The scope of career opportunities for the graduates of Biotechnology is limited compared to the number of professionals coming out every year from different institutes in the country. And the situation underlines the fact that there is a need to find a way out to deal with the lack of opportunities for these professionals.

While working out plans for addressing the problem of career scarcity, the government agencies, educational institutions, biotech or pharma companies have to establish a framework for tomorrow’s industrial needs aiming at supporting the potential of biotech graduates, said, Dr D P Srivasthava, chief executive officer, Unimark Remedies Ltd, Mumbai.

He was delivering a speech at a seminar on 'Bio Revolution' at the Sri Krishna Arts & Science College, Coimbatore. The seminar was organized by the Life Sciences Department of the College.

According to him, today biotech graduates have opportunities in several fields including various branches of Science, Research Administration, Clinical Affairs, Business Development, etc. But the priorities of academic institutions and Industries differ from each other. While a majority of individuals involved in research and development, there are numerous opportunities yet to be explored. The history of innovation has demonstrated that science alone is not enough to enable commercial success of a technology. By understanding the factors influencing the business of biotechnology companies, it is possible to select opportunities and a rewarding career. He said although the biotechnology companies focus on research and development, there is a relatively greater involvement in other areas like marketing and licensing that require managers with business expertise in addition to those with scientific backgrounds. In this respect it is important to realize that technology that focuses on opportunities, needs fulfillment and controlling resources.

Srivasthava said there are some other areas where these biotech professionals can establish a footprint. The biotechnology revolution has propelled the organizations thinking of innovation creation, and subsequently, on industrial organization in the biopharmaceutical sector. Considering the prospectus of patenting new drugs and diagnostics, both the inventor and a manager of an invention-intensive business will need to understand to make meaningful decisions on the subject. Because of the importance of intellectual property protection in biotechnology, the life science graduates with technical and legal expertise are needed to write and defend patents.

The volatile nature of R&D and funding also necessitates carefully crafted communications with a diverse audience. Whatever the changing fortunes of the biotechnology industry are, successful management of human resources is essential. Middle managers with knowledge or expertise in human resources management are needed for their specialized abilities.

The biotechnology management could be divided into equally important specialized areas (without any specific order) like: marketing management of biopharmaceuticals, human resource management in the biotech companies, financing or venture capital funding management and intellectual property management in biotechnology. The transition from scientists to management occurs by way of experience and skill set. Many students pursuing or aspiring for an MBA find it difficult to differentiate the usual business administration with the biotechnology-related specialized management. Here the chances of biotech graduates are high, he said.

Today’s Biotech executive should be ready to face the challenge of fostering a transition from science-oriented to commerce-oriented thinking and action. The central role of funding and financial management in biotechnology establishes a demand for individuals with proven financial expertise. This has created a demand for analysts, venture capitalists, and investment bankers with an understanding of biotechnology-related financial issues.