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Still Bullish on Biotech
Yale group probes intersection of science, business
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Business New Haven
9/30/2002
By: E. A. Linden
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The second annual Yale and New Haven Biotechnology Reception took place September 20 at the New Haven Lawn Club. The event was organized by Yale s Biotechnology Student Interest Group (BSIG), an organization boasting some 750 members.
BSIG was formed about four years ago, explains Chau Khuong, a second-year student at Yale s School of Epidemiology & Public Health and BSIG s co-president. He explains that the group was originally started in the Yale Medical School to give scientists the opportunity to learn more about how the business side of science works, although now it has expanded to include business and professional communities as well.
The group brings speakers to campus, sponsors student consulting groups that work for local biotech firms on a pro bono basis, and has formed an investment analysis group that produces equity research reports for local companies. Additionally, Khuong explains, We are working on a curriculum-development initiative to create an interdisciplinary biotech program [for graduate students], although it is currently tied up in the approval process.
While the bulk of the group s members are students in graduate and post-doctorate positions at Yale, about one third of the members are individuals professionally engaged in the bioscience industry, including scientists, venture capitalists, investment bankers, and attorneys.
The reception, which drew about 200, marks the beginning of a year-long speaker series sponsored by BSIG, included speakers (keynote addresses were delivered by William Rice, CEO of Achillion Pharmaceuticals, and Isis Pharmaceuticals CEO Stanley Crooke), panel discussions and a networking reception for attendees.
Rishi Gupta, Khuong s co-president of the group and a second-year law student at Yale, says the reception had much to offer to both students interested in the biotech industry and professionals already active in it.
The students have these people who are successful in their field share their collective knowledge, Gupta says. They have much to gain from the people who have already gone through that process. For professionals, [the event] is a great networking opportunity.
In a year that has been a bumpy one for the industry and the two dozen-odd biotech firms located in New Haven, some speakers addressed the importance of raising as much money as you can when the fundraising window is open, Gupta explains.
But financial worries within the industry did not seem to dampen overall interest in the event. Most people who are interested in the industry are interested either in science or in helping patients by developing new drugs, Gupta says.
Khuong adds that while biotech companies have had a rough year, It is clear that there is going to be a future in this industry.
Khuong is enthusiastic about biotech s potential in New Haven.
New Haven would be a great place to start a company because there is a vibrant scientific community and you can leverage that expertise, he says.
Also, New Haven is between the New York center and Boston, where there is the biggest cluster of biotech companies on the East Coast, adds Khuong. The outlook is really positive.
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