News

Biomedical Jobs Critical to California’s Economic Recovery

According to a report released last week by the California Healthcare Institute (CHI) and PricewaterhouseCoopers LLP (PwC), the biomedical industry is one of the most recession-resilient sectors in California’s hard-hit economy and a critical driver of innovation, job growth, and revenue that will help lead the state to economic recovery. However, the reports points to signs that the California biomedical industry is facing unprecedented challenges and that its biomedical leadership is being tested as other regions compete for research and manufacturing jobs.

California is currently home to the largest concentration of biomedical companies in the world. California’s biomedical industry employs nearly 275,000 people, representing one in six of the 1.6 million biomedical jobs in the United States. The industry supports more than 750,000 direct and indirect jobs statewide and is the second largest sector of California’s high-tech workforce.

Additionally, California’s biomedical industry attracts the greatest portion of venture capital (VC) funding of any industry in California and of any other state, receiving 42% of all venture capital investments in biotech and medical device companies nationally. As a result, there are currently 869 biopharmaceutical products in development in the state, from pre-clinical and clinical development through registration. Nearly one-third of the pipeline (272 products) focuses on treating cancer, according to 2009 research from IMS Health.

California is the birthplace of biotechnology, and our state’s biomedical innovation delivers not only global advances in healthcare but the jobs that drive our economy. While the biomedical industry has weathered the recession, it faces unprecedented challenges – access to capital, the educational funding crisis, and uncertainty surrounding healthcare reform. Now more than ever, I believe the sustainability of California’s biomedical industry depends on decisions made in Sacramento and Washington.

View a previously written post by Mouli Cohen about high-tech innovation

  • February
  • 8th, 2010
  • 9:02 am

Filed under: News

Is the Start-Up Environment Right for you?

Whether you’re contemplating how to get your fist job, or if you’re already working and you’re thinking about your next career move, you may be considering a job at a start-up company. Start-ups come in all shapes, sizes, and industries. But life in a start-up isn’t for everyone, and before you take the plunge, there are some important considerations that need to be made.

Start-up companies range from two-person teams raising seed money to well-financed firms with several hundred employees. Typically the range is somewhere in the middle, but one thing is always true: they are always looking for money. Depending on your background and career interests, you may be interested in working either for a biotechnology start-up or a high-technology start-up.

Biotech companies typically remain in the start-up mode far longer and take longer periods of time to get to market than do high-tech companies. These companies generally do not move forward and get a product into clinical trials without substantial financing. This does not mean that there is guaranteed capital to get the product into commercialization, but at least there is money in the bank to hire key employees and move forward.

On the other hand, a high-tech company often starts in a garage atmosphere funded by founders, family, and friends. After the business plan has been written, there is a simultaneous process of moving the technology forward and raising money. Key employees are brought on board for minimal cash but lots of equity and the sharing of the dream. Depending on the product, sales could begin the same year because clinical trials are not part of their process. In all probability, the company will start with venture capital backing and be on a fast-track to meet the first goal.

Biotech and high-tech start-ups are also different in the employees who are hired after the funding is in place. Most biotechs do not need a marketing or sales component because that may be handled by a corporate partner, whereas this position is pivotal for a high-tech company. Start-up biotech companies usually use contract services such as clinical research organizations, contract manufacturers, and other consultants, and this is compatible with outsourced high tech. Both types of companies may have several people providing services, but the services are on an “as needed basis.”

View a previously written post by Mouli Cohen about start-ups

  • February
  • 5th, 2010
  • 8:00 am

Filed under: News

The New Revolution in Philanthropic Transparency: Glass Pockets

Following the roll out of real time tracking of foundation grants in support of Haiti, the Foundation Center has quietly launched a new project called Glass Pockets.

With a mission to “bring transparency to the world of philanthropy,” Glass Pockets offers reports on how transparent large, well-known foundations are. These reports rate the foundations across 28 elements of transparency and accountability such as whether they explain their grant making process, provide a public assessment of the foundation’s performance, and whether they offer a knowledge center that shares program evaluations and lessons learned.

Glass Pockets reports can be currently found for:

• The Bill and Melinda Gates Foundation
• The Ford Foundation
• The William and Flora Hewlett Foundation
• W.K. Kellogg Foundation
• The David and Lucile Packard Foundation

Most importantly, the Glass Pockets reports offer direct click-thru access to each element, as well as a fascinating Foundation Transparency 2.0 database that shows the social media tools being used by over 400 foundations. From the database you can directly access Twitter feeds, Facebook pages, blogs, e-newsletters, and other tools being used by some of the country’s largest funders.

Finally, the site offers a Google-based search tool that lets users search the websites of thousands of private foundations. For instance, a search for the term Haiti brings back The Boston Foundation’s Haiti Relief & Reconstruction Fund, The Gates Foundation’s statement on their response to the earthquake, and the Case Foundation’s blog post on ways that individual donors can support Haiti.

I think this is fascinating stuff. Not only is Glass Pockets suddenly the most important way to access information about foundations, but the reports begin to set a level of expectation for large, staffed foundations to share more about their activities and what they know with the public.

View a previously written post by Mouli Cohen about philanthropy

  • February
  • 4th, 2010
  • 8:00 am

Filed under: News

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According to a report released last week by the California Healthcare Institute (CHI) and PricewaterhouseCoopers LLP (PwC), the biomedical industry is one of the most recession-resilient sectors in California’s hard-hit economy and a critical driver of innovation, job growth, and revenue that will help lead the state to economic recovery.

Whether you’re contemplating how to get your fist job, or if you’re already working and you’re thinking about your next career move, you may be considering a job at a start-up company.

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