In the Face of Adversity, Opportunities Abound!!

U.K. agency: Credit Crunch Jeopardizes Drug-Research Funding

"Biotech firms may fail to launch medicines as funding from major drug-makers and other sources dwindles because of the financial crisis, according to the U.K. Economic and Social Research Council. To cut costs, big pharmaceutical companies are reducing their work force and research efforts instead of teaming up with biotech startups for drug discovery, the agency said"

This was the heading of a Top story published in The Times (London) on 10-27-2008, an indication of how significant the global financial crisis has become. Jobs in the biotechnology field are generally higher paying and safer than most. This statement is based primarily on the fact that the technical skills required are so unique and difficult to obtain to begin with, that loss of these skills within the industry are a deterrent.

That said there are two critical issues to consider when choosing a profession. First is whether or not that profession has long term growth potential and that there are few barriers to progressing in the field. Second, how will adding other skills increase your potential to excel and grow in the profession economically and intellectually.

In the case of biotechnology, the field itself is divided into many, many subspecialties, ranging from agricultural biotechnology-both plant and animal for food as well as the floral/horticultural and pet industries (we'll explore those at another time)- therapeutic protein manufacture, stem cell and gene therapy strategies and the application of engineered microorganisms in waste management, biofuel and ethanol (alternative fuels) production and probably most important and most accessible, the application of computers and computing in managing biological data (bioinformatics).

The diversity and complexity of the discipline however, is premised on the new employee having a thorough understanding of

1. What genes and proteins are from a biological and chemical perspective

2. How these genes and proteins can be manipulated/engineered for a specific purpose and

3. How large scale manufacturing is controlled (Quality Control/Quality Assurance field) to ensure safe delivery of products to the consumer.

These three key elements are the backbone of the biotech industry and provide strong long term growth potential.

On the second point that of skills training, knowledge of biology and chemistry, regardless of the profession you eventually end up in or are in now, are significant skills necessary in today's modern society. Understanding the core concepts in chemistry and biology provides an entry point into not only the scientific and engineering professions, but also creates a greater depth of understanding, in the broader and more familiar areas of investment, management, law, the movie industry and so on.

There is yet one more key area that you need to be aware of as you proceed in the direction of a biotech career. At least in the USA, the gradually increasing understanding and application of genetic information in medicine, medical diagnostics, patient management and treatment, makes having this knowledge critical in personal healthcare decisions. Fortunately or unfortunately, this knowledge is shaping the way in which healthcare insurance will change in the future. The concept of personalized medicine being the corner stone of this change.

Turning our attention back to the article in the London Times, we notice that workforce reduction and cut backs in R&D investment are strategies to manage operating overhead, stabilize cash flow and optimize profitability. The fact is that every industry is now faced with the same set of decisions, where to cut back spending and consolidate, and if you are an investor, where to invest or not to invest to maximize gains.

As this global credit scenario begins to normalize over time, the market for biotech skills will continue to grow. Properly positioning yourself for your next career step is what it's all about and the field of biotechnology still will remain fertile ground for the forward thinking!!!

You can read the full article at http://business.timesonline.co.uk/tol/business/industry_sectors/health/article5019212.ece

Yours in success,

Dr. Gregory I. Simpson