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Despite dire predictions, the biotechnology industry appears to be weathering the recession better than most. According to a CNN Money.com post “Biotechnology leapt ahead as the biggest recipient of U.S. venture capital money in the second quarter, but first-time venture investments in companies overall dropped to a 15-year low.”

Biotechnology funding grew 54% to $888 million in 85 deals, software came in flat at $644 million in 135 deals and Internet companies fell 15% to $524 million in 124 deals. While biotechnology company investments are leading the pack, the current funding levels pale in comparison to those of the late 1990s and early 2000s. Also, it is important to note that many of the biotechnology company investments were in mid to late stage ventures. Fewer investments were made in seed or early stage companies which historically have outpaced funding in late stage ones.

Venture capitalists may be favoring biotechnology investments because there is a clear exit strategy—there are more acquisitions and initial public offerings in life sciences as compared with other industries.

Look for continuing investments in the biotechnology sector—especially in molecular diagnostics and medical devices.

Until next time...

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

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Roche announced Tuesday that it will replace Arthur Levinson, PhD, Genentech’s current CEO and American biotechnology pioneer, with Pacal Soriot, DVM, MBA who currently leads Roche’s worldwide commercial operations.  Dr. Levinson will become Chairman of Genentech’s newly configured board of directors but no longer have control over day-to-day operations at the company.  Mr. Soriot will become CEO of Genentech and head all of Roche’s pharmaceutical activities in the US. Some of the other changes that will occur at the company include: Susan Desmond-Hellmann, Genentech’s president of product development, will move into an advisory role after the middle of this year. Genentech CFO David Ebersman is leaving the company and Ian Clark, who heads commercial operations for Genentech, will be chief marketing officer of Roche’s pharma division.

Dr. Levinson and Mr. Soriot will lead the efforts to combine all of Roche’s North American operations which ultimately will be run from Genentech’s South San Francisco location. Many of the activities at Roche’s previous North American headquarters in Nutley, NJ will move west, which means downsizing, more layoffs and possible closure of the Nutley site. 

Dr. Levinson, one of Genentech’s early employees, joined the company as a senior scientist in 1980 and has been its chief executive since 1995. During his tenure, Genentech became the largest, most profitable and perhaps the most innovative biotechnology company in the US. Unlike Dr. Levinson, who is a molecular biologist and has over 30 years of experience in developing successful protein-based drugs, Dr. Soriot, a former Sanofi-Aventis financial and commercial operations executive has little or no experience with biotechnology products.

With this in mind, I suspect that many things will change at Genentech as Roche attempts to transform the once heralded biotechnology company into a subsidiary of its pharmaceutical division. Don’t be surprised if you see a mass exodus from company. Farewell DNA, all good things must end!

Until next time...


Good Luck and Good Job Hunting (try Genentech, there will be openings soon)
 

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As the old adage goes, “We are human and we all make mistakes.” Tell that to a person who believes that they have made a terrible workplace mistake and it will do little to assuage their fears and anxiety about what may happen if the error is revealed. In these troubled financial times, nobody wants to give a boss or manager a reason to let them go. That said, you may want to consider your options the next time that you make a mistake at work.

It is natural for a person who has made an error to try and cover it up. The main reason why people don’t want to admit their mistakes is because they erroneously feel that it is a reflection of their native abilities and overall intelligence—nobody wants to be perceived as incompetent or stupid. Unfortunately, attempts to cover up mistake can sometimes lead to more—and bigger mistakes—which may have graver consequences or cause more harm than the original mistake. However, once you have successfully objectified the mistake —and separated the error from you as a person—it is much easier to correct the error and simply move on.  

Contrary to popular belief, managers and bosses tend to have far greater respect for people who have the courage to readily admit their mistakes. This is because they know from experience that little mistakes can sometimes have serious implications or negative consequences for a company or business. Further, it signals to a manager or boss that the employee (who made the mistake) is honest and a team player —someone who is willing to sacrifice his/her own personal standing for the good of the organization or company. Finally, despite assertions to the contrary, managers and bosses are human too. And, as we have repeatedly been told, all humans make mistakes—it is part and parcel of the human condition.

My own experiences with workplace errors are somewhat mixed—at various times I have utilized both the cover up and full disclosure options. Invariably, I have had far better and more personally-satisfying and positive outcomes when I chose the full disclosure route over the cover up option.

To learn more about managing workplace errors and mistakes, please read “Making the Most of Your Mistakes” by Phyllis Korrki—it is a great read!

Until next time…

Good Luck and Fess up!!!!!!!

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