Pointers for Would-Be Bioentrepreneurs; British Biologists Finally Bond; PhD Salaries by Age

TIP TROVE | Pointers for Would-Be Bioentrepreneurs Courtesy of Mark Tang 1. Work with experts. Look for help and good advice early on from lawyers (intellectual property and corporate), business advisers, and venture capitalists (VCs). 2. Get FREE money and take as much money as you can get. But keep the number of investors who expect a cut to the minimum. Seek out grants and big pharmaceutical partners. You may need more money than you think. 3. Aim for proprietary technology, platform technology, or a portfolio of technologies to attract VC interest. Remember, a patent alone does not make a company. 4. Work hard on the business model. Your business model will determine your survival. VCs look for a hybrid business model that combines platform technology with therapeutics. 5. Keep the burn rate low and the cash balance high. A blockbuster drug can take 12-16 years to develop. --Mark Tang is author of The Essential Biotech Investment Guide: How to Invest in the Healthcare Biotechnology and Sciences Sector. POLICY PLACE | British Biologists Finally Bond The new UK Biosciences Federation, billed as the definitive voice for the life sciences, has finally been launched after years of debate and stalling. The organization was inaugurated in the House of Commons on Sept. 15. It aims to unite 100,000 active UK biologists for the first time, providing a powerful new group to lobby government and speak on behalf of biology at all levels. Peter Cotgreave, director of the campaign group Save British Science, hopes the federation will revolutionize the sector. "I think the federation has to work; it cannot be allowed to fail," he says. The idea has been on the drawing board for five years, but with more than 100 learned societies in the life sciences, progress has been slow. Key societies such as the UK Life Sciences Committee wanted to unite the sector, but others feared a loss of independence and the construction of a bureaucracy. The federation now has more than 61,000 members, though not all societies are equally committed, according to treasurer Nancy Rothwell. Alan Malcolm, chief executive of the Institute of Biology, which is seconding staff to the new federation, explains: "Discussions started in the 1930s about creating the Royal Society of Chemistry, then again in the 1940s, and eventually in the 1960s it happened. So the answer is that these things take a long time." To maintain an impartial stance, the federation has resolved not to turn to industry for financial support. But despite generous one-time donations from individual societies, it has been struggling to find sufficient long-term backing. Rothwell says that the Gatsby Charitable Foundation has recently come to the federation's rescue, offering a substantial grant. In addition to getting its mission underway, the federation must now face its latest challenge, finding a new president. Colin Blakemore, the current chair of the British Association for the Advancement of Science, had started in the position, but following his appointment as chief executive of the Medical Research Council, he has had to step down. --Anna Fazackerley DATA POINTS | PhD Salaries by Age* *Median salary by age at most recent birthday All $ US; currency conversion rate, as of 9/19/03, New York Reserve Bank; other demographic variables such as job held, type of employer, field of specialization, etc. have a considerable effect upon income in the field Source: Compensation of Life Scientists in US, Canada, and UK, Abbott, Langer & Assoc. (www.abbott-langer.com/bio.html) function sendData() { document.frm.pathName.value = location.pathname; result = false if (document.frm.score[0].checked) result = true; if (document.frm.score[1].checked) result = true; if (document.frm.score[2].checked) result = true; if (document.frm.score[3].checked) result = true; if (document.frm.score[4].checked) result = true; if (!result) alert("Please select") return result; } .myradio{background-color : #94bee5} Please indicate on a 1 - 5 scale how strongly you would recommend this article to your colleagues? Not recommended 1 2 3 4 5 Highly recommended Please register your vote

Pointers for Would-Be Bioentrepreneurs; British Biologists Finally Bond; PhD Salaries by Age

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