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There was an interesting post today at the Seattle, WA-based  Xconomy.com website about the salaries of people who work in the biotechnology industry. The post mainly focused on the salaries of biotech workers in the Pacific Northwest and based on results of a local survey the median salary is roughly around $60,000 per year. While this pales in comparison to the $81,499 reported earlier this spring from a group sponsored by the Pharmaceutical Research and Manufacturers Association (PhRMA), it is important to note that “real salary” data are difficult to obtain and much of what is released is based on salary figures that don’t include bonuses and other benefits. Further differences survey methodologies may also account for the seemingly disparate results. Nevertheless, salaries in biotech are generally better than those offered in other science-related industries and, not surprisingly, are highly dependent on degree requirements and job duties and responsibilities.

The bottom line: in my opinion, a job in biotech is a good career choice because of the projected upward growth for the industry. More importantly, pharma is continuing to abandon its reliance on small molecules and increasingly embracing biotechnology and its products as the future of the life sciences and healthcare industries. If I was undergraduate life sciences major today, I would be looking to the biotech and medical devices/devices industry, not pharma, for future long term employment!!! And, contrary to popular belief, a PhD degree is no longer a requirement for many biotechnology jobs.

Until next time...

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

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The medical  science  liaison  (MSL) professional focuses on providing scientific and educational  support  and collaboration between healthcare stakeholders like physicians, patients and and  bipharmaceutical companies.

PhDs have faced tremendous entry barriers to the MSL career for two major reasons. First, most PhDs lack clinical (or patient care) experience that are inherent in PharmD and MD training programs. Most PhD research projects deal with cells and mice — considered preclinical by industry standards. Second, and perhaps more insidious, is the perception that "PhDs lack people skills". People conjure stereotypes of scientists in white lab coats as eccentric, antisocial or lacking in social graces. Unfortunately, this perception also exists within biopharma, and PhDs aiming for alternative careers beyond the bench have to be prepared to "explain themselves".

PhDs who want to become a MSL can maximize their chances of breaking into this highly competitive career by doing the following:

Understand the mindset of MSL hiring managers

The biggest complaint I've heard over the years of coaching and mentoring aspiring MSLs is "they want MSL experience, but I can't get that unless I become a MSL". I've heard this so many times that I titled my MSL career book, "All MSLs Started with No MSL Experience!"  This catch-22 situation has evolved because many entry level MSL candidates don’t possess many of the basic skill sets that hiring managers are looking for. Consequently, hiring managers prefer experienced MSL candidates because they can be reasonably assured that person understands the “ins” and “outs” of what it takes to be an MSL.

Invest in tools, resources, and coaching
Perform due diligence and read everything you can about the MSL role. This six -figure career niche is extremely small, which makes the job market fiercely competitive. There is a dearth of "free" MSL resources because service providers in this niche make their living by focusing on the biopharma clients with big budgets.

Become a master networker

Networking is your only option to get into the minds of hiring managers or learn what you need to know if you can't or aren't willing to invest in tools, resources, or coaching related to the MSL career. You can start with your school's career center or the local postdoc association and see what resources may be available related to an MSL career.

Scientific complexity is increasing in treatment options as biologics are entering markets long dominated by small molecules. This is matched with cross-sector collaboration complexity, as biopharmaceutical companies navigate regulatory and public scrutiny. The MSL profession is only 40 years old, but the MSL role is becoming one of the "rising stars" of biopharma's career offerings. Look for the life sciences industry to hire increasing numbers of MSLs as more biotechnology products enter the market.

To learn more about the MSL career pathway please check out Jane’s new book, "All MSLs Started with No MSL Experience! The Guide to Becoming a Medical Science Liaison" or visit the MSL Jobs website to look for employment opportunities.

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The compensation packages for CEOs of many publicly held companies have recently, (for obvious reasons), come under intense scrutiny. This has spilled over to the chief executive offices of many not-for-profit organizations including private colleges and universities. While the compensation packages for most university presidents and administrators are substantial in many instances, there are a few university employees who sometimes earn substantially more. 

According to an article in today’s New York Times, there were 88 private-college employees who made $1 million or more in 2007 (only 11 were college Presidents or chief executive officers). These were the results from an analysis conducted by The Chronicles of Higher Education of the compensation packages of more than 4,000 employees at 600 private colleges. The two top earners were Pete Carroll, the head football coach at USC and Dr. David N. Silvers, a Columbia University dermatologist both of whom made almost $4.5 million last years. Coach Carroll’s compensation packages was almost four times that of the university’s president whereas Dr. Silver’s salary of $4,332,759 compared with $1 411,894 earned by Lee C. Bollinger, Columbia’s president. Another Columbia professor, Dr. Jeffrey W. Moses, earned a paltry $2,532,713 last year. Check out the salaries of the top ten earners!

While the pay for college and university presidents has risen sharply in the last decade the same hasn’t been true for many faculty members. Not surprisingly, over the same period, the gap between administrator and professor salaries has substantially widened. This parallels what has been taking place in the private sector where CEOs typically earn hundreds of times more than their employees. The disparity in administrator and faculty salaries led Patrick M. Callan, the president of the National Center for Public Policy and Higher Education to muse: “It may be reasonable for these people to be well paid but if faculty’s getting 2 per cent raises, I don’t see why senior administrators, who are already high-paid, should get much larger increases. It reflects a set of values that is not the way most Americans think about higher education.” The Chronicle survey found that on average, university and college presidents make about $500,000 annually.

This poses an interesting question: Unlike administrators, are most university and college professors overpaid? Based on my own experience as a medical school faculty member—absolutely not! Nevertheless, over the 10 years or more, there has been a growing disparity in the salaries of research faculty members as compared with teaching faculty. Typically, the researchers, who bring in large sums of money from grants and other extramural funding, command much higher salaries than faculty members whose primary function is teaching. While this may seem reasonable from a financial/business perspective, it raises a fundamental question about higher education: What is more important—making money or teaching? 

Until next time…

Good Luck and Good Training!

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Over the past 30 years or so, the vast majority of chief executives in the drug business have made their way to the top via the sales and marketing departments. Few senior executives have toiled in a research laboratory or for that matter, know the difference between NMR and protein purification. However, things may be changing in the industry. A quick perusal of the CEOs of the top 20 pharmaceutical and biotechnology companies (see below) reveals that 11 of 20 have degrees in engineering (4), medicine (2) and science (5). The remaining 9 have degrees in business and finance (3), sales and marketing (4) or law (2). Several of the scientists (2), engineers (3) and one physician also earned MBA degrees.

Conventional wisdom suggests that scientists usually do not make good CEOs (they are not formally trained in business). However, doesn’t the lack of scientific sensibility put non-scientist CEOs at a disadvantage when it comes to making strategic and operational decisions about R &D?  One would think so….!!!!

A careful examination of my top 20 list suggests that some of the most successful companies are run by scientist CEOs, e.g. Genentech, Gilead, Novartis and Lilly. Expect to see more scientist CEOs at large biotechnology and pharmaceutical companies in the future–R&D have become way too complex for non-scientist to truly understand its nuances and potential pitfalls. Plus, we scientists know that obtaining a MBA degree is a “piece of cake” as compared with the PhD degree! Hmmm, I wonder what business people think about PhDs?

Until next time….

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

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