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I mistakenly received the Wall Street Journal (WSJ) rather than the NY Times today and while I think that the WSJ is a great example of unabashedly biased journalism, there was an article in the publication about today’s job market that contained some interesting statistics.

The article entitled “Gloom Widespread As College Grads Face New Math” offered the following:

• Unemployment among college graduates is 4.2% vs. 9.7% for high school grads
• Eighty percent of recently-polled white male college grads believe the economy is heading in the wrong direction
• Wages for employees with four-year college degrees fell 8.6% between 2000 and 2010
• The unemployment rate for recent college graduates is 10.7% as compared with an overall unemployment rate of approximately 9.1%
• More than 14% of Americans between the ages of 25 and 34 (ca. 5.9 million) are living with their parent and nearly 25% of them have college degrees

These are pretty sobering facts about the job market in the one of the wealthiest nations in the world. Is it any wonder why the Occupy Wall Street movement is gaining traction among American college age youths?   As recommended by the article’s author it may be time for Americans to follow the advice of the actor Peter Finch (Howard Beale) in the satirical 1976 movie Network

"I want all of you to get up out of your chairs. I want you to get up now. I want all of you to get up out of your chairs... And go to the window. Open it, and stick your head out and yell, ‘I’m as mad as hell and I’m not going to take this anymore!"

If you truly feel like doing this maybe you ought to find your way down to the Occupy Wall Street protest!!

Until next time...

Good Luck and Good Job Hunting!!!!!

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Despite public assertions made by Novartis a mere eight days ago that it would not be eliminating thousands of jobs, the company today announced that it was eliminating 1,400 sales reps. Roughly 1,150 jobs will be cut from its primary care division—which is being consolidated into three units from four in the US—and another 250 from psychiatric and neuroscience. No jobs will be eliminated from Novartis’ headquarters in Hanover, NJ. While the job cuts announced today were not in the thousands (almost) it isn’t clear whether or not more are to come.

According to a post on today’s Pharmalot blog:

"Novartis had attempted to dampen speculation that a huge bloodletting was imminent after Roche disclosed plans to axe 4,800 jobs worldwide (back story) and, in fact, Joe Jiminez, the CEO, had written on his internal blog that news reports about big layoffs were inaccurate. Technically, the Novartis reduction is not in the thousands, but the number is still large and, essentially, confirms concerns that have been expressed over the past month at CafePharma, the online forum where reps dish the dirt (look here)."

Don’t you just love the holidays?

Until next time...

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

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The recession is clearly taking its toll on the biotechnology industry and continues to force it to consolidate. Today, Celgene announced that it would purchase Los Angeles, CA-based Abraxis Biosciences, Inc for $2.9 billion in cash and stock to expand its cancer drug pipeline. The company hopes to "re-energize" sales of Abraxis' only approved drug, the breast cancer treatment Abraxane, and also win approval for Abraxane as a treatment for skin, lung, and pancreatic cancer.  Sales of Abraxane began to tank after Astra Zeneca terminated a marketing agreement with Abraxis in 2008. Abraxane is an injectable medicine that is approved to treat breast cancer in patients who have failed all other treatment options.

New Jersey-based Celgene, the maker of Revlimid (multiple myeloma, and one type of the bone barrow disease myelodysplastic syndrome) and Vidazas (acute myeloid leukemia and five types of myelodysplastic syndrome) expects to seek approval of Abraxane as a treatment for lung cancer early next year. Celegene also sells Thalomid, a modified version of thalidomide, to treat mutliple myeloma and certain forms of leprosy.

Abraxis Biosciences employs about 900 people. While no layoffs or job cuts were announced, don’t be surprised when they happen shortly after the deal closes later this year.

Until next time...

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

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Japanese drug maker Takeda Pharmaceuticals announced today that it will slash almost 1,600 jobs or 28 per cent of its 5000 person US workforce. Most of the cuts will take place at the company’s North American headquarters (1400) in Deerfield, Illinois; the remainder (ca. 170) will occur at Takeda Global Research and Development Center in Lake Forest. These cuts represent a 20 per cent reduction in R&D employees at the site.

The layoffs, which are part of a restructuring of Takeda’s North American operations, are directly related to declining sales and the coming generic competition to its top-selling diabetes drug Actos. In addition to being Takeda's biggest revenue producer, Actos is the nation's top-selling brand name diabetes drug and was the 8th-best selling brand in 2009, generating $3.4 billion in U.S. sales, according to the most recent information available from market.

Despite rumors of job creation in other sectors of the US economy, pharmaceutical companies continue to shed jobs.

Until next time…

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

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Pfizer today announced that it would lay off another 123 workers at its Pearl River, NY manufacturing and R&D site.

The workers in the facility's research and development division will lose their jobs by early July according to a company spokesperson. He added "There may be some additional positions eliminated over the course of 2010, but this is the last major wave that will be announced.”

This brings to 601 the total number of layoffs at the site. The cuts are part of a global restructuring Pfizer announced in November, weeks after acquiring Wyeth Pharmaceuticals. The company has yet to decide the fate of the plant's manufacturing arm. If it is shuttered, that could lead to more layoffs

In other news, lesser known KV Pharma said it would shed 289 workers or 42 percent of its workforce. KV already had reduced its staff from 1,700 in 2008 to about 680 as of Feb. 28. The company recently shut down its generics subsidiary Ethex Corp. after the company pleaded guilty to criminal charges for not disclosing problems with two of its drugs and agreed to pay $27.6 million in fines and restitution.

While the US government and financial analysts claim that the economy is show signs of improvement, the layoffs at pharma and biotech companies continue. Only time will tell if we have truly turned a corner during this economic downturn.

Hat tip to the Pharmalot blog!

Until next time...

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

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AstraZeneca PLC said today it , or 12 percent of its work force, by 2014 to cut costs as it reported disappointing fourth quarter earnings. The job cuts will be made across all regions and divisions and were necessary because some of the company’s major products including the child asthma medication Pulmicort, which made sales of $1.3 billion in 2009, and breast cancer treatment Arimidex, with $1.92 billion in sales will be losing patent protection in the near future.

CEO David Brennan said the company was extending a cost-cutting program it launched in 2007, which had saved the company $1.6 billion annually at the end of 2009.Extending the program out to 2014 will cost another $2 billion, with expected benefits of $1.9 billion a year by 2014, he said.

Around 12,600 jobs having already been eliminated under the program, although Brennan suggested that the net figure was closer to 4,600 after new roles were created by the company, which employs around 63,000 people worldwide.

The new round of cuts will be global, including sales and marketing, business infrastructure, research and development and the supply chain. The company’s research & development division will lose about 1,800 jobs and according to Brennan there may be some closures of research and development sites or facilities as part of the restructuring. The company is reported to be waiting for regulatory approval of five new products.

Despite claims that the US economy is improving, big pharma continues to downsize its R&D workforce. Call me crazy, but aren’t these the same companies that argue that healthcare reform will stifle innovation and hinder new drug discovery? This begs the question: how do you discover new and novel medicines and treatments if the people who discover and develop drugs no longer work at your company? There is always outsourcing and M&A I suppose.

Until next time...

Good Luck and Good Job Hunting

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Amber Johnson of Accredited College Online thought that BioJobBlog readers might be interested in an article that she authored entitled “10 Big Ways that the Recession is Hitting Higher Ed.”  It is an informative piece that might be of interest to high school and undergraduate students and parents who have kids in college.

10 Big Ways the Recession is Hitting Higher Ed

From elementary to college, schools around the nation have felt the recession in many different ways. As the economy sinks, the educational demands rise. Teachers are holding on to dear life for their jobs, students are struggling to pay for college and the states are running out of school funding. But even with all of these economic woes, there are still people eager to teach and happy to learn.

1. Budget Cuts. Since the beginning of the fiscal year, the U.S. has suffered a 5 percent drop (about $4 billion) from the amount of money state governments apportioned for higher education, according to a U.S. News & World Report article. This is directly affecting universities across the country, who’ve seen larger class sizes, less professors and counselors, as well as canceled courses, which experts say could "threaten the quality of education."
2. Spike in Tuition. College tuition has been an inevitable hurdle for many students and families for years, but in this recession, it stings that much more. Since 1982, college tuition and fees have increased 439 percent, which is about three times higher than the increase in family incomes, according to an ABC news report. In some cases, tuition increases are the school’s response to more financial aid requests, but these scholarships may not be enough to cover soaring prices.
3. Decline in Aid. Many states are cutting college financial aid programs when students need it most. An increase in unemployment and financial losses has caused 620,000 more students to apply for federal aid in the first quarter compared to last year. An Associated Press article reports that without financial assistance, students may be forced to drop out, transfer or be laden with debt.
4. Decline in Endowments. A major factor in these educational downturns is the decline in college endowments. Big and small donors simply aren’t giving back right now, which has caused hiring freezes, cutbacks on financial aid and halted construction projects, according to a Wall Street Journal article.
5. Graduate in Three Years.Graduating in three years is a surefire way to slash college costs. American colleges are now starting to offer three-year college degrees, which is the normal time frame for many British and Canadian students. It’s an upcoming trend, according to CBS MoneyWatch, that could make "elite education" more affordable.
6. More Kids Are Going Public. According to a CBS News report, private school enrollments have declined as many students make the switch from private to public schools. While some continue to pay top dollar for private school tuition payments, others have had to transfer to less prestigious schools to save money.
7. Arts Programs Suffer. With devastating budget cuts on the agenda, college art departments are the first area to be altered. According to a New York Times article, students can expect to see fewer teachers, programs and courses in the arts when they return to campus in the fall. While some colleges are phasing out programs altogether, others, like Louisiana State University, are holding off on new computers, production technology and traveling for conferences to lessen their demand for funding.
8. Growth and Decline of Majors. For college students, choosing the right major during the recession may secure a stable career in the future. Certain industries, such as journalism, entertainment and finance should be avoided, according to a report by College Finance 101, because they have seen the most turmoil during the recession.
9. Higher Community College Enrollment. With the recession at its peak, many college students have opted for the more affordable institutions — community colleges, according to The Chronicle of Higher Education. However, this influx of students has caused some community colleges to turn them away, claiming there’s not enough room, teachers and accommodations at these campuses.
10. Distance Learning is More Desirable. A big thing hitting the economy is online education. Whether people have lost a job, are fearful of losing one or want a degree, online colleges have open seats. A CNN report, titled "Riding out the recession in a virtual classroom," touches on the idea of investing in education during troubled times to have a back-up plan and find the right career path for you.

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According to a report released by the president’s Council of Economic Advisers the biggest gains in job growth by 2016 will be in the areas of healthcare and education services. Moreover, most of these jobs will require postsecondary education degrees mainly in the form of certificates and associates degrees. To meet this demand, the report argues for ways to improve the US education system so that American workers can more easily adapt to a more skilled-base economy.

The report also notes that manufacturing will continue its long term decline and that small growth will occur in the business and financial sectors of the US economy. Construction and transportation are likely to begin to grow once the economy improves. However, the largest demand and increases will occur in healthcare services, environmental-related occupations and in education service providers. Whereas other sectors of the economy have been battered by the recession, growth in the healthcare and educational services sectors have remained robust.

In the past, emphasis has been placed on obtaining a baccalaureate degree to garner gainful employment. While this trend will likely continue, explosive growth is expected for occupations that require only an associate’s degree or postsecondary education certificate. Growth in these types of jobs is predicted to outpace occupations that require a bachelor’s degree or higher.

The report also describes goals that must be met to improve the American postsecondary education system. These include: improving early childhood, elementary and secondary education; better school curriculums; closer collaboration between employers and educational institution to ensure that students learn the skills that they need on the job, better financial aid; and accountability for education and workforce programs that don’t work. I have long contended that both undergraduate and graduate programs in the life sciences introduce skill-based workforce development activities into their curriculums. Unfortunately, my attempts have fallen upon deaf ears. Perhaps this report will induce the administrators who can institute this type of change to take their “heads out of the sand”and take notice.

Until next time...

Good Luck and Good Learning!!!!!!

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I came across an article posted on the MSN career site by Anthony Balderrama that described 10 workplace behaviors that must be kept in check to keep your job—especially during tough financial times. The idea here is to not give your boss an excuse to fire you. I thought it would be informative to pass on the essence of this information to BioJobBlog readers.

1.  Procrastination

Many people claim to work best under pressure or at least they think so. In my experience leaving things to the last minute is usually a recipe for disaster especially when working in team environments.

2.  Sloppy e-mails

Sending e-mails with typos and poor grammar or addressing them to the wrong recipients is a definite no-no. I highly recommend that all e-mails should be proofread before they are sent. It may take some extra time, but in the end, it may be worth not sending your boss the e-mail where you criticize him or her!

3.  Remember who’s the boss

Using your supervisor's first name and going for some drinks after work are common in many industries. Still, you are the employee and the boss is the boss -- the one who can fire you and tell you what to do. Don't cross the line by talking to her as if you're talking to one of your direct reports or even your best friend.

4. “Don’t bite the hand that feeds you”

Some companies are strict about the time you clock in and out. Others have guidelines but no hard rules, so you can arrive at 8:35 a.m. and no one cares. If you continually arrive late and leave early (with plenty of breaks in between), your reputation will suffer and so will your bonus. Remember everyone is keeping track whether or not they let on that they are!

5.  Don’t be stand offish or anti-social

Conventional wisdom suggests that it isn’t wise to mix your personal and professional lives. However, refusing to take part in any workplace social activities -- such as the office potluck or a happy hour – won’t help your career. Interacting with your colleagues helps build camaraderie. You get to know other people better and they get to know you as more than the person they pass in the halls.

6.  Always running late

Everybody is busy and constantly showing up late for meetings or presentations etc is unprofessional. Nobody wants to work with somebody who can’t manage their own time—especially when it impacts theirs. Being late may be fashionable but only in your private life not your professional one.

7.  Inflexibility

I have worked with people who adamantly refuse to go above and beyond what their job description calls for. While annoying there wasn’t much I could do or say to them to convince them otherwise. That said, it is never a wise thing to say to your supervisor or your boss’ boss that "You don't pay me to do that" or “That’s not my job.” You may have a point but you may also lose your job.

8.  Acting as the resident naysayer 

I think many people admire the person in a meeting who is willing voice opposition to an idea or suggestion that is a bad one. Voices of opposition are often missing in many workplaces because too many eager employees want to be "yes" men and women. But too much negativity grates on nerves especially those of management. It is okay to question things, but when you do, make sure that you have a solution to problem at hand that is in the best interest of your company.

9.  Badmouthing the company

 With blogs, Facebook, Twitter and other social media sites, there are plenty of opportunities to vent your frustration with work. However, if you're going to complain about how dumb your boss is and how much you hate your job, try to keep those rants private. The Internet is public domain and comments have a way of finding their way back to all the wrong people.  Also, most companies routinely monitor the web for things that are said about them to get a better idea about their perception in the marketplace. Be careful what you say!

10.  Politicking

Office politics are often unavoidable, but you shouldn't spend more time strategizing and masterminding office warfare than you do working. Getting caught in the throes of a workplace controversy may out of your control, but if you're the one instigating the drama, you're earning a reputation as a person who starts trouble and whom no one trust. In my experience, nobody trusts or respects people who are good at playing the game but deficient in doing their jobs!

While managing and correcting these habits may not ensure continued employment, they certainly won’t hurt your prospects of hanging on to your job when things get shaky!

Until next time...

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

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In the February issue of Genetic Engineering and Biotechnology News, J. Leslie Glick a former CEO of Genex and veteran of the biotechnology industry put forward a novel solution to financial crisis that is currently gripping the life sciences industry and the rest of the US economy. Dr. Glick proposed that the US government ought to consider injecting taxpayer monies into venture capital firms (VC) which, he believes, would foster creation of new companies, create more jobs, stimulate the ailing economy and also provide the government with an outstanding return on its investment.

According to Dr. Glick, “historical results reported by the National Venture Capital Association for the 20 year period ending December 31, 2007, show an annualized return of 16.7% to investors in some 1,860 U.S. venture capital and private equity partnerships. If the U.S. government had made annual investments of $10 billion in VC firms throughout the U.S. during that 20year period, the $200 billion total investment would have yielded a total return of almost $1.5 trillion.” Further, he asserts that according to the  International Trade Administration of the Department of Commerce, from 1970 to 2000, U.S. VC firms invested over $270 billion in more than 16,000 companies. In 2000, the surviving VC-backed companies employed 7.6 million people, representing 5.9% of all U.S. jobs, and generated sales of $1.3 trillion, accounting for 13.1% of the U.S. GDP.

This financial upside sound enticing but who is going to keep track of the money and keep an eye on how and what the VCs are investing in? Dr. Glick proposes creation of a non-partisan funding mechanism, possibly overseen by an independent panel of business people that would disburse $10 to $25 billion annually of taxpayer’s dollars to vetted and certified VC firms. Because of its investment, the US government would become a limited partner in these firms and could direct them to invest in technologies that would help to reduce health care costs, develop energy alternatives or improve food production capacity. While this proposal is unprecedented and controversial, we are living in extremely uncertain financial times that may necessitate innovative and out-of-the-box solutions to restore normalcy to the US economy. That said, all proposals—no mater how unconventional or outrageous—ought to be carefully evaluated and vetted to determine whether or not they have merit to help overcome our deepening recession.

Kudos to Dr. Glick!

Until next time,

Good Luck and Good Investing!!!!!!

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Recently, I have come across posts on blogs and websites reporting on lay offs and cost-cutting measures that are taking place at some biotechnology companies. A good example of this is a post that appeared yesterday on the Fierce Biotech Web Site. The headline read: “New round of layoffs, cost-cutting at biotechs.”  I thought “OMG this can’t be happening—not the biotechnology industry too!”

However, I am happy to report that many  of my concerns were assuaged after I read the post and realized that the reported downsizing was taking place at small companies, most of which were on shaky ground before the recession even began. Some of the companies that were mentioned included: Titan Pharmaceuticals, Pressure BioSciences, Insite Vision, WuXi PharmaTech Cayman and Targeted Genetics—not exactly titans (pardon the wordplay) of the biotechnology industry. 

There is no question that the current economic downturn will hurt some biotechnology companies (mostly because debt financing is so difficult to secure these days). That said, I think that the biotech industry may struggle a bit over the next couple of years but it will survive because it is in much better financial shape than most other American industries. 

It is important to note that the downsizing and cost-cutting taking place at many pharmaceutical companies is based almost exclusively on projected lost revenues that may occur 2-5 years two years from now—when many blockbusters drugs begin to lose patent protection— not on immediate cash concerns (most pharma companies have plenty of cash on hand). Pharma companies began downsizing in earnest about two years ago because they realized that they had gotten too big and their empty pipelines could no longer justify employing large numbers of unproductive employees. In my opinion, the current economic downturn provided pharmaceutical companies with a good excuse to continue to lay off employees, slash costs and maintain their stock prices. 

Many of the companies mentioned in the Fierce Biotech post have been around for 5-10 years and haven’t been profitable since their inception. As a former business partner once said to me “You don’t really have a business unless you have a product to sell and are profitable.” I suspect that many of these so-called biotechnology “companies” will go out of business—not because of the recession—but because they were unable to develop financially-viable products or services.

 Until next time…  

 Good Luck and Good Job Hunting!!!!!

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Over the past few weeks, I have seen many posts on various career and job blogs offering people advice and tips on how to hold on to their current jobs. In my opinion, most of these posts didn’t offer any new or insight tips on this topics. Instead most of the suggestions were obvious and rather pedestrian. For example, be pleasant to your boss, show up on time, don’t leave before the official work day ends, volunteer to take on new projects yada, yada, yada.

While these suggestions may help to some extent, I think that the best way to keep a job is to think strategically and learn how to manage it to your maximum benefit regardless of prevailing economic conditions. In other words don’t wait until you are in a precarious situation to become a model employee. With this in mind, I came across an extremely insightful article on job retention in the business section of today’s NY Times.

The author, who has been a practicing psychologist for 22 years and a “boss” for the past couple of years, provides insights on job retention from both employee and managerial perspectives. I highly recommend that you read this article—even I learned a thing or two!!!

Good Luck and Good Job Hunting (hang on to your current one if you can—its tough out there)!!!!

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I think that it is safe to say that we are in a recession. Even though unemployment is rising to record levels, there are still jobs to be had. To be successful in tough economic times, job seekers must manage expectations and modify job search tactics. To that end, I came across an insightful article that provides jobseekers with a variety of suggestions and tips that may lead to employment during the current economic downturn.

Until next time….

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

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Since the US is officially in a recession (and recessions are likely to continue to occur in the future), those of you who are embarking or deciding on a new career ought to consider whether your career of choice can weather an economic recession.

Coincidentally, shortly after I was vanquished by the current recession late last week, a BioJobBlog reader pointed me to a post entitled“Choosing a Recession Proof Career.”

The piece is a short one but contains very useful information and is definitely worth a read.

Hat tip to Helen!

Until next time…

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

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Much like Paul Revere back in the day, there have been repeated, urgent warnings about the impending recession that will strike the US economy. Not surprisingly, the Bush administration has done its best to deny the notion that the moribund US economy is actually in recession. 

Today, it was reported that the US unemployment rate hit 5.5% and nearly 49,000 people lost their jobs last month. This is the biggest monthly rise in the unemployment rate since 1986. So far this year, the Unemployed people grew by 861,000 in May rising to 8.5 million. To keep things in perspective, a year ago, the number of unemployed stood at 6.9 million and the jobless rate was 4.5 percent

Last month employers sharply cut jobs in manufacturing, construction, retailing and professional and businesses services. The recent and highly publicized meltdown of the airline industry insures that as many as 10,000 others or more will lose their jobs in the coming weeks. These layoffs, coupled with $4.00 per gallon gasoline, will undoubtedly have a substantial and lasting ripple effect on the American travel and leisure industries. Can anyone still believe that the US economy isn’t in recession (I can think of at least one!).

Until very recently, many of my disgruntled corporate colleagues (who I eat lunch with from time to time) indicated that they were actively seeking new employment. At lunch the other day, a soft spoken but vocal woman who previously said that “she couldn’t take it anymore and was outta here the first chance that she got” quipped; “What’s with all the complaining. We should all consider ourselves lucky that we even have jobs!” I think that says it all….

Until next time….

Good Luck and Good Job Holding!!!!!!

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