On October 3, 2013, the Tech Council of Maryland (“Tech Council”) hosted a Bioscience Series presentation “Industry Giants” in Bethesda, Maryland. The Tech Council’s is Maryland’s largest trade association for bioscience and technology companies employing more than 200,000 in the region. The Industry Giants event was kicked off by the Tech Council’s new Chief Executive Officer, Philip Schiff, formerly chief strategy officer of the American Association of Blood Banks (“AABB”) (also known as “Advancing Transfusion and Cellular Therapies Worldwide”, which is a not-for-profit trade association based in Bethesda, Maryland, that that advances the practice and standards of transfusion medicine and cellular therapies to optimize patient and donor care and safety.)
The Industry Giants panel was moderated by Ray Briscuso, Annual Conference Chief Executive AdvaMed, former Executive Director, Biotechnology Industry Organization (“BIO”), and featured speakers: Steven Dubin, former Chief Executive Officer of Martek Biosciences (“Martek”); Charles Fleischman, former President, Chief Operating Officer and Chief Financial Officer of Digene Corporation (“Digene”) (now Qiagen), and Tom Watkins, former Chief Executive of Human Genome Sciences (“HGS”). All three former executive speakers came from companies that were acquired for over a billion dollars yet have managed to maintain their ties to the life sciences field.
Dubin’s Martek focused on a microbial platform with a unique technology for nutrition and functional ingredients. Dubin recounted how it took a long time for the company to become profitable (18+years), which he thought would be a hard model to follow in today’s times, particularly since they went public at least 6-7 years before there was a profit. Dubin thought that he learned by getting involved in the biotech community and by bringing in people who he thought were smarter than he was to help build passion in the company culture, which he found critical. He thought that emerging biotechnology companies should not focus so much on the exit strategy and found going public a “huge distraction” for the company to continuously answer to its investors. When asked what he respected from individuals looking to provide services for his company, he said that he thought it was important to first build a relationship and understand the company’s problems before asking for work.