How to Succeed in the Biomedical Management Field
It’s no secret that the biomedical industry is growing – especially in Massachusetts.
According to the Bureau of Labor Statistics, the fields of bioengineering and biomedical engineering are projected to grow 5% by 2029, which exceeds the national average. The median annual salary of $92,620 is more than double the national average. What’s more, Massachusetts is second only to California in the number of total jobs, and the Boston area has the highest concentration of jobs as well as the highest annual salary at nearly $125,000.
Many roles in biotech emphasize medical science, research, or drug development. However, the role of the biomedical manager is gaining importance as companies increasingly need to coordinate multiple projects and seek individuals with a strong background in science as well as business management.
Let’s take a look at the emerging field of biomedical management, what makes roles in biomedical management unique, and how the brand-new Masters in Biomedical Management program at Tufts University can prepare individuals for success in this unique role.
What makes biomedical management unique
Biomedical science refers to a range of natural science disciplines that apply research and technology for use in healthcare and public health. These disciplines include microbiology, immunology, pharmacology, genetics, and neuroscience.
Biomedical management is a complement to biomedical science, bringing together expertise in relevant natural science disciplines with the business management skills necessary to succeed in a corporate laboratory setting.
Biomedical science has been recognized as a discipline for more than a century, as Great Britain’s Institute of Biomedical Science was founded in 1912. Biomedical management, on the other hand, has emerged in recent years as medical research – particularly for developing drugs and vaccines – has shifted from an academic or healthcare setting to a corporate setting.
Biomedical management’s role in the industry
In an academic setting, there is typically one post-doctorate researcher and one laboratory manager working together. Academic medical centers may have larger biomedical research teams, but the team is likely to focus on the process form beginning to end, from research to trial to approval to launch.
However, the research groups at pharmaceutical and biotechnology companies – especially large, multinational firms – are typically made up of many subsidiary groups. Each group handles a separate step or phase of drug discovery based on the expertise or specialization of its members. One group may conduct experiments in a wet lab, while another may focus on data analysis.
As each step of the research process is completed, it’s important that the right people have the right information. This includes the research team as well as other relevant business stakeholders, particularly including those working in sales and marketing, product development, finance, operations, and executive leadership positions.
To handle this flow of information and resources, pharma and biotech firms increasingly seek professionals who can fill the role of a process manager or project coordinator. An understanding of the research and drug discovery process is certainly valuable for the biomedical management roles, but companies tend to value project management over scientific expertise, said Philip Hinds, PhD, Program Director of the Masters in Biomedical Management program at Tufts University.
“While you need to have familiarity with how the science is done, companies are really looking for someone who’s good at bringing the moving parts together,” Hinds said. “Because the work is more distributed, at some point the data needs to be collected and sent back to the proper people.”
In addition to project management skills and scientific expertise, those in biomedical management roles benefit from an understanding of the many factors outside the research laboratory that can impact the work that’s done inside the lab, Hinds added. These include but are not limited to project timelines, budgetary constraints, scheduling and resource management needs, the regulatory environment for drug development, and ethical concerns about clinical trials or drug sales.
The value of a master’s degree in biomedical management
Early-career professionals with an undergraduate degree in a scientific discipline who hope to work in a non-research role in the biomedical field traditionally have limited options for graduate programs.
“Right now, the way to do that is to commit to a Ph.D. program. It’s clear that, for all job candidates and career paths, that isn’t really necessary,” Hinds said. “Plus, once someone becomes an employee of a pharmaceutical and biotechnology, a company-sponsored Ph.D. becomes a possibility.”
A two-year master’s program in biomedical management can provide individuals with the scientific knowledge, business management training, and research and internship experience that employers in pharma and biotech are looking for – but without the need to enroll in a doctoral program.
“This is a new path for career advancement,” Hinds said.
Why obtain a master’s in biomedical management from Tufts University?
The Boston area is the hub of the biotechnology industry, with the highest concentration of jobs as well as the highest annual mean salary. Located in Downtown Boston, the Graduate School of Biomedical Sciences at Tufts University provides convenient access to research experience and internship opportunities with the world’s leading biotech firms.
Tufts has designed the MS in Biomedical Management program to meet the needs of the field. Coursework emphasizes science and pharmacology principles such as drug discovery, ethics in research, and research practices, drawing from faculty with a diverse range of medical, research, and industry experience. Meanwhile, business and project management courses are offered in conjunction with the Tufts Gordon Institute. The program also encourages career development through lab experience, thesis research, onsite internships, and a capstone project.