By Joshua Stuckey
When you think of a business developer, what kind of qualifications do you think are needed? Perhaps you thought of skills like project management, networking, creativity, or an ability to secure non-dilutive funding. Do these skills sound familiar? That’s because these skills are also fostered during a PhD in biomedical sciences. Since receiving her PhD in Cell and Molecular Biology and a mini-MBA at Rutgers, Dr. Tanya Borsuk has been integral to the success of numerous start-up companies and drug discoveries and founded her own consulting firm, North49 LLC, in 2020. During the iJOBS/Erdös Business Development (BD) and Data Science seminar, Dr. Borsuk shared invaluable insight from her past 17 years of experience in BD. If you are considering careers outside of academia that will allow you to apply your doctoral knowledge in creative, collaborative and constitutive ways, then keep reading this blog post to learn what Dr. Borsuk shared during her seminar.
So, what is BD?
The following sections discuss tools for pursuing a career in BD, but what is BD in the first place? BD is essentially the creation of “value”. This value is not always monetary, and can come in the form of strategy, resources, or methods of business expansion too. In biotech or pharma, there are typically two sides, the out-licensing (“sell-side”) or the in-licensing (“buy-side”) of development. The “sell-side” of BD involves selling a product, drug, platform, or access to a platform. In the case of mergers and acquisitions, you and your set of skills might be the product you are selling. On the “buy side” of BD, you are seeking to find technology, drugs, partners, and methods that fit the company’s strategies. BD is an integral part of industry because it enables companies to focus on the big ideas while having business developers fill in the gaps of their strategy. Business developers also work to secure non-dilutive funding, or capital that does not require the business to give up equity or ownership and allows for less venture capital and market funding reliance. This is an especially important factor for biotech start-ups where funding has been at an all-time low.
A path out of academia
If you are currently in or recently completed a PhD program in the biomedical sciences, odds are you have considered entering industry or staying in academia. A career in academia often seems clear cut, transitioning from a predoc trainee to a post-doc and then an associate professor, while a career in industry is more ambiguous. So how might one dispel some of this ambiguity to find a clear path in industry? This may come off as a cliché but start by listening to yourself and determine what you like to do. Dr. Borsuk discussed her desire to combine science with “something else” after completing her doctoral degree. So, without fully understanding what that something else could be, she attended a job fair. During the job fair, she learned that consulting, which she initially believed was irrelevant to scientists, is essential to any drug development process because it requires someone with the scientific background to be involved in the business side of the process. This finally solidified what that “something else” was.
Standing out from the crowd
Many industry jobs are highly competitive and while companies may favor individuals with a PhD, it is also important to make yourself unique from those with the same level of education. Dr. Borsuk stresses the importance of doing the prep work needed to make yourself marketable and knowing how to tailor your skills and mindset toward your career path. She differentiated herself from other qualified individuals by attaining a mini-MBA from the Rutgers business school during the final year of her PhD. This prepared her for a career in BD and helped her secure a job in consulting six months before her thesis defense. Rutgers has many certificate programs that are free for doctoral students and offered both remotely and in person. Taking advantage of these certificate programs may be one way to differentiate yourself too.
Transitioning
Industry and academia differ in many ways, but the most successful people in both careers never stop learning. During the first five years Dr. Borsuk spent as a consultant at a private firm, she learned the ins and outs of the biotech and pharmaceutical companies she worked with. She didn’t solely focus on the task at hand but studied the mindsets of these companies as they developed their drugs and platforms and learned what makes a successful product. Through this experience, she discovered what it takes to get drug products into clinical settings and how to maneuver through the clinical trial process. Leveraging this information, she effectively launched several pharmaceutical products and helped develop biotech companies that have changed the lives of patients. The small and interconnected nature of work at a smaller independent consulting firm enabled Dr. Borsuk to work on projects at varying levels of development. These projects spanned from choosing druggable targets relevant to cancer for a start-up company to choosing the next company to acquire for larger pharmaceutical companies. Though the range of projects in smaller private consulting firms can be vast, the roles within can be quite constrained and repetitive. Dr. Borsuk discovered that she enjoyed working with companies during the early stages of development because it allowed her to apply her doctoral knowledge in more fulfilling ways and what was less enjoyable. By learning the strengths and limitations of this first industry job she was able to determine the next step in her career.
Although pivoting to your next career position can be intimidating, it is important to remember that new experiences provide unique opportunities for growth. A tell-tale sign that it may be time to move on is when you get bored of the work you are doing. Boredom in the workplace was one of the driving forces behind Dr. Borsuk’s decision to become a consultant for one of the largest pharmaceutical companies, Novartis. Consulting within a larger company changed the scale of Dr. Borsuk’s involvement in BD. Though jobs in large companies are often short-term, and contract based, the position enabled her to lead global initiatives, supervise entire development pipelines, and access exclusive networking opportunities. Dr. Borsuk used these opportunities as a springboard not only to progress to the next phase of her BD career as a commercialization strategy head at Celgene, but also to recognize that her passion lied in positions that allow her to have creative and innovative control.
“Hi, my name is…”
It is easy (especially as an introvert) to avoid the awkwardness of introducing yourself to a new colleague or an executive that you haven’t spoken to directly; however, by not speaking up, you may miss out on potential networking opportunities to further your career. The people you meet in every position at any company are connections. If you nurture these relationships, they may open doors to future opportunities. Dr. Borsuk expressed how crucial networking was for her career development, but this only occurred in an environment conducive for collaboration. These types of environments played an important role in her cofounding a department within a company and eventually developing her own business.
Know Thyself
As previously stated, jobs in industry can come with a lot of ambiguity, and some of that ambiguity may be unavoidable, such as your employer being acquired by a larger company. This kind of change can completely shift the dynamics of your work environment, from the people you work with daily to the very values the company supports. Dr. Borsuk experienced this several times throughout her career in BD, but was guided by one constant, herself. “Know Thyself” was a recurring theme throughout Dr. Borsuk’s discussion on a successful career in BD. She emphasized the importance of listening to your inner monologue about what kind of career you would like to build, about when to move on from a position, about what your passion is, and most of all, to know what motivates and excites you to come to work every day.
In summary, a career in BD offers a unique opportunity for PhD graduates in the biomedical sciences to apply their scientific expertise and creative problem-solving skills to beneficially impact industry challenges. Dr. Tanya Borsuk's career journey exemplifies how leveraging academic training, embracing continuous learning, and cultivating professional networks can lead to a fulfilling path in BD. Whether you are drawn to consulting, commercialization strategy, or creating value through strategic partnerships, BD allows scientists to thrive in dynamic and influential roles. By knowing yourself and remaining open to growth, you can navigate the ambiguity of industry and carve out a career that aligns with your passions and goals.
This article was edited by Senior Editor Antonia Kaz.