Feature
The Business (School) of Life Sciences
March 12, 2007
A Q&A with IU business professor Larry Davidson
Larry Davidson, Indiana University professor of business economics and public policy, serves as liaison to the Kelley Health Care and Life Sciences Initiative.
Note: The Kelley Health Care and Life Sciences Initiative led to the creation of the Kelley School of Business's Center for the Business of Life Sciences, of which Larry Davidson is the director.
An important part of the IU Life Sciences Initiative is creating new businesses and business opportunities across the state. So it's only natural that the IU Kelley School of Business should play a role. One often-overlooked piece of the life sciences puzzle is the need for managers and executives to steer life sciences companies toward success. Liaison to the Kelley Health Care and Life Sciences Initiative, Larry Davidson, professor of business economics and public policy, spoke to us about what the Kelley School is doing to prepare its graduate to assume leading roles in the state's burgeoning life sciences economy.
First, what is the Kelly Health Care and Life Sciences Initiative?
In general, we're trying to create a brand image of a business school that can supply well trained people to life sciences companies. To that end we're creating new industry contacts and doing inventories of what we already have in terms of students with science backgrounds and faculty doing research that could meet the needs of life sciences companies. We've also organized the Life Sciences Collaboration Series, which brings together business people in the life sciences and scientists working in industry and academe. That's been a great way to establish the Kelley School as a central player in life sciences activity.
Do life sciences companies have special needs that Kelley can address?
Some of the needs of life sciences companies are the same as other kinds of companies. There are always supply chain issues — going from exploratory research to manufacturing a product to marketing and distributing the product. Then there are things that life sciences businesses are especially affected by, such as government regulations on drugs. Like any industry, life science has its own trends and challenges.
So how is the Kelley School preparing students to meet those challenges?
The general answer is that we're creating a climate within the school where there's a lot of excitement about and interest in the business of life sciences. More specifically, there are a number of things in the works. For one, we have an entrepreneurship academy and center that's very active in putting students in contact with life sciences companies. Students can work on life sciences-oriented projects and there are opportunities to be mentored by someone in a life sciences industry.
Is there a life sciences major or something similar?
Not yet, but it's on the radar. Part of my job is making recommendations to the faculty as to how we can increase our life sciences profile. I think we should develop courses on health economics and global trends affecting life sciences industries, like demographics, the aging of populations, globalization, and changes in technology. Anyone who's going to be a successful manager of a life sciences company needs to have that information under his or her belt.
