Will combine business management studies with biology, computational applications and diagnostics
University College Dublin (UCD) and Ireland-headquartered Elan Corporation are to establish Europe’s first interdisciplinary Chair in the Business of Biotechnology that will sit at the intersection of the university’s Smurfit Graduate School of Business and its College of Science. It will combine the study and application of business management with the sciences and the accelerating advancement of biology, computational applications and diagnostics.
The UCD Elan initiative will run for at least seven years and will include, in addition to the newly established Chair, two new post-doctoral scholarships, as well as an annual lecture series that will highlight management leadership in the world of biotechnology. Elan will also contribute more than b3m to UCD's new Science Centre, which is nearing completion.
‘With Elan's broad and significant support, we hope to be a leader and substantial contributor to the development of the biotechnology sector on a global basis,’ said Hugh Brady, president of UCD.
‘From a UCD perspective, our goal is to help create leading edge approaches to the management of, and participation in, the science process, which is the fundamental foundation to long-term success of the biotechnology sector.’
Kelly Martin, chief executive of Elan Corporation, added: ‘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.
‘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.’