UCD and Elan Corporation plc recently announced a partnership that will create several initiatives to develop biotechnological research. Elan is a Dublin-based pharmaceutical company founded in 1969.
As part of the initiative, an inter-disciplinary chair in the ‘Business of Biotechnology’ will be established. This will involve collaboration between the Smurfit School of Business and the UCD School of Science. Elan will also sponsor two post-doctoral scholarships and run a series of lectures that will discuss the development of the global business of biotechnology.
“Rapid advancements in biology, computational application and diagnostics combined with the globalisation of the biotechnology industry require future business leaders to have the skills and expertise to manage a portfolio of assets within the environment of a dynamic and ever changing risks/reward equation,” said Elan Chief Executive Officer, Kelly Martin.
Mr. Martin went on to discuss the need for particular expertise when working with medical products. Legal, global market and environmental considerations need to be taken into account when pursuing a career in biotechnology. “Business leaders will need to balance complex and multi-dimensional considerations such as patient requirements and personalised medicine, which needs to take into account genetic markers and scientific discovery that can be accelerated by advancing approaches to drug discovery. The effective management of complex regulatory and legal frameworks, along with global pricing and reimbursement will also be a prerequisite to success.”
“Elan’s commitment will enable us to fuse the best thinking and skills within the University, which includes our science, business and medical schools. We expect the creation of Europe’s first interdisciplinary chair in the ‘Business of Biotechnology’ to stimulate innovation right across campus,” said UCD President Hugh Brady.
The programme will run for approximately seven years and is expected to create a competitive edge for the Irish pharmaceutical market; “as an Irish-based neuroscience biotechnology company that operates on a global scale, we understand the myriad opportunities and challenges as they are part of our everyday journey. Navigating these complexities and combining the interdisciplinary decision-making process across business, clinical and scientific disciplines will be essential for the long-term, future success of Elan,” stated Mr. Martin.
“We, as a company, are committed to being leaders in how to manage within the biotechnology industry perspective and are delighted in this instance to share both financial support and experience with UCD,” concluded Mr. Martin.
It is expected that Elan will donate in excess of €3 million to the project, some of which will go towards the completion of the new Science Hub.