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Career R&D: Alternative vocation is growing in respect

A booming biotechnology industry offers doctors more options for life outside clinical practice.

By Mike Norbut — Posted May 3, 2004

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As career paths go for physicians, the move into the biotechnology industry always has been, to paraphrase poet Robert Frost, the road less traveled. With dreams of making a mark in medicine through private practice, academic teaching or clinical research, doctors just haven't had the same interest in joining a company dedicated to developing a specific drug or product.

But the success of many companies, both clinically and financially, has changed some perceptions in the medical community, and many physicians who have chosen to move into biotechnology have found life to be just as green, if not greener. Indeed, for a physician who is feeling swarmed by the bureaucracy of medicine today, the biotech outlet could make all the difference.

While the stigma of working in biotech is not gone, it certainly has diminished greatly, physicians said. It no longer raises eyebrows when a doctor chooses to move from clinical medicine into biotechnology; the chance to develop a therapy that can help thousands of people, avoid the hassles of managed care and rising liability insurance premiums, and make a healthy living certainly sounds more noble, and smarter, than it once might have.

"I did go look for [a career in biotech], but like most physicians, I was told that's not what you did," said Penelope Manasco, MD, a pediatric endocrinologist by training and chief medical officer for First Genetic Trust, a provider of secure information technology infrastructure that assists biotech firms with drug discovery and development. The firm has offices in Deerfield, Ill., and Rutherford, N.J. "I've been able to keep my scientific interest. I still have a good salary, and I have my weekends, which is important to me as a mother," Dr. Manasco said.

The growth of biotech companies across the country has meant more opportunities for physicians as well. Even a doctor in private practice has a chance to make the jump, and with state and local governments pining for biotech firms, you might not even have to move to change your career.

A survey conducted in 2001 by the Biotechnology Industry Organization, which represents more than 1,000 biotech companies across the country, showed that 41 states had formal initiatives in place to attract and support local life-science growth. A new survey is expected to come out later this year. "I wouldn't be surprised if all 50 states had programs," said Patrick Kelly, vice president, state government relations, for the Washington, D.C.-based organization.

State and local governments are trying to replace their old industrial- or agrarian-economy bases with life-science programs, and many are committing millions of dollars to do it.

For example, in South Carolina, the General Assembly recently overrode a veto by the governor on legislation that would provide financial incentives to biotech and pharmaceutical companies that settle in the state. Provisions in the bill include a $50 million venture capital fund and $220 million earmarked for research infrastructure.

"The bottom line is, biotech has high-paying, highly skilled labor," Kelly said. "The 'brain drain' can be significant for some states. They want to keep their best and brightest."

An industry that once had two epicenters -- California and the Boston area -- now has spread between the coasts. Governments try to lure companies not only with financial incentives, but also with mentoring programs and other initiatives.

One creation out of this movement is the Pittsburgh Life Sciences Greenhouse, a unique collaboration of public, private and academic funding in the famous steel-working city. Biotech startups in Pittsburgh alone have increased from two or three per year a few years ago to 15 or 20 a year now thanks to the group's work, said Doros Platika, MD, president and CEO of the greenhouse initiative.

"They need more than just money to succeed," he said.

Making the move

Dr. Platika, an internist and neurologist by training, has seen the biotech industry grow from all angles. He was approached several years ago and invited to leave his busy clinical practice and career in academic research for a biotech company.

The first move, which he made after considerable thought, became a springboard to opportunities with other hungry startup companies, and he has moved both up the corporate ladder and from one company to the next as chances emerged and acquisitions occurred. Before joining the Pittsburgh initiative, Dr. Platika even had moved into the venture capital sector, joining a firm that focused on investing in life-science companies.

Moving to biotech "was one of the biggest decisions of my career," Dr. Platika said. "I wondered how it would affect my academic career. The feedback I got was the environment had changed. There was fluidity back and forth. It was not a one-way decision."

While Dr. Platika was recruited, he said, there are so many positions available now that physicians don't need to wait for the telephone to ring. Using executive recruiters or seeking information from local companies might be a good start, he said. From CEO of a startup to a junior-level medical officer at an established company, there are myriad positions where a doctor can excel because of his or her clinical knowledge, physicians said.

But what are biotech firms looking for in a candidate? It depends on the job, of course, but the most desirable doctors generally have research experience. However, while physicians seem best suited to jump into a biotech career from academia, there is no standard blueprint for switching careers.

Patrick Mooney, MD, for example, went from his general surgery residency to Wall Street, where he worked as an analyst of biotech companies, to Aphton Corp., which specializes in treatment of gastrointestinal cancers.

"I think there are a lot of ways for a physician to leave medicine and get into the business world," said Dr. Mooney, who is now president and CEO of the publicly traded company based in Miami. "When I took my first job, they said, 'You've learned the hard stuff. We can teach you the finance stuff.' "

Making yourself marketable

There are ways for physicians to make themselves more marketable as potential employees. An internist in private practice who wants to make a move into biotech can get involved in clinical trials to gather research experience, physicians said. Some doctors pursue advanced degrees in business or law to give themselves a more well-rounded resume and an opportunity to get into the business side of biotech.

A publication history also is helpful, because it is a documented method of showing off your work, doctors said. Or, if you are a specialist or have a certain clinical interest, that can translate into managing a specific program for a biotech firm, they said.

"You can get involved as a study coordinator," Dr. Manasco said. "It will also help you see if that's what you want to do."

The type of raise or pay cut you could see is dependent on experience and expertise and how ensconced you are at your current job. A successful internist without a background in research who has to take a lower-level position at a biotech firm might not make as much initially as he or she would have in practice. A doctor with 15 years of research experience and a publication history, on the other hand, might see a raise right off the bat, physicians said. It's similar in that regard to any career switch, especially if it's from a field as high-profile as medicine.

"For people in established practice, it could be tough," Dr. Mooney said. "I happened to be in residency [when switching careers]; otherwise it would have been a big downtick in salary."

But there could be a big payoff, if you're willing to give it a chance, doctors said. Joining a startup company could be a risky venture, but if the company develops the next breakthrough therapy, both your salary and equity would grow tremendously, Dr. Platika said.

Not every biotech company makes it, though. Some fold because of a lack of funding, while others are acquired by larger companies, so physicians should expect a little more unpredictability or movement between jobs.

A physician would be wise to do considerable research on both the niche on which the company is focused and its clinical performance. Joining a startup company requires a certain amount of faith, although interest from venture capitalists is a good indication of a company's potential and future liquidity, doctors said.

It's difficult to balance both biotech and clinical work at the same time, but physicians have left the bench and returned to the bedside. So while the decision to change career paths is certainly not a light one, it definitely doesn't have to be an ultimate one, doctors said.

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ADDITIONAL INFORMATION

If you're interested

Develop research experience: Physicians in academic settings are the best candidates for biotech jobs, but that doesn't mean an average internist doesn't have a chance. Getting involved in clinical trials in your practice or developing a publication history is a way to make yourself more marketable.

Be ready to take some chances: Even biotech companies that look fantastic on paper can fail, run out of financing, or be gobbled up through an acquisition, resulting in job cuts. Biotech doesn't provide as much security as a clinical practice, but the payoff can be tremendous if you find the right company and help it succeed.

Understand the salary structure: If you move from private practice to a junior-level medical officer position, chances are you won't get a raise. But your clinical knowledge should help you move up the corporate ladder. An MBA or law degree can help you make the transition without a salary reduction.

Be active in your search: The days of waiting for a firm to discover you and make an offer you can't refuse are over. Don't be afraid to pick up the phone and call a company, or use an executive search firm.

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