Comment by epistasis
9 hours ago
I'm surviving on consulting income for a wide variety of clients right now in this space, and let me tell you it's brutal and extremely difficult to get entry to this space for people that don't have a wide network and lots of industry experience. Academic experience typically doesn't count.
In addition there's a severe "passion tax" for these sorts of jobs, the salary difference for a "Data Scientist, Computational Biology", and "Computational Biologist" is pretty big, and hiring is also brutal.
I know a ton of extremely talented people who have been locked out of employment for a long time now. The high interest environment means that biotech investing has been hit extremely hard, as biotech is even higher risk than most software and AI spending (thanks for the correction, Schlagbohrer). Pharma companiees with big hits, like Lilly with GLP1 agonists, are hiring a bit as they try to move into the modern era of pharma with lots of AI tools, but it's still brutal.
There is some history to why it is as grim as it is right now (sunny skies will return, don't worry!). A lot of funding was around ~2019 from the VC people, and biomed PIs were getting their startups funded and hiring from the recent PhD cohorts. The horrible environment in STEM academic hiring needs no introduction, so the talent pool was rich. Early stage drug development and biotech is horrendously risky, so most don't make it past ~5-7 years. Now there are lots of people looking for a job, and the only surviving companies are the extremely hiring averse ones.
"Academic experience typically doesn't count."
Why not?
Weird egos. I moved from academia to industry and constantly got told "In industry we just care that 'it works'". I thought that was a weird premise, given... you know... who doesn't? But the more time I spent in industry the more time I found that they in fact do not care if it actually works. What seems to matter more is the politics and about "working"[0] the right way using the right new buzzword[1]
Truth is that the work and complexity is not that divorced. Honestly, the work in academia felt harder, though more fulfilling. Industry work hasn't made me have to really think deeply. If anything, I've heard most of my coworkers (at multiple companies) say something along the lines of "we have to move so fast that there's no time to think." Given that (multiple) managers tell me I'm "too slow" just because I'm not producing tons of lines of code (I'm neck and neck with everyone on milestones), I understand what they're talking about. Industry has a working mode of "do first, think second" while academia often thinks first. The reason is really because it is a lot cheaper to think first.
[0] It works enough for some demo to some person
[1] One example is I beat a company's fancy giant transformer based image detector with a scrappy CNN that took only a few hours to train. They were excited for all of 1 day and then wouldn't let me do the same thing to the transformer model (which would have had a bigger impact). Fun fact, my boss also loved to tell me about how dumb academia is because they never do anything useful and how industry makes all the real advancements.
Biotech and academia have very different standards for data quality and reproducibility. Most of the biotech people I know view academic research as an interesting first draft at best.
Drug development is just a totally different game. The tools are the same but the difference between what the reviewers at your favorite high impact publication want and what the FDA wants are pretty different. People spend their whole careers getting good at the latter in the same way people get good at the former. I've seen people come from academia and thrive and I've also seen the struggle. Some people also go to school with the goal of doing drug development, which sometimes academic folks don't realize. - person who was good at microscope and ended up in early stage drug development ~10y
I can’t speak to this particular sector; however, I have found academics to lag 5-7y behind the realities of the business world I operate in.
Business moves incredibly fast; academia, not so much.
That may depend on the field. My experience (in bioinformatics method development) is that people in the industry can't afford to work on state-of-the-art problems. But once a problem has become established and it's important enough to be worth their time, they will eventually come up with a better solution due to their superior resources.
If it’s constantly 5-7 years behind isn’t it moving at the same speed just with an offset?
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Because the results from an acedemic paper are not, ever, going to be injected into a customer's arm. Developing products for sale in the real world is very different than designing lab experiments.
Sure, but it would seem the solution would be to hire the recently minted PhDs and teach them through more senior staff how to operate in the real world, just like in literally any other profession.
Instead you’ll just whine until they let you import a billion more Indians
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Did you mean to write, high interest rate environment?
I don't know if it's so much that talented people are being locked out, as much as it is that communities everywhere, not just industry, are requiring a level of people skills that academic people lack but nonetheless thrive without.
Academics do have a reputation that way, but only the 100% safe, tenured ones. The majority of academics are required to have a strong level of communication just to get their grants accepted. Imagine if, on top of working your normal job at maximum efficiency, you then had to make a presentation to the government every year about why you and everyone that depends upon you deserves to eat, while the government you make the presentation to becomes increasingly antagonistic and detached.
There's quite a lot of people skills involved in surviving as an academic in today's environment. Imagine if you had to teach calculus to 150 random, uninterested teenagers (barely adults) every 12 weeks. There's some serious people skills involved in doing a good job at that (most people do actually try to teach well, I've known multiple people this year refused tenure based on rate-my-teacher ratings).
It's a different set of skills for sure, but being an academic isn't as socially challenged as the zeitgeist appears to believe.
do you think communication skills and people skills are the same thing?
i like academics, don't misunderstand me.
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Academic's, FTR, have to have a huge amount of people skills. Their job isn't just to discover, it's to share.
You cannot share (effectively) if you cannot communicate in a way that others can understand.
Further the entire ecosystem that academics rely on to get what they need to do for their research (grants, and other funding, resources, and so on) necessitate them to convince people who control those, who do not necessarily understand the purpose of the work
> The high interest environment means that biotech investing has been hit extremely hard
I don't think this reasoning can work. To the extent these things are directly related, the relationship would have to be: returns on investment are at an all-time high --> more investing than usual.
When interest rates are low, capital is willing to go to riskier enterprises like biotech in order to get a larger return compared to the alternatives.
When interest rates are high, capital shifts to yield-generating, interest-bearing investments. They give higher returns with less risk.
So basically the ROI of biotech becomes less competitive compared to alternatives. You have the same number of people/firms chasing a smaller supply of investment dollars.
This doesn't work the way you imagine.
Suppose the ROI of biotech becomes more competitive compared to alternatives, because there's an ongoing series of technological breakthroughs.
The return on investing goes up (by assumption) and this means interest rates go up (by definition; they are the return on investing).
Is this bad for biotech? Does it shift capital out of biotech? Obviously not.
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