Why diversity in pharma leadership matters

In 2021, a report by Business Insider found that out of 182 biotech and pharmaceutical organizations only nine percent had female CEOs. It is a disappointing figure that remains largely unchanged since the last time a similar survey was conducted in 2019, which identified just 21 companies with female leadership out of a total of 231.

Along with the obvious social benefits of having more women in leadership roles, such as a more equitable society and reducing gender pay disparity, diversity in the boardroom benefits profitability. Research shows that companies with diverse executive teams perform better financially than those lacking in diversity. They are also more likely to be innovative.

While leadership teams in biotech and pharma are still mostly male, there are signs that this is changing. Pharma IQ speaks to two women leading the way as they share their experiences and explain how the sector can encourage  diversity.

Elyse Dickerson is the founder and CEO of Eosera, a biotech company that develops ear care products. In 2021 Eosera was listed as one of the fastest-growing companies in the US.

There are not enough women in leadership roles, especially in STEM-related or biopharma fields, but I think we’re making progress. Women are joining and leading teams in these fields and doing it well. It’s all about letting the younger generation know that you can do this, you can be a leader in any field you choose, and by doing that, you’re paving the way for others to join as well.

At the start of my career, I would have liked to know that you can’t do it alone. Along the way, there will be mentors, partners, helpers and leaders that get you through each day. I know I couldn’t have started a business without the help of my business partner who had expertise that I didn’t have.

There were times I felt disrespected and degraded because of my gender. Being female meant it made it even more difficult to ask for a raise, get a promotion and get invited to those important meetings. You have to advocate for yourself and push for what you want.

Appeal to a diverse workforce

Studies have been conducted that show gender diversity increases the profits of a company. You gain different perspectives, ideas and goals when there is diversity in the workplace. How many spectacular ideas have been passed up because the only woman in the room was too nervous to share? I know I’ve been there. We should speak up and there should be more representation.

To attract a diverse workforce, you must appeal to a diverse workforce. For us, that means reputation matters. The way we treat our employees, customers and all stakeholders is important, and those people refer others like them to work for us. We can always improve, but that’s one thing I’ve noticed that has helped us.

I would like to see more businesses being conscious. Conscious of what they do and their impact on society and employees. It is not always about the bottom line. Employee and customer welfare are important aspects of a business that I think often get ignored. We practice conscious capitalism, which, to us, means we value people before profits.

Joy Aho, PhD, is Senior Product Manager at Be The Match BioTherapies, where she develops products for the cell and gene therapy industry. The company has a research partnership with the Center for International Blood and Marrow Transplant Research.

It is wonderful to see so many more women in the field now than when I started out. I was lucky that when I began graduate school in cell and molecular biology, I was joined by a strong cohort of amazing women (we outnumbered men in our cohort that year). I also had many strong female professors as role models to encourage women in science.

I would have loved to have known all of the options that are out there for careers in STEM. In the beginning if felt like teacher, professor, or research and development were the only options. There are so many different types of work that benefit from degrees in STEM that are interesting, rewarding and fun – jobs that I never knew existed.

The more gender diversity we have in STEM, the more young students will have voices in their life demonstrating this field as an option for them. Even more broadly, the more voices we can have in the field, the more we can educate our community about science in general.

Create visibility

Organizations should explore new ways to get the word out about the type of work happening at their company. The should be open to student career groups to create visibility for opportunities they may not otherwise know exist.

For girls and women who might be considering a career in STEM, I would say reach out to people in the industry, even if it is cold outreach via LinkedIn or email to learn more about the company or a type of position. Most people enjoy sharing their stories and want to help others with interest in this field. This gets your name out there when they are considering people for roles and helps you learn what you may or may not want to try.

Also, know that work/life balance is possible in STEM. You can be in this industry and have a family if that is what you want.

Get exclusive access to member-only articles, reports, videos, interviews, webinars and other premium content from industry experts and thought leaders by signing up to Pharma IQ here.