By DYLAN DEMARTINO
STAFF WRITER
Students flocked to O’Keefe Commons on Monday, Nov. 5 for Fordham’s Panel “Biotechnology: An Alumni Panel Discussion,” to hear from some of Fordham’s most accomplished graduates working in the field of biotechnology.
The graduates provided insight on their Fordham education and their development from students to leaders in the field.
What is biotechnology? A question many have asked, since this exciting and profitable industry combines science, business, technology and law.
Biotechnology is ultimately the research and harnessing of chemical and biological processes, like genetics, to produce products useful to human civilization.Everything from certain pharmaceuticals, to genetically modified organisms, to experimental therapies for cancer treatment is produced by biotechnology institutions.
The panel was moderated by Dr. Robert Schaffhauser, former corporate VP and CTO at American Standard, ITW and Engelhard. The panel featured Charles Casamento, MBA, Pharm. D., executive director and principal of The Sage Group, as well as John DelliSanti, MBA, FCRH ’88, GBA, ’97, COO of ArisGlobal and Dr. Paul Freiman, President and CEO of Neurobiological Technologies Inc.
The panelists elaborated on their scientific education at Fordham and how it ultimately prepared them for success in various areas in the biotechnology industry.
Panelists at the event were all employed in various areas of biotechnology, and counseled students on entering the field (Photo courtesy of Wikimedia)
The strongest takeaway for students was that there are so many ways to get involved in science, as well as a myriad of ways to use a science-based education to develop a successful career.
Students with a scientific skill set can leverage their knowledge and do more than apply for medical school or work in a lab. The panel featured individuals who had acquired training in the business world to prepare them for the practical needs of a science-based company.
Panelists encouraged students to take their Fordham education outside of the classroom and get their feet wet.
The alumni said that honing specific skills in internships will not only serve students well beyond their undergraduate years by helping them to develop professional networks, but will also allow them to dabble in fields they might not have realized that they were interested in.
Michael Latham, dean of Fordham College Rose Hill, reiterated this general point.
“The key takeaway, I think, is that students have to keep an open mind,” Latham said. “They need to work hard to get their foot in the door through interning, informational interviewing, getting involved in research and networking.
Once into the profession, even at an entry level, the key is to explore the full range of options and remain open to considering some that might not have occurred to you before.
Students should expect to change careers, seek out new opportunities and to continue learning as they take on new responsibilities throughout their professional lives. That is what our panelists did, and it made all the difference.”
The panel elaborated on the complicated process of starting a biotech company by outlining all of the steps required to go from start-up science to a successful company. The panel exhorted science students to consider acquiring training in finance because of the capital intensive nature of the industry.
Panelists estimated that it could cost anywhere from $150 to $1 billion in research, regulatory, legal, marketing and personnel costs to develop a biotech product.
The research and development of the necessary scientific knowledge is only the first step. The process of creating a new drug or treatment and getting on the market is extremely complicated and costly.
After the research and planning of a product, which in itself can cost tens or even hundreds of millions of dollars, appropriate regulatory compliance to acquire FDA approval is another step. The panel noted that the process of undergoing the FDA trials and of acquiring patents presents a lucrative opportunity to skilled patent and regulatory lawyers.
The huge cost many biotech companies incur when developing products has to be offset by those who can use their scientific knowledge to help ensure that their investment will actually be marketable and protected from imitators.
Students were quite impressed with the breadth and depth of the event. Many were encouraged to take much of the advice given by the panel.
John Turiano, FCRH ’14, said, “It was quite an extensive event. There was quite a large amount of useful information about the intersection of science, business and law at this event.”
