Top 10 Attributes of the Emerging Biotech Superstar

With the dearth of drug approvals in recent years, venture capital companies, big pharma firms and major biotech customers are all competing to create those biotech firms that can develop the drugs of the future. Bringing new compounds to the marketplace is no mean feat in today’s environment and, as a consequence, there’s a focus now on what it takes to make the grade as an emerging biotech company president. Are big pharma skills a requirement? Which is more important, a research or business development background? Is it possible to run a biotech company and be a renaissance executive?
These are all valid questions. However, when investors seek a senior executive to head a new or emerging biotech enterprise, they look for a very specific set of skills as well as a certain type of personality and leadership style. After more than 25 years conducting executive leadership searches — many of which have focused on C-level biotech executives — the most frequently sought-after attributes of an emerging biotech leader we’ve noted can be summed up as follows.

     
1

Only the entrepreneurial need apply: First and foremost, the emerging biotech executive must be an entrepreneur. Entrepreneurs possess passion, courage of conviction and an unflappable persistence, making them willing to take risks while keeping an eye toward the long-term value and payoff. This burning ambition will separate the winners from the losers, helping an organization to become an attractive target for funding, partnering, IPO or acquisition.

2

Articulate the vision and lead: The emerging biotech executive must do more than simply have a vision — he/she needs to see it, say it and show it. Senior executives must connect with internal and external stakeholders, earn their buy-in and build credibility based on the ability to implement and execute. This means the emerging executive must both communicate and allocate resources effectively.

3

Flexibility and adaptability to change with the times: Vision, passion and a sense of purpose are important, but the emerging executive’s adaptability and flexibility cannot be overlooked. Market and clinical outcomes often lead to changes in business strategy as plans to address them are put into place. Circumstances may call for major initiatives to be enacted, such as embracing and adopting new technologies and partnering early. The emerging executive needs to possess the ability to “read the playing field,” and understand what must be done, why and how.

4

Identify and create value: An emerging biotech executive must have foresight when it comes to a product or a portfolio of products, and be able to understand how they will deliver value for the patient population and investors. This translates into the ability to identify and develop the value that can be derived financially — by filling an overlooked market need through proprietary development or acquisition — and scientifically, by treating an unmet or underserved disease category or condition. Along with being able to grasp the benefits from an organizational standpoint, once identified, this value should be expressed outward to generate awareness.

5

High aptitude for business or science or both: Ideally, an emerging biotech executive possesses an inherent talent and mind for both business and science. However, to have a high skill level in either area will significantly increase his/her success rate. By knowing his/her business and/or industry sector, each is able to identify best practices for his/her organization, as well as stay abreast of current trends and learn rapidly from the mistakes of peers and competitors.

6

An exceptional communicator — talk the talk: It’s essential for the emerging biotech executive to have exceptional communication skills and convey bottom-line relevance to investors, analysts and news reporters. The senior executive must be able to translate scientific concepts into a vision for a marketable product. This means being able to approach complex subject matter, digest it, and speak in terms that are understood across audiences, thereby readily defining the value the organization and its products provide. A breakthrough treatment can go unnoticed and yield little reward if no one understands your product.

7

Be hands-on and roll up the sleeves: Business growth, particularly in the startup phase, usually involves handling a number of smaller, short-term tasks. Failure to do the little things while focusing on big picture goals may ultimately prevent larger objectives from being achieved. The emerging biotech executive is able to channel the resources to resolve a simple office managerial problem, for example, while still maintaining those needed for more mission-critical initiatives — such as early stage research and development or clinical trials. Having the patience and focus to achieve this short-term balance sets the stage for long-term success.

8

Attract top talent: The emerging biotech executive understands that no man or organization is an island, and attracting top talent is one key to success. Emerging biotech companies have growing pains and talent eases the growth curve. It often falls on the shoulders of the emerging biotech executive to develop a management team that combines the right experience and expertise necessary to foster a structure and culture primed for growth. The executive should be able to recognize what characteristics senior staff need to possess in order to manage the various developmental phases of the organization as well as those of the product life cycle, and to draw these people to the organization. Part of this is recognizing the attributes each position must have to attract this calibre of talent.

9

Willing and able to diversify the product portfolio: Along with adding talent, the emerging biotech executive understands the need to diversify the product portfolio and maintain a healthy product pipeline. Taking cues from “big pharma,” it’s clear that tying the company’s fortune to a single product or disease category may put it in a precarious position, one which may be jeopardized by regulatory or market changes. The desire for the organization to succeed must exceed favouring a single product (or technology). The leader of an emerging biotech company is flexible enough to do what is needed to augment the company’s product portfolio and market position.

10

Focus on the financial aspects: For many emerging pharma companies, the future depends on continuously attracting new investors. The emerging biotech executive knows this is a top priority and understands the long-term ramifications of any financial decisions. Adaptations to strategies may be necessary to continue to deliver value, attract the right talent and diversify offerings. Understanding these connections can help ensure smooth day-to-day operations and financial stability, while making the company an attractive investment target.

In short, executives who are best suited to run emerging biotech companies have a distinctive profile and a diverse skill set. They must be entrepreneurial at heart, visionary yet pragmatic, willing to roll up their sleeves and roll with the punches. Part scientist, part business person, a diplomat with finely honed communications skills and organizational abilities, the emerging biotech leader must also be a magnet for talent. While executives who possess all of these attributes may be a rare breed, they can be found. Understanding the key criteria for success is a good first step.

Helga Long is the founder and managing director of H.M. Long Global Healthcare, a New York, N.Y.- and San Francisco, Calif.-based executive search firm specializing in the health-care industry, with an emphasis on senior executives. Long is a frequent commentator on industry and human capital issues. She has been selected as one of the top 250 executive recruiters in John Sibbald’s book The New Career Makers and is listed in Foremost Women of the Twentieth Century.