Confessions of a Grizzled Biotech Survivor
I’ve worked in the biotech sector for thirty years, and over that time I’ve witnessed enough botched clinical trials, boardroom dramas, and late-night lab emergencies to fill a Netflix series. Here are some lessons I’ve learnt from working in one of the most fascinating—and harsh—industries in the world.
The Early Days: Innocence Lost
I believed I knew everything when I first graduated from graduate school in the early 1990s. Equipped with a Ph.D. and an unwavering sense of hope, I joined a promising firm that was creating innovative protein therapies. Our science was “cutting-edge,” our technology “revolutionary,” and our investors “fully committed.” We went bankrupt after 18 months.
I learned more from that initial setback than I did from my whole doctoral degree. I discovered that science was only one component of a complicated whole. Equally significant roles were played by timing, market dynamics, the regulatory environment, and pure luck.
The Golden Rule: Cash is King
The hard truth about biotech is that it’s a money-burning machine. That promising drug candidate? It’ll take longer and cost more than your most pessimistic projections. I learned to become bilingual – speaking both the language of science and the language of finance. The ability to translate complex biological mechanisms into compelling business cases became as crucial as understanding protein folding. Over the years, I’ve watched countless brilliant ideas die—not because the science was incorrect, but because the money ran out.
The Clinical Trial Rollercoaster
There is nothing that can prepare you for the emotional toll that clinical trials take. I’ve felt the exhilaration of successful Phase II trials and the heartbreaking anguish of unsuccessful Phase III trials. The most challenging lesson was realizing that clinical success is not necessarily a direct result of strong science.
Watching five years of effort come to nothing when our lead chemical unexpectedly exhibited toxicity in late-stage testing is one particularly unpleasant memory. Your aspirations, the expectations of your investors, or the patients awaiting treatment are all irrelevant to the statistics.
Managing the Human Element
The biggest surprises weren’t scientific – they were human. Brilliant researchers who couldn’t work in teams. Executives who fell in love with their technology and became blind to its flaws. Boardroom politics that made Game of Thrones look tame.
I learned that successful biotech leaders need emotional intelligence as much as scientific expertise. Building resilient teams, managing expectations, and maintaining morale through the inevitable setbacks became critical skills.
The Patent Dance
Try navigating intellectual property law if you think science is hard. I’ve devoted numerous hours to deciphering the nuances of previous art and claims language with patent experts. A corporation can fail more quickly with one badly worded patent than with any failed attempt.
Pro tip: Get to know your intellectual property attorneys. They are just as crucial to your achievement as your principal investigators.
Regulatory Reality Check
Sometimes a friend, sometimes an adversary, the FDA became my daily companion and was always demanding. I discovered that research programs must incorporate regulatory strategy from the beginning and not as an afterthought.
Navigating a difficult regulatory process for a first-in-class medicine was one of my finest accomplishments, not a scientific discovery. The key? Don’t surprise the regulators, start early, and be open and honest.
The Quest for Exit
Whether it is an IPO or an acquisition, every biotech company aspires to exit the market. I’ve experienced both, and neither is exactly what you would anticipate. You are both the ringmaster and the performing seal at the IPO road shows, which have the sense of a circus. Acquisition discussions are more akin to secret chess games.
Lessons for the Next Generation
To those entering biotech today, here’s what I wish someone had told me:
- Build relationships across disciplines – you’ll need allies in unexpected places
- Learn to read financial statements as fluently as lab results
- Develop thick skin but maintain your ethical compass
- Stay curious – the field evolves faster than ever
- Take care of your mental health – this industry can consume you if you let it
The Final Confession
I wouldn’t pick a different career after all these years, even with the disappointments, anxiety, and restless nights. One of the few fields where you may advance scientific knowledge, alter lives, and occasionally create history is biotechnology.
The gray hairs and scars? They are honorifics in a field that expects you to give it your all and then some. Passion, perseverance, and a somewhat illogical hope that the next trial, experiment, or business could be the one that makes a difference are necessary for success in the biotech industry.
And occasionally, just occasionally, it is.
With more than 30 years of experience in the biotech sector, the author has held senior positions at both start-ups and well-established businesses.