Embracing uncertainty: A CEO’s perspective on biotech, leadership and innovation
In this blog, Priya Mande, CEO of RNAvate, tells her story of how she became a CEO and why the role is meaningful to her. She is leading the discussion on Biotech and Partnering Hotspots at BioBeat25. Organisers Anne Horgan, Partner at BIA member Cambridge Innovation Capital, Alisa Molotova, Start-up Mentor and Miranda Weston-Smith, BioBeat Founder quiz her about how she got into her role.
How did you get into biotech?
I recall people telling me that I was crazy to give up my Pharma role and perks (eg company car) to join biotech which was a new world of higher risk, limited resource/ cash and no desk (really)…! However, I wanted to explore working in a small company where I could feel my immediate impact. It was the noughties- I jumped, hustled and did not look back.
Before that, I spent over a decade in Big Pharma additionally completing an Executive MBA at London Business School. My Pharma time provided an invaluable platform for cross R&D learning from technical to commercial. I actively pursued projects through bench to molecule to market.
How did your biotech experience impact your role in the COVID Vaccine Taskforce?
It was a huge privilege to participate in the UK Government response effort. I was a Deputy Director and an Industry Advisor.
The significance of what we achieved, leading globally from the first vaccine approval and administration to the first covid-19 human challenge study, still amazes me. It shows the power of strong leadership, an empowered high performing team with direct access to decision makers and a network of senior stakeholders aligned to a common goal – collaborating across Government, Pharma, Institutions, Academics, Biotech, Experts, Agencies Regulators and the NHS. Effective partnering is a pre-requisite in biotech- sourcing knowledge, intellectual property, competencies and capabilities across the life sciences product development supply and value chains.
My previous vaccine product development experience and network during my tenure in biotech companies, such as PowderMed, set me up well to lead a disparate team of senior technical and commercial experts. One has to remember that there was no precedent for a pandemic. We needed to be bold and trail blazing. The UK’s approach was innovative and courageous demonstrating strong leadership in scientific risk-taking during this global crisis. I was pleased to contribute to the recommendations on preparedness for future pandemics. Whether we will be ready or not remains to be seen.
What are you working on now?
I am the CEO of RNAvate, a biotech founded out of Sir Venki Ramakrishnan’s labs at the MRC. Venki received his Nobel Laureate for the structure and function of the ribosome, critically relevant to protein translation. With only 15% of human proteins as druggable, RNA therapies are an emerging modality for treating as well as preventing disease. RNAvate specialises in developing next generation novel RNA medicines.
What is your favourite thing about being a CEO?
Working to translate highly complex ground-breaking ideas into much needed new products for patients energises me every day. Navigating the unknown, defining a corporate path & building a thriving culture, developing super talented individuals in multi-disciplinary teams…these are all privileges of leading a biotech company.
What advice would you give aspiring biotech entrepreneurs in a rapidly changing world?
Embrace change, lean into ambiguity, remember ‘innovation comes at the margin of chaos’. This is not to be confused with lack of planning; planning allows individuals and teams to align on and remain focused on the step prizes which should be milestone and value-inflection based.
My main advice to budding entrepreneurs is not to let perfection be the enemy of good – you will never have all the answers… risk management is a skill…walk the risk, run the plan – keep moving forward!
