Do you need a Ph.D. to be a Biotech Entrepreneur? This seems to be a popular question these days, even though I think the answer is pretty obvious: No.
If your intent is to be the founder and general manager of a biotech company, then the value of a Ph.D. is diminished.
There are lots of biotech entrepreneurs out there without Ph.Ds. What really matters is what role you want to play in your startup company. If you want to found a company and be its lead scientist, then obviously a Ph.D. will be required. Not just for the credential, but because it’ll take you several years to acquire the knowledge necessary to do the kind of research that yields results with commercial potential.
But if your intent is to be the founder and general manager of a biotech company, then the value of a Ph.D. is diminished.
Why would you need a Ph.D.?
The knowledge you gain from earning a Ph.D. will help you evaluate technologies. Even when you’re evaluating technologies that aren’t directly in your field of expertise, the critical and analytical skills you learn in acquiring a Ph.D. will help you quickly get up to speed and start asking the right questions.
You’ll also learn some leadership skills while doing your Ph.D. You’ll gain experience giving lectures and communicating your ideas. You’ll learn how to think on your feet and handle tough questions. And from these experiences, you’ll gain some confidence.
The Ph.D. is also a credential that will allow you to apply for grants on your own. Even so, if you’re not the inventor of your technology, then your partner, the inventor, will probably have a Ph.D.
Why don’t you need a Ph.D.?
If your goal isn’t to be the Chief Scientist of a biotech company, then the 4-7 years you spend in a lab trying to get a Ph.D. would be better spent working at a biotech company gaining practical business experience. Working in a company will not only teach you a lot of technical business skills like finance and accounting, you’ll also be exposed to a variety of management styles, team work, project management, quality assurance, manufacturing, regulatory approval, and sales and marketing. This is the experience you’re probably not going to get in the lab, but it’s crucial to starting a company.
Conclusion
If you think a Ph.D. is only a means to an end, I think your time is better spent getting real world experience.
No, I don’t think a Ph.D. is required. Getting a Ph.D. is a personal decision. If you feel passionately about science, or if you have a strong personal compulsion to “phinish”, then go get your Ph.D. But if you think it’s only a means to an end, I think your time is better spent getting real world experience. Maybe even get an MBA (which will be the subject of a future post).
