Questions for physician-scientists in biotech, from an incoming medicine resident

[rollingstone21]

I'm an outgoing 4th year med student in the US, and excited to start my residency for internal medicine this July. Though I know that it's impossible to prepare for intern year, I think it can make a difference knowing what long-term career options are available and which one I'd like to pursue, so that I'll know where to focus my attention starting early.

One possibility is in doing research. I've been exposed to physician-scientists in universities, have read about those in pharmaceutical companies, but haven't come across much info on those in biotech companies. I'd love to learn more, and have a list of questions prepared.

If anyone in the field could provide some insights, that would be amazing and I'd really appreciate it! I'd also love to hear from physician-scientists in other industries, or from fellows in a medicine subspecialty considering a research-focused career. Thanks!

P.S. If you feel that there is another place where more of the relevant people hang out, please let me know so I can post there instead!

1. It seems that a career that includes research generally has a significant reduction in salary compared to that of full time clinicians.

Of course if you like doing research, you can't put a price on that. But I can also imagine that it wouldn't be an easy decision for many residents considering this route, especially for those in major amounts of debt.

Despite all of this, what would you say are the deeper motivating factors that influence physicians to pursue this career path, that most others on the outside might not consider or have trouble understanding?

2. What are the major research focuses for medicine in biotech? For example, in pharm the more sought out specialties include oncology, GI, cards, ID etc. How is it split (percentage-wise within the projects available) between basic, translational, and clinical?

3. What’s something you don't like about your job? Can you please give two examples: one that you were expecting before getting into it, and another that you realized only after becoming more involved?

Which aspect of your career provides you the most fulfillment?

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[Fencer]

Biotech is something that is very much product dependent. They need you because they need your expertise. Often you start by consulting, and only when a product is in the final line to approval (or just after), when they might be asking for a CMO (chief medical officer). In contrast, pharma (or mature device) industries have better defined streams for physicians (in clinical or R&D) where they move you from acquired product to the next acquisition. There are a few companies that offer the sage advise of people who have been CMOs in the past of big pharma/device, to help starts-ups. Start-ups begin on strict diets, often not able to support salaries of physicians.

 

[OxToCA]

... have read about those in pharmaceutical companies, but haven't come across much info on those in biotech companies. I'd love to learn more, and have a list of questions prepared.

If anyone in the field could provide some insights, that would be amazing and I'd really appreciate it! I'd also love to hear from physician-scientists in other industries, or from fellows in a medicine subspecialty considering a research-focused career. Thanks!

It's good to see your interest in pharmaceutical development since it's a great alternative to academia. As a clinical assistant professor, with a X%/Y% clinical/industry split, in consulting, just in industry, etc. you could live in the Bay Area, Boston, etc. and earn a higher salary. However, if you're only at a biotech company you need to have a skillset and/or experience in order to contribute to their operations, which are typically divided into management and director/scientific sides (e.g. http://www.nurix-inc.com/about). And, a good thread to reference -- where MDs in biotech have posted -- is located on the business sub-forum Physicians in the Pharmaceutical Industry; in it, I wrote about how to enter the industry through fellowships/MSc's the August before last prior to starting one.

P.S. If you feel that there is another place where more of the relevant people hang out, please let me know so I can post there instead!

I wanted to start a translational research/drug development-oriented website and forum, but didn't end up doing so; instead, I joined my graduate program's LinkedIn group, a Finance Society at my University, and a professional society and more or less talk about what I learn and do on here.

1. It seems that a career that includes research generally has a significant reduction in salary compared to that of full time clinicians.

Of course if you like doing research, you can't put a price on that. But I can also imagine that it wouldn't be an easy decision for many residents considering this route, especially for those in major amounts of debt.

Despite all of this, what would you say are the deeper motivating factors that influence physicians to pursue this career path, that most others on the outside might not consider or have trouble understanding?

You're right about ^^, and I'm not pursuing a research career in part due to what you described. Additionally, I like having the freedom to think, explore ideas, and write as well as participate in business. Other interests of mine include the stock market, banking, and the broader financial industry (e.g. venture capital, investment banking, private equity). For example, next year/during the last year of my MSc I'll be working for an investment bank that manages a portfolio of publicly traded biotech companies; this is a great alternative to being a phlebotomist or something prior to medical school. A plan I'm considering so that I don't have to worry about job stability is to earn my series 7 & 63 and work in equity research for a few years, so that way if I end up at a smaller biotech company and their compound(s) aren't approved, I can always go back to banking (or medicine) and make 250k. A lot of banks prefer MDs for equity research, although you need to have some related experience e.g. Equity Research Associate – Therapeutics.

2. What are the major research focuses for medicine in biotech? For example, in pharm the more sought out specialties include oncology, GI, cards, ID etc. How is it split (percentage-wise within the projects available) between basic, translational, and clinical?

Most pharmaceutical companies don't do basic science. For the most part, their emphasis is on business operations related to clinical R&D since they previously identified one or more drug candidates and started their company on that basis. Smaller company's day to day operations include things like business strategy, applying for grants, seeking investors, commercial work (e.g. in- & out-licensing), regulatory affairs, and planning/conducting clinical trials; if they have an approved drug, then they do a bit more, and a lot of them have a mix of lawyers, MBAs, PhDs, and only one or two MDs (e.g. Acadia Pharmaceuticals: About), so it would be good to consider the last sentence regarding how you'll contribute and be useful. Job security is something you need to think about in terms of how you can differentiate yourself from other MDs. However, you'd probably have decent stability at a bigger company like Merck. The easiest thing for you to do would be to pursue a degree like MS in Epidemiology and Clinical Research | Epidemiology | Stanford Medicine so that you could get experience with clinical trials/learn a skill and have a fallback at contract research organizations, consulting firms, hospital's clinical research departments, etc.

 

[Neuronix]

To my knowledge, we don't have anyone on SDN who is primarily in biotech.

I spent some time in biotech. I left. I know a few others in the same boat. I can give you my jaded opinions on it, but suffice it to say I'm not a fan.

The MDs I know who have made it a long time in biotech generally fall into a few categories.

1. Biotech + something else. That something else is usually part-time clinical work. Keeping a hand in the clinic is important. Biotech jobs are very unstable and you don't want to lose your ability to practice. On the same token, good luck finding a clinical job that's ok with you only being there part-time. Those I know doing this haven't exactly been promoted quickly.

2. Semi-retired. People with big names who leave the academic grind and go to industry. Sometimes they last a lot longer than they or anyone expect. But they could be okay financially even if they lose their job tomorrow, so they don't stress about that part. They tend to have the best jobs within industry because they have the name in academics. Industry does not help you build a name or a reputation.

3. Can't practice as an MD. Hated being a physician, disaster clinically, etc. No choice but to slog it in industry. They're probably making more on the line of PhD salary (60-100k/year).


Pay is not as good as academic physician, almost always. It depends on the gig. There are few people by percentage in these companies making 200k+, and to make that kind of money you have to justify yourself constantly and be ready to move to the next thing. This sort of instability is not typical for physicians, who tend to value stability. Depending on your biotech niche, your ability to jump from company to company may be quite limited as well. It's not like you can just be in "sales" or "administration".