Looking for direction

1
Looking for direction? Edinburgh University
Alternative Careers Seminar Alasdair Milton, Wood
Mackenzie 9th November 2006
2
Background

• BSc Cell Biology, Glasgow University, 1994-1998
• MSc Marketing, Strathclyde University, 1998-1999
• PhD Cancer Research, Glasgow University,
  1999-2003
• Post-doctorate, Glasgow University, 2003-2005
• Medical Representative, Wyeth Pharmaceuticals,
  2005
• Analyst, Wood Mackenzie, 2005 -

3
Why an MSc in Marketing what did this give me?

• Decided that I wanted to eventually do a PhD
• But was afraid of pigeon-holing myself
• Knew I wanted a career that mixed business and
  science
• Decided to gain that business knowledge through
  an MSc
• Enhanced my presentation skills/writing skills
• Enhanced my people skills
• Learnt how to work as part of a team for the
  first time

4
PhD Cancer Research

• In this day and age, everyone seems to have a
  degree
• You have to set yourself apart from the other job
  seekers
• Learnt what hard work was, and what little thanks
  you get for it
• But, this is for you
• Made me focused, determined, and driven
• Would I do it again
• Absolutely a PhD can make, or break you

5
First mistake stayed on as a post-doc!!

• Married in 2003, so felt I had had enough
  upheaval!!
• Chance to join Wood Mackenzie in mid-2003 as
  Pharmaceutical research analyst
• Ideal job mix of business and science
• But, turned down not enough experience of the
  Pharma. industry
• Really disappointed to miss out
• Was offered the chance to stay on and publish my
  PhD work
• Too tempting
• Unfortunately, I took the easy option like a
  lot of other people I worked with!!
• But, with hindsight, I should have left
• Knew that I didnt want a career at the bench
• 6 months turned into 2 years!!

6
What now?

• Spent most of 2004 looking at entry points for
  the Pharma. industry
• Sales rep. is about the only way in on the
  business side
• Also looked at lab-based sales
• But, no experience no job!!
• Eventually, my hand was forced
• Lab relocated to Oxford in March 2005
• Had no option but to leave

7
Life as a sales rep

• Joined Wyeth as junior sales rep in March 2005
• Covered Glasgow (including the salubrious
  parts)!!
• Tough job, but an excellent starting point for
  someone interested in the industry
• If any job can mould you into a success this is
  it!
• Many senior executives in the industry have cut
  their teeth as reps
• But, not for the faint hearted
• The days of the GPs-junkets have gone!
• You have to be prepared for doors to be slammed
  in your face

8
Second bite of the cherry with Wood Mackenzie

• Chance of Wood Mackenzie job arose again in June
  2005
• This time, even with limited experience, I was
  determined not to miss out
• Learnt about the company - inside out
• Knew the recruitment process, so had an advantage
• Got the job and started in August 2005

9
What do Wood Mackenzie do?

• Global suppliers of consulting and research
  expertise to the energy and life sciences sectors
• In life sciences
• Our clients include the worlds leading
  pharmaceutical and biotechnology companies, as
  well as leading financial services companies
• The company operates an integrated business model
• We offer unique, independent and authoritative
  insights through integrated research and
  consulting services
• This is what gives Wood Mackenzie its unique
  selling point
• Most consultancy firms buy in second hand
  research in order to allow them to complete a
  project

10
What does research at Wood Mackenzie entail?

• Our proprietary suite of research products help
  clients address key business issues.
• These analytical tools offer clients a clearer
  understanding of competitors strategies,
  drug-sales trends and issues in the various
  geographic and therapeutic markets
• Pharma/Biotech Reviews
• Structured overviews including key products / RD
  candidates etc
• ProductView
• Sales forecasting tool for Top 45 Pharma/Biotech.
  companies
• Corporate Franchise Analysis
• Franchise development of Top 20 Pharma/Biotech.
  companies
• Horizons / In Our View
• Thought leadership publications covering key
  industry issues
• We also provide ad hoc analysis for leading media
  sources including the FT, NY Times etc

11
The Pros and Cons

• Pros
• Mix of business and science ideal job!!
• Working in a motivated, challenging and
  stimulating environment
• Chance to become a specialist within your chosen
  field, building a reputation amongst your peers
• Chance to travel abroad
• Wood Mackenzie is growing and evolving at an
  exciting pace
• Chance to influence company performance is much
  greater than if with a bigger company
• Cons
• Long hours
• Remuneration not comparable to financial analysts

12
What about alternative careers?

• Financial analyst
• The Good
• Influencing share price of the companies you
  cover
• Right at the heart of what makes these companies
  tick
• Weve all heard what a City bonus can be like!!!
• Form excellent contacts
• The Bad
• Demanding, high pressured job
• London move is essential
• Potential conflicts of interest
• Small fish in a big pond!!
• The Ugly
• Get ready for the 5am starts!!

13
Other alternatives

• Other types of finance
• Investment banking
• Always on the look-out for highly analytical
  students
• Tough to get in
• The rewards are obvious
• But if you think working as an analyst is
  high-pressured!!!
• Editor for scientific magazines/papers
• Retains the mix of business and science
• Probably a move to London again
• The chance to influence what gets published
  within the scientific community

14
Overview / Tips

• Dont stick around after your PhD like I did
• Strongly advise you to get your CV updated
  professionally, and to use selected recruitment
  agencies to help you source opportunities
• Try, try again (like I did at Wood Mackenzie)
  this was part of the reason I got the job second
  time around!!
• Dont think you dont have transferable skills
  there is a real shortage of talented,
  analytically thinking people in the business
  world
• Transferable skills
• Time management / working to a deadline
• Perseverance / resilience
• Ability to show initiative
• Data gathering / sorting skills
• Independent thinking