On July 17th, 2024, BCLA, in collaboration with LA BioSpace, hosted an inspiring event titled "Breaking into the Business in Biotech" at the LA BioSpace venue on the Cal State LA campus. This event gathered a diverse group of professionals and students, all eager to explore the complexities of business development within the biotech industry. Designed to showcase the vast opportunities beyond traditional lab work, the event aimed to broaden attendees' perspectives on how they can leverage their degrees. It provided valuable insights into the multifaceted world of biotech business, offering attendees a chance to envision a wider range of career paths and possibilities.
The event kicked off with welcoming remarks from BCLA President Jennifer Olivero, who provided an overview of the organization and its mission to grow the biotech industry in Los Angeles. Howard Xu, Co-founder and Director of LA BioSpace, followed with insights on the vital role of LA BioSpace in fostering biotech innovation and entrepreneurship in the region. Attendees then enjoyed three spotlight presentations from the event sponsors: Keck Graduate Institute (KGI), Scismic, and Macherey-Nagel. Each sponsor highlighted their contributions to the biotech field, offering a comprehensive overview of resources and opportunities.
The highlight of the evening was the panel discussion moderated by Morgan Pegus-Thomas, Manager of Marketing & Programs at California Life Sciences (CLS). The panel featured distinguished guests: Oliver Loson, Vice President of Business Operations at Holoclara; Sarah Martin, Senior Client Manager at Charles River Laboratories; and Joyee Yao, Regional Sales Manager at Nanodigmbio Biotechnology. Their discussion offered a deep dive into various aspects of business development in biotech.
The panel began with an exploration of what business development means within life sciences. Joyee Yao emphasized the sales aspect, while Sarah Martin highlighted the importance of building a robust client portfolio. Oliver Loson focused on alliance management and the commercialization of products through out-licensing. The panelists then discussed how their roles contribute to their organizations. Yao shared her journey from the bench to business development, leveraging her scientific background to drive sales. Loson talked about his role in interfacing with technical teams and external companies to facilitate scientific experiments, and Martin expressed her passion for strategic science, which led her transition from bench work to business strategy.
When asked about the primary skill sets required in their respective industries, Martin emphasized the importance of strategic decision-making and effective communication, noting that being a good salesperson is crucial regardless of the role. Loson discussed the importance of project management and contingency planning, emphasizing the need for proactive engagement to encourage scientists to collaborate with the tech transfer office.
The panel also touched on skills transferable from bench work to business roles. Loson highlighted analytical thinking and project management, emphasizing the importance of a collaborative environment. Martin discussed the need for strategic decision-making based on data and the ability to communicate at the right level to engage your select audience. Yao stressed the importance of strong interpersonal skills, as one often serves as the face of the company.
Regarding the difference between presenting science and strategy, Yao emphasized the need to tailor language to the audience, ensuring that complex ideas are communicated in an understandable manner. Martin echoed this sentiment, highlighting the need for clarity when presenting scientific concepts. Loson discussed the broader impact of strategic presentations, emphasizing how projects affect the industry and lives beyond the scientific community.
The discussion then touched on the roles of banking, financing, and venture in biotech. Yao noted that having a technical background as a scientist can help identify and resolve problems more effectively, making it easier to communicate with venture capitalists and financiers. Loson highlighted the importance of understanding technology to communicate effectively with investors, who often need to assess the risk and potential success of their investments. He also mentioned that many people with technical skills transition into patent law, where understanding the technology is crucial for applying for and securing patents.
During the audience Q&A session, the panelists provided advice on effectively demonstrating technical skills on a resume. Martin suggested using action-driven bullet points to showcase project outcomes. Loson recommended tailoring resumes for specific roles, and Yao advised explaining troubleshooting successes in specific assays. When asked about other ways to convey work without storytelling, Loson emphasized the ability to step back and understand the bigger picture and how the audience will consume the information.
The event ended with a networking happy hour where attendees had the opportunity to talk to the panelists and exhibitors, including Macherey-Nagel, KGI, Salve Therapeutics, Xencor, Scismic, and WIB. The event was a resounding success, providing attendees with valuable insights and actionable advice for breaking into the business side of biotech. The collaboration between BCLA and LA BioSpace exemplified the strength of community partnerships in fostering growth and innovation in the biotech industry.
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