Millennials often have high expectations that their work will be meaningful and have a positive impact on the world around them. Likewise, at its core, biotechnology is about improving human health and pursuing a passion for the greater good. In many ways, the biotech field is the healthcare equivalent to the millennial generation. Both are relatively new to the world, and both are determined to make that world a better place.
So naturally, the biotech industry should easily appeal to millennials. But that appeal isn’t always apparent — or it may not seem so from the industry’s point of view. Still, attracting millennials with a sense of purpose isn’t just trendy; it’s vital to biotech’s future.
Fortunately, more and more young game changers are taking advantage of the opportunities that biotechnology offers. They’re proving that biotech could be the stepping stone to realizing the millennial vision of a better, brighter future, and the industry as a whole is starting to catch up.
A field tailor-made for millennial entrepreneurs
In the not-too-distant past, biotech seemed like a field that only big pharma could be a major player in because of the industry’s immense wealth. Now, biotech involves new methodologies that relate not to curing disease but rather to diagnostics, which can be classified mostly as medical device-type products.
This reduces the startup costs for breaking into the biotechnology field, eliminating a common (and significant) concern for millennials who want to make a difference.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
As more barriers fall and more companies spring into action, it becomes obvious that the millennial generation is uniquely skilled to take biotech to the next level. For instance, millennials are more interdisciplinary than previous generations. The openness of information and the comparative knowledge outburst of the digital era have made them more adaptive and comfortable with new concepts and ways of doing things.
Millennials are also used to relying on digital products and global connectivity to verify their understanding, which makes it easier for them to build or add value to companies through core partnerships.
Biotech in the hands of millennials
The connection between the goals of millennials and biotechnology is palpable, and it has begun to sprout amazing results. Many young companies with young C-suite execs, like M3 Biotechnology’s founder and CEO Leen Kawas, are already making their mark by tackling million-dollar diseases, including Alzheimer’s and Parkinson’s.
Regenerative technology is also a popular field, and it aims to help patients when tragic circumstances threaten to alter the course of their lives. If a child is severely burned and needs a skin graft, biotech could prevent disfigurement, which would also help that child feel better about interacting with society post-trauma.
But millennials and biotech don’t just look to the world of the future; they also strive to improve how we presently care for past generations. At the University of Southern California Davis School of Gerontology, for instance, researchers are pushing and perfecting breakthroughs in several broad areas of focus, such as digital aging.
Bringing elder care into the digital world empowers older adults to utilize social media and cutting-edge technology to improve their health and overall quality of life.
Technology marks the age of millennials, and biotechnology allows them to proactively share a worldview that is deepened by global connectedness.
4 things to consider when recruiting millennial talent
Despite the inherent similarities between millennials and biotechnology, recruiters face unique challenges in finding qualified young candidates to fill startup positions. Finding a balance between innovation and experience can be tough, but the biotech industry can narrow the recruitment odds by keeping a few things in mind:
1. Millennials think of things the general public hasn’t thought of yet. As innovators, millennials want to change the world, and many gravitate toward fields that the general public has not fully engaged yet (like the study of aging at USC). Individuals in these fields may be more likely to fit and interact with others in related research and healthcare fields so they can learn from one another.
2. Millennials who lead startups will attract more millennials. People are attracted to and work better with others who share the same culture, understanding, and view of life. Biotech companies that are started by millennials have a leg up on those that aren’t. But even older companies can take advantage of the dynamic by elevating worthy millennial talent within their own organizations.
3. Millennials respect creativity and humility. The generational gap between millennials and the previous few generations is vast, and one of the quickest ways to alienate any new generation is to be stubborn and condescending. Earn the respect of young talent by finding creative ways to explain your past experiences and make them relevant to today’s problems.
4. Millennials learn early; recruit them fast. Connecting with alumni networks and other university-affiliated programs will help you scoop up recent graduates first. Millennials who are just entering their careers may be fresh-faced, but they’ve likely already become familiar with state-of-the-art technologies and theories.
Like most millennials, those who are already leading the charge in biotechnology like to challenge the area that is important to them, especially if it’s not even fully recognized yet. Their vision must rise with a combination of interdisciplinary fields of expertise to solve problems globally. This is their social responsibility, and helping them work toward that goal is necessary if you want to attract more Millennial talent to the biotech industry.
Photo: Getty Images/Adam Berry
