There was a time when graduate students entering life science PhD programs set their career goals on an academic research position at a university, a view consistent with the most common advice from mentors and advisors. However, over the past 20 years or so, the number of such jobs has fallen far short of newly minted PhD’s. A recent article in Science reported that the number of new PhD’s entering the private sector was equal to those entering academia for the first time last year. Meanwhile the number of tenure track positions held by PhD’s dropped 10% since 1997 to 23%. All of this leaves mentors pondering what advice to give to new students regarding their most likely career choices as well as what is the proper number of students to accept into PhD programs given these career realities.
My experience starting Fairbanks Pharmaceuticals in 2014, after a long career in academic research, has shown me that another increasingly attractive career choice, for both new and old PhD’s, is to take an entrepreneurial approach to scientific research. While this necessitates focusing on research leading directly to commercially viable products, it is just as rewarding in terms of contributing to overall human health as the more abstract biomedical research found in academia. And, as an added bonus, it is increases the probability that research discoveries become new treatments for patients since it facilitates transfer of academic research discoveries into commercially viable therapeutic opportunities.
To advance this idea, the Endocrine Society, at my urging, held a discussion event at their 2018 annual meeting that was attended by more than thirty members, whose interests included promoting an “entrepreneurial” track and programming at the annual meeting, with the goal of helping members achieve their entrepreneurial goals. This interest led Endo to hold a symposium at the 2019 meeting in March in which three entrepreneurs at different stages of development described their experience, including my experience with Fairbanks. This presentation described how one might get started by using financing from the SBIR program at NIH.
This success has led to suggestions that the Endocrine Society test new programming at next year’s meeting in San Francisco focused specifically on entrepreneurs. Potential ideas have included a pitch competition (similar to ABC’s “Shark Tank”), a networking session with potential partners inside and outside of pharma, SBIR grant proposal training, and practicing how to speak with potential investors. Stay tuned or check with ENDO2020 in the fall of 2019 to see what programming is actually planned, and if your research is in an endocrine field, apply to participate in the competition. If this new programming is successful it might foster other professional societies to help their members enter this career track.