyses, bioinformatics, genomics, public health, epidemiology and quantitative analysis will be ideal candidates for these new job opportunities."
While these types of jobs (mainly health informatics) are certain to available in the future, it isn’t clear how soon. This is because the big-data trend has just begun and, according to economists, it may take years to recognize its financial advantages and benefits. In any event, it is something for life scientists who may be considering alternate career options, to think about. To that end, if you begin to train for these opportunities now, you may find yourself in the right place at the right time in the not-to-distant future.
Until next time....
Good Luck and Good Job Hunting!!!!!!
For the past three years or so, Eli Lilly CEO John Lechleiter has publicly criticized America’s lack of math, science and engineering preparedness. Further, he has lamented that this lack of preparedness has resulted in a lack of innovation and that it threatens the US standing as a leader in the pharmaceutical and biotechnology industries. Finally, Lechleiter squarely places the blame on American science educators.
In his State of the Union Address last week, President Obama acknowledged that US global competitiveness in science, technology engineering and math is at an all time low and that now may be America’s “sputnik moment” to turn this trend around. While I was pleased to hear the President say that we have a problem, neither political rhetoric nor turning the lack of science literacy into a challenge that resembles an arms race is going to solve the problem. What is needed are better trained science teachers who can engage science-minded students and a repeal of the No Child Left Behind Act that forces schools to focus limited financial resources on bolstering math and reading scores to maintain public funding. Sadly, neither of these things is going to happen any time soon. But I digress...
Sunday marks the beginning of “American Education Week”, the observance which was started back in 1921. It was created by the National Education Association (NEA) and other groups because 25% of World War I draftees were illiterate.
While I believe that tenure ought to be abolished and the cost of a college education is way too high these days, I cannot fault non-profit post secondary educational institutions for the job that they do educating students and preparing them for life. Most do a pretty good job despite the outrageous price tag.
John Lechleiter, PhD, chairman and CEO of Eli Lilly & Co. today told members of the Detroit Economic Club that the US is losing its competitive edge and that “evidence is mounting for an
Politicians, educators and business leaders love to complain about the America’s dwindling competitiveness in math and science and the growing lack of innovation that seems to be pervasive among many American high school and college-aged students. This is the same mantra that I have been hearing for the past 20 years. Unfortunately, while the powers at be like to complain about these things, no government agencies, educational groups or private sector businesses seem to be able to come up with approaches or solutions to these problems (talk about lack of innovation!). 