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Getting into Biotech Industry with a Non-Biology degree
#1
Hi. I've got a bachelor's degree in economics, but since I finished school I've been more and more fascinated with biotech. I don't have the necessary background to apply for a graduate degree in biology, and I'd rather not go back for a second bachelor's. Biotech companies are businesses, so there must be some way to use a business degree to break into the industry. Does anyone have an idea of what use a biotech company might have for someone who knows economics?
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#2
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First thing that probably crosses your mind when you think about biotech industry is scientific research of different kind in a laboratory full of people dealing with complicated equipment. But, like in every other industry - biotechnology is depending on the skillful people that could recognize true potential of the developing products, who will be able to present and market latest (or well known) inventions of the company and be able to drive the funds and financial incomes that are necessary for the continuous progress of the company. Business development is wide field and degree in economics is essential to become successful player in some of the mentioned roles.

If you are equally passionate for biotechnology and economics – University of Waterloo is perfect place for you. You can earn degree in economics and biotechnology by taking combined study program (cooperative education). School teaching is combined with practical work (4 months each year), providing not just proper knowledge in biotechnology and economics, but valuable working experience. “Biotechnology” part of the program is focused on health, agriculture, energy and environment, while “economics” is dealing with analytic thinking development, technology innovations, scale-up of the technology, projected return on investment, market competition, intellectual property protection, team management, public speaking… This program is unique because you are developing skills vital for both scientific and business type of jobs. Also, through the practical work you can discover which of those suites you better and what career might be the perfect for you. Not to mention that you could combine both of them when starting your own biotech company. Waterloo has a large network of co-op programs; by cooperating with >3500 employees it provides excellent working opportunities. Students have been enrolled in programs such as: quality control in National Microbiology Laboratory, research analyst at Capital West Mortgages, marketing assistant at Biotechnostix Incorporated, neurosurgery research assistant at St. Michael's Hospital, portfolio analyst at Ontario Power Generation Inc…

Waterloo is rare university that is providing knowledge in both biotech and economics, but that doesn’t mean that you can’t become successful in biotech field having just degree in economics. Administrative and management jobs are inevitable part of every industry. Finance and accounting, government relations representative, graphics writing expert…could be just a starting point in your career as many companies are offering educational packages that are leading to higher and better paid positions such as supervisors, managers, and chief financial officers.

Here are few careers that could be well paid and interesting for someone with degree in economics:

Business Analyst

Main goal is to ensure that company remains profitable by recognizing weak points and establishing better working strategies. That could be achieved by analyzing and assessing technical aspects of product development (from R&D to manufacturing section), by keeping the close look at all figure and financial papers of the company, by discussing the future needs of the company with higher management and company leaders...

Chief Financial Officer (CFO)

CFO is responsible for budget management and all financial strategies. Duties are stretched from supervising the finance unit, providing operating budget, purchasing payroll activities to dealing with governmental issues and negotiating & preparing contracts for stakeholders…CFO is the financial spokesman of the company.

Policy Strategist

Policy strategist is in charge for technical, managerial, and logistics tasks. He/ she needs to investigate latest technology trends, write reports & business proposals and closely collaborate with higher management to ensure that company is moving in the right direction and function properly.

Business Development Director in Biotech

You need to have MBA degree and at least 5 years experience in industry before applying for this position. Goals are new business opportunities, collaborations and joint ventures, in/out licensing… Other duties are overseeing, leading and directing business work within the company and supporting higher management with work analysis and future plans/proposals. 137,369 dollars is average salary of the business development director in biotech industry.

Whatever job you decide to pick, I would recommend you to search for a job in pharmaceutical industry as that is the most profitable part of biotechnology. Those companies could be found all over the globe as their number is growing unstoppably. Biggest pharma companies (Genentech, Amgen, Gilead, Allergan…) are located in California.
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