In your experiences with the business and biotech side of molecular diagnostics, what is some advice you could give to SYCL members who might be interested in business development?
When I went to the BIO meeting last year and took a course on Bus Dev I realized that there is much more to Bus Dev than scientific or medical knowledge. While understanding the science and its potential are vital aspects to ascribing value to an opportunity, it is also vital to be able to “do the numbers.” Expertise in accounting, revenue modeling and negotiation are as integral to a successful “BusDev” professional as expertise in lab medicine, biotech, etc. My best advice is to consider supplementing your knowledge of lab medicine, science, etc., with an MBA.
Do you believe that residents and postdoctoral fellows should receive more training in the areas of business and administration?
St. Louis, MO
Yes, of course. Whether you will be a lab director your entire career or branch off into other opportunities it is unlikely that obtaining knowledge of how to prepare and read a budget would be wasted effort. Learn the “ins and outs” of budget preparation and that will serve you well regardless of what direction your career takes. In addition, regardless of what you do with your postdoc/residency training, you will likely face situations in your career where you are asked to consider or opine on business opportunities, whether they be for yourself or your institution. The more knowledgeable you are about business issues, the more easily you can separate the “wheat from the chaff” in considering the words of others (others who may be biased or trying to “sell” you).