Life Science Executives- New Trend?
Posted by: Career Staff / Category: Career Resource Center, Pharmaceutical/BiotechA feature article on Life Science Leader for December “Science vs. Business: Who Makes A Better Ceo?” reports that life science companies have recently transitioned from hiring CEOs with advanced science and medical degrees to executives with traditional business or legal backgrounds. In fact, the report shows that only 5 out of 18 of the world’s leading life science executives hold advanced degrees in medicine or the life sciences. According to the the article, “the failure of scientists to excel as CEOs has largely been ascribed to a narrow focus, an inability to adapt to rapidly changing conditions, poor social skills, and a clear lack of financial and business acumen.”
Many science graduate students and post-docs envision holding management positions in a life sciences company, but are the statistics lined up against those that have (or will have) a PhD? Luckily for researchers aspiring to lead an organization, the answer is no. However, in saying that, there is a lot more preparation that needs to be done to attain such goals. Most scientists who received their PhD through traditional academic programs lack the required people skills and business training to become effective executives. Therefore, the most obvious skills to gain for students aspiring to be in executive positions are to learn the basics of business and finance. The article has a list of academic institutions that offer joint PhD/MBA program in the life sciences. Additionally, developing leadership and interpersonal communication skills are essential.
Obtaining these “other” skill sets on top of the results-oriented, strategic thinking developed during science graduate studies will allow graduates to be better equipped to meet the challenges of executive positions. Having both business and scientific expertise will give an upperhand in the hiring process as well. As stated in the article, ” many of today’s life sciences company CEOs possess the requisite business acumen and people skills, but most lack the scientific knowledge and “hands-on” training to make informed decisions about new R&D strategies and opportunities. ” The article also suggests the new trend in the life sciences will be necessity for a CEO to have “the technical and scientific knowledge offered by the Ph.D. degree and the people and business skills imparted by an MBA degree.”
As a side note: Food for thought. Should this lend to a new trend for graduate programs? The skill sets needed for executives (particularly people skills) are also essential in many alternative science careers, as well as traditional research positions. Is it the responsibility for graduate programs to ensure that students gain skills outside of the “traditional” expertise acquired in academia?
