Print
Email
Print Edition Stories
MHT's Michelle Lang: Local tech execs tackle the Boston Marathon
MHT's Marc Songini: Mass. bio firms prep for lifting of stem cell ban
Flash Slideshow: Mass High Tech All-Stars Thought Leadership Roundtable
Think big pharmaceuticals are a more stable workplace than cash-plagued biotech? Think again.
Despite the economic downturn, investment woes and other challenges of biotechnology, executives are leaving big pharma companies for the allure of small, risky biotech companies.
The two industries have been historically different in culture, style, business model and, of course, size. Pharmaceuticals companies were often seen as steady, safe and more corporate with deep pockets, long lead times and steady pipelines. Biotechs, on the other hand, were smaller, more dynamic, and full of risk takers and entrepreneurs pushing cutting-edge science. There was little crossover between the two.
“I was over 20 years in big pharma, and I didn’t make the move into biotech lightly at all,” said Philip Vickers, who took the job of chief scientific officer at Bedford-based biotech Resolvyx Pharmaceuticals Inc. this past month from his position at Boehringer-Ingelheim GmbH.
Some executives, like Vickers, say they’re making the jump because they’re attracted by what they see as new technologies and exciting risks. For other executives, their moves are a result of an industry marked by multibillion-dollar pharmaceutical acquisitions such as Pfizer Inc.’s buyout of rival Wyeth in January, which often mean streamlined operations and job insecurity from the rank-and-file bench scientist up to the executive level.
“It’s not like it used to be 20 years ago,” said Tomi Sawyer, chief scientific officer at Cambridge-based biotech Aileron Therapeutics Inc. “Most senior executives in big pharma find themselves in precarious positions in their career development. ... Times are different, and I’m not sure there’s any greater stability in a large company.
“There are more and more executives leaving the mother ship voluntarily or being squeezed out or making career changes,” said Sawyer.
Sawyer left his job as head of chemistry for the Pfizer Research Technology Center in Cambridge to join Aileron in 2007.
“My guess is that the competition for a biotech position is going to increase,” said Stephen Hunt, senior vice president of discovery research at Ascent Therapeutics Inc., a Cambridge-based biotech. Hunt moved there from Pfizer last November. “I had accomplished many things I had set out to do and what I am doing now is applying a lot of the things I learned in big pharma to biotech.”
Such lessons are a boon to biotechs, which are looking for experienced executives from large pharmaceutical companies who know how to bring a drug to completion.
“A lot of people I know who have been laid off (from pharma companies) are getting very good opportunities (in biotech),” said Julie Olson, president and CEO of biotech Mersana Therapeutics Inc. in Cambridge. “People I used to work with in executive positions are now seeing biotechnology as the next step for them.” She moved to Mersana from Pfizer in 2003, and she considers that early crossover to have been a competitive advantage for her.
For executives such as Vickers, the move is made because of excitement over new technology and the belief that despite the gloomy times, there still is potential in the right biotech.
Prior to his move to Resolvyx, Vickers was senior vice president and head of U.S. research for Boehringer-Ingelheim GmbH. The differences between the two fields are still wide and the learning curve for a pharma boss turned biotech executive is steep.
“There are a different set of challenges and opportunities I’m looking forward to dealing with,” said Vickers. “There is a hunger you get in a small biotech. You’re on the edge of science and you have a hunger to succeed as a team together. There’s a good team spirit, and there’s a lot of risk taking.”
Beyond the allure of risk, biotech remains a place where exciting science is practiced, executives said.
“I’m incredibly upbeat,” said Thomas Hughes, CEO of Cambridge-based biotech Zafgen Inc. He took the job last year after 20 years at Novartis AG.
“At the end of the day it comes down to what the quality is of the idea you’re working on. I’m not worried about job security per se. I’m more concerned about using the precious years of my remaining career working on things that are not good ideas.”
"I’m not worried about job security per se. I’m more concerned about (not) using the precious years of my remaining career working on things that are not good ideas."
-- Thomas Hughes, CEO, Zafgen Inc.; Formerly with Novartis
"I had accomplished many things I had set out to do and what I am doing now is applying a lot of the things I learned in big pharma to biotech."
-- Stephen Hunt, SVP of discovery research, Ascent Therapeutics Inc.; Formerly with Pfizer
"A lot of people I know who have been laid off (from pharma companies) are getting very good opportunities (in biotech).od opportunities (in biotech)."
-- Julie Olson, president and CEO, Mersana Therapeutics Inc.; Formerly with Pfizer
"Times are different, and I’m not sure there’s any greater stability in a large company."
-- Tomi Sawyer, CSO, Aileron Therapeutics Inc.; Formerly with Pfizer
"There is a hunger you get in a small biotech. You’re on the edge of science and you have a hunger to succeed as a team together. There’s a good team spirit, and there’s a lot of risk taking."
-- Philip Vickers, CSO, Resolvyx Pharmaceuticals Inc.; Formerly with Boehringer-Ingelheim
RSS Feeds
Comments
Please Login/Register to post comments.
No comments have been added or approved.