With global research and development (R&D) spending forecasted to grow by 3.8 percent to $1.6 trillion in 2014 and the U.S. to remain as the world’s largest R&D investor, it follows that it becomes even more important to understand not just the science, but also the business behind the science. I’m a firm believer that anyone who is involved in the life science community should speak both languages. Here are my top four reasons why, from an individual to a community level.
1. Enriches our perspective of science and its impact
As a bench researcher, it so easy to be caught up with the science which we spend hours, weeks, months, or (typically) years pursuing. Yes, sometimes we also read Science and Nature to see what’s going on in other fields, but beyond what we do in the lab is an entire community of people also in the life sciences, supporting it with various expertise including intellectual property, financing, marketing, logistics and other forms of business. Being able to understand both languages of business and science allows us to appreciate the broader impact of science and its downstream implication, and jolts us out of tunnel vision.
2. Improves effective communication
Having an understanding of science and business allows the scientist to be an effective communicator of his or her science. Its importance cannot be overstated – even grants and fellowships require the applicant to expound on it. I have seen many brilliant scientists who can’t be bothered to, or didn’t realize that they should learn the language of business, and draw criticism because they weren’t able to communicate their science clearly to a general audience. Bilingualism breaks down communication barriers, which facilitates dialogue.
3. Enhances your career options
Being skilled in both science and business gives you credibility and acumen in solving problems in the life science industry. Technology transfer offices all over the world work very hard to bridge communication gaps by helping the scientists explain their science in business terms. Within a company, the effect of sending scientists for business training allows every member of the team to be on the same page. Want to be a pharma exec? You’ve got to be able to speak business, to explain the financials to upper management, and to manage research portfolios effectively.
4. Creates talent pool in community
Having a pool of science-and-business experts in a local or regional community means that there will be no shortage of talent who can couple the use of business strategy with scientific expertise to bridge academic and industry needs to bring technology to market. This bridge is an essential component of the key biotech hubs around the world. Organizations like CONNECT in San Diego do a fantastic job of fostering the relationships in this talent pool.
Do you have other reasons you can think of, that illustrate the importance of learning the languages of business and science? Let’s continue the conversation below in the comments section. I’d love to hear your thoughts about it.