#3 My perspective on how the technology and biotech industry will evolve in the next decade
Hi everyone,
Welcome to my website and my third blog 😇.
In my previous blogs, I spoke about the importance of being aware of the developments in the job market. It helps you understand the global demands, align your priorities, and aim for a job that you love - a job that creates value for society - and pays you well. Today’s post is about what I think will be the future of the biotech and technology industry, a vision for 2030.
The information is taken from talks I attended at the Synapse Life Science Connect Meeting - Copenhagen 2022, a short symposium at the BioInnovation Institute – Copenhagen, policy implementation by the Science and Technology Department of the Indian Government, and knowledge gathered from informational interviews / networking through LinkedIn.
Sustainability in the economy and environmental impact will be the focus for the next decade. 4 areas, i.e., energy, food-tech, agriculture, and health, will be heavily invested in. In 2010, hardly anyone was talking about Sustainability. But with the advent of stronger academia-industry collaborations and entrepreneurial strategies, innovations have developed beyond the realms of big corporations. Startup companies are leading the way. An example of the impact is the Lazard estimation for cost of energy production from renewable and non-renewable sources. It shows that while the cost of energy production from Solar Photovoltaic cells between 2009 – 2021 has decreased by 90% and wind by 70%, the cost of energy production from coal has remained the same while that of nuclear energy has increased by 33%.
Lazard Levelized Cost of Energy Analysis Version 15.0
In 2021, cost of energy production from Solar PV is $38, Wind $36, Coal $108, and Nuclear Energy $167.
The decrease in energy production cost from renewable sources increases the Return on Investment (ROI), which attracts government funding. Govt. of India has increased its investment in solar energy, green hydrogen production, and has established a Green Strategic Partnership with Denmark. Such an innovation model that solves a problem of the human population but incurs low cost is Sustainable for the economy and environment. The expansion of Rockwool Stonewool Corporation in India is an example of the Sustainability bilateral partnership between India and Denmark.
In health, Sustainability brings precision targeted therapy, high-throughput technology for drug discovery, and bio-manufacturing of synthetic chemicals. Thus, you see the rise of CRISPR-based gene editing technology, allogenic and isogenic cell therapy, mRNA medicines, Artificial Intelligence (AI) technology in biomedical data analyses/drug discovery, and harnessing yeast genetics to produce synthetic chemicals. These technologies reduce the generation time for innovation, increase the precision and efficacy of activity, and can be produced at a large scale because of their modular nature. Such advantages reduce the cost of medicines and positively affect individuals with rare genetic disorders or mortality-associated conditions like cancer. CRISPR Therapeutics and Moderna are one of the brightest examples of such technology emerging from academia-industry collaborations. Bio-industry incubators like Flagship Pioneering (USA), BII BioStudio (Denmark), C-Camp (India), and others have played an essential role in supporting ideas.
Biotech Startup incubators in USA, Denmark, and India
In cell therapy, Immuneel Therapeutics Private Limited from India is developing isogenic therapy for cancers, and they were recently awarded USD$ 15million as Series A funding. In AI technology, companies like ImmunitoAI are developing platform to aid the faster and better screening of drugs, 1928 Diagnostics is supporting hospital disease management with bioinformatics, and nference is enabling scientists to discover and develop the next generation of personalized diagnostics and treatment. In synthetic biology, companies like Anthea are harnessing the power of yeast genetics to produce synthetic chemicals at a large scale while reducing pollution at high levels. As you can see, all these technologies require not only scientists in RnD positions but also in administrative positions. There is a massive demand for Project Managers, Portfolio Managers, Program Coordinators, Regulatory Affairs personnel, Clinical Trial Managers, Scientific Liaisons, and Medical Writers. So, for PhD students – it will be good if you can take certified online courses on such topics during your PhD. Coursera provides great options for leading business schools around the world. One can also get an online MBA through Coursera while finishing their PhD. For bachelor’s and master’s students – aim for internships in the applied fields, academia, and industry, to increase your work experience. The job market will focus on individuals with management and scientific knowledge and an unconditional preference for work experience.
In agriculture and food tech, a lot of stress is applied to organizing the storage and supply-chain pipeline from farmers to consumers (Ninjacart, Agrostar, qZense Lab), recombinant animal and plant products (String Bio, Nordic Virtual Pastures, Remilk), alternative usage of plant products (Sea6 Energy, Aloe Ecell), plant disease diagnostics, soil, and water quality management, and alternative agricultural practices.
What emerges as a pattern is that most companies are going to Blitzscale faster.
The word is derived from “blitzkrieg” term, a military tactic of the German army during World War II (1939-1945), used to take opponents by surprise.
For such a system to flourish, hiring will be driven by networks. People will spend more capital and time on work than on screening applicants. I won’t be surprised if more than 70% of the jobs are acquired through networks. The world will get hyper-connected, work from home will become usual, and management qualities with experience will be the desired attribute (mark my words on this).
So, if you are a master’s student and dream of doing a PhD, don’t base your focus on the status quo. Think about how it will help you create a tangible value for society. or are you good enough to join a company now? Give preference to experience.
Also, move past the dogma that an academic scientist is the highest form of excellence to acquire. There is a lot more than what meets the eye. Get rid of the misconception that academic research is exploratory/interesting and industrial research is monotonous. Both platforms provide different challenges. I find industrial research closer to real-world challenges. Academia in many communities still functions in a bubble. Understand the industrial research life before jumping into the job market. The call of the hours is “BE FLEXIBLE & BE ADAPTIVE”.
Do let me know below if the blog was helpful. Leave a comment if you align with the thought process or have something to share.
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