CONTEXT AND MARKET NEED

Bio-industries around the world play a key role in economic transformation. They share in the success of the increasingly knowledge-based economies, which lead the developed world. They are essential for the sustainable production of food and biomaterials, the development of novel medical therapies and the maintenance of a quality environment. As never before, scientists and business professionals are working together to accelerate innovation processes from discovery to market. A new generation of multi-skilled graduates is required, one which understands both the science and commercialisation of biotechnology. Demand for business-aware scientists is driven further by the trend for research and development increasingly to be undertaken by smaller technology companies and start-ups. This makes it even more important that these professionals understand the entire value chain from discovery to market.

Leading universities around the world are addressing the demand for science-business-skilled professionals with a variety of novel programmes. In the United States, this has been achieved typically by adding industry-specific and research commercialisation options to existing MBA programmes or offering business modules in professional Master's degree programmes.1, 2 In contrast, the University of Cambridge (the United Kingdom) and the University of Auckland (New Zealand) have each developed totally new Master's in Bioscience Enterprise (MBE) programmes in 2002 and 2006, respectively. Both provide specialist business and legal skills for life sciences graduates and the programmes share many similar features despite having been developed in fundamentally different biotechnology environments.

The Cambridge regional bio-cluster is one of the most developed in the world. Data collected by the Eastern Region Biotechnology Network3 summarise that it is home to 20 per cent of the world's Nobel Prize winners in medicine and chemistry, more than 185 biotechnology companies with 70 products in the clinic, 29 publically quoted life science companies, 30 university and clinical research institutes, and four hospitals, and has a well-established multi-national pharmaceuticals presence. More than half of all commercial activity is directed at pharmaceutical products and services with the balance divided between diagnostics, agbiotech, instrumentation, contract services and the food sector. There is a sophisticated business infrastructure, particularly in terms of an ecosystem for start-up companies: incubator laboratories, sources of funding, and plentiful research, development and commercial expertise. Active technology and life science business networks provide professional conduits between the different segments of the community. Businesses located in the cluster benefit also from their close proximity to London, leveraging on the financial centre and other opportunities afforded by the capital's universities, life science businesses and global travel connections.

The cluster is supported by a skilled workforce of approximately 25 000 individuals drawn from the University of Cambridge and other universities in the United Kingdom and overseas, technology companies, national and international business consultancies and professional service providers. Continuing availability of highly trained, business-aware bio-entrepreneurs and science business managers was identified some 10 years ago as a critical component for the development of the Cambridge cluster and the UK's life science community in general. In response and with government funding the University of Cambridge founded the MBE programme in 2002 to provide a supply of graduates capable of managing innovation in this challenging and highly international sector.

In contrast to the mature bio-cluster in Cambridge, the biotechnology sector across New Zealand is still at an early stage of formation. Approximately 2200 people are employed in biotechnology-related jobs in some 125 private and public sector entities, including institutions of higher education.4 About 40 per cent of the total biotechnology sector activity is concentrated in agbiotech, adding value to what is, still, predominantly a commodity-driven export sector. A similar percentage of biotechnology activity supports health through medical devices/diagnostics (23 per cent) and therapeutics (17 per cent). The remainder is made up by industrial applications and environmental biotechnologies.

Biotechnology activities are spread across the country with Crown Research Institutes (CRIs) being the main employer and having a predominantly agbiotech focus. Auckland, the location of an emerging cluster of predominantly health-related technology companies, includes among others New Zealand's largest medical devices manufacturer, Fisher & Paykel Healthcare.5 The largest employer of biotechnology professionals, the University of Auckland, ranked 50th among world universities in the 2007 Times Higher Education Supplement, has a strong focus on biomedical research and an established track record of start-ups. Around a dozen bio-pharmaceutical and medical device companies have been spun out of the University to date. While to date only one drug (‘Amsacrine’) has been brought to market, a significant pipeline is emerging; three drug candidates are in Phase III clinical trials, eight are in Phase II and a further six in Phase I. A significant number of others are in the discovery and pre-clinical phases.

The University of Auckland is clearly a leading organisation in biotechnology innovation in New Zealand. It provides advanced, high-technology facilities utilised for both academic and commercial research; it contributes significantly to the emerging biotechnology ecosystem by providing a bio-incubator, supporting a number of regular entrepreneurship competitions, and playing a key role in developing the growing regional biotechnology cluster network. In this context and, as at Cambridge, assisted with a government grant, Auckland launched in 2006 its 2-year bioscience enterprise programme: the Postgraduate Diploma in Bioscience Enterprise (PGDipBioEnt) and the Master's in Bioscience Enterprise (MBioEnt).

DEVELOPMENT OF THE PROGRAMMES

The Cambridge and Auckland programmes have been designed primarily to graft business and legal skills to graduates having a life sciences background. In both cases the need to develop new programmes was a direct consequence of the strong growth of their local biotechnology sectors – albeit having a very different scale and development, as discussed – and a lack of suitable existing alternatives. Common to both cases also is the strong leadership role played by each university nationally and in its respective biotechnology cluster.

It is significant that both programmes carry the title ‘Bioscience Enterprise’ rather than ‘Bioentrepreneurship’ which also was under consideration by both institutions. Auckland's programme development was preceded by a postgraduate summer school pilot course on bioentrepreneurship, taught primarily by visiting serial bio-entrepreneurs from the United States. While the pilot was a success, the curriculum development team envisaged a somewhat broader scope for its full Master's programme, acknowledging both the fledgling state of New Zealand's biotechnology sector and the fact that employment opportunities for ‘business-savvy’ scientists were spread widely across the bio-industries, public organisations and government agencies. ‘Bioscience Enterprise’ became the preferred term, reflecting this broader scope.

University of Cambridge

The Cambridge MBE programme is managed by the Institute of Biotechnology, which is a part of the University's School of Technology. The Institute is staffed by inter-disciplinary research scientists with strong business skills and keen interest in the education of the next generation of bio-entrepreneurs and innovators. Since 1988 the Institute has spun out 10 companies and graduated over 130 PhD and 129 MBE students. In 2007 the Institute received the Queen's Anniversary Award in recognition of its innovative integration of multi-disciplinary research, business training and commercial exploitation, underpinned by the strong MBE programme.

The programme structure initially was modelled on that of the Biomedical Enterprise Programme at MIT, a 2-year dual MBA/Master's degree programme focused on biomedical science and management. The Cambridge MBE has evolved to accommodate the business environment in Europe and Cambridge in particular but continues to have an informal association with the BEP course. In its current format the MBE is unique and acknowledged widely for the scope and quality of training offered across the entire breadth of the biotechnology sector from small molecule drugs, biotherapeutics design and production, and the development of diagnostics and medical devices in health care, through agricultural and industrial biotechnology, sustainable technologies and related disciplines. It aims to provide science graduates with training in the latest advances in exploitable biotechnology together with the knowledge and understanding of business practice, enterprise and entrepreneurship necessary to found biotechnology companies and to prepare them to undertake executive or consultancy roles in the life science sector.

University of Auckland

Auckland's Bioscience Enterprise programme was developed as an interfaculty effort involving the School of Biological Sciences, the Business School and the Law School, with oversight from a joint Board of Studies. Programme design took into account the likelihood that a majority of students would progress directly from undergraduate study with limited work experience, if any. For this reason, company internships in the programme's second (Master's) year were set at 6 months, enough to provide students adequate time for both culture change and thesis research.

In addition to academic staff from its three participating faculties, the programme draws heavily on guest lectures from industry practitioners who generally provide case studies to support the basic and theoretical course components. Their participation also strengthens ties with industry and greatly facilitates identification of internship opportunities. This is facilitated further by the fact that the position of Programme Director is halftime, occupied typically by a practitioner who comes from either a senior role in a biotechnology company or a consultancy.

Development and implementation of the programme initially was aided greatly by a substantial government grant with which to strengthen academic–industry partnerships and enhance joint workforce development. New Zealand Trade and Enterprise, a principal trade development agency, continues to provide financial support for some aspects of the programme, for example, the Bioscience Enterprise Forum series (see below).

The section following summarises and contrasts the structures and content of both the Cambridge and Auckland programmes, reflecting the differing context for which each was designed.

PROGRAMME STRUCTURES, CONTENT AND ATTRIBUTES

University of Cambridge

Cambridge's 10-month MBE programme is designed for graduates with a first-class degree in biological, medical or physical sciences or with a financial or legal background, who demonstrate a strong interest in pursuing an entrepreneurial or management career in the life sciences sector. From over 400 expressions of interest approximately 125 applications are received from across the world for the 25 places available. Students are selected on the basis of academic performance, post graduation experience, a written submission and interview. In the past 6 years 129 individuals have graduated from the programme and form an active, supportive alumni network that increasingly adds value to the learning experiences of current students.

Student profile

More than 85 per cent of MBE students hold a first degree in a life or physical science subject, with the balance of the class composed of engineers, lawyers and economists who importantly broaden the knowledge base inherent in the class. All students must have a minimum of a 2:1 honours degree or international equivalent although in practise the great majority hold first-class honours and frequently a further academic qualification. Over 30 per cent already have a Master's degree and 16 per cent hold a PhD, a medical or veterinary degree or a combination of these qualifications. Each year approximately 25 per cent of the cohort are new graduates with no prior experience but who have leadership qualities and are strongly motivated to pursue a business career. Mature students with postgraduate experience in either business or academia gain most from the training and contribute significantly to the group learning experience.

The age range in a given year group may span two or three decades but the majority of students are aged 23–35 years of age; the class average is 26. Notably the cohort intake is highly international with 15 or more nationalities represented in a typical year. The programme's alumni base includes individuals originating from 41 different countries, a factor which contributes significantly to the class experience in terms of the challenges and opportunities faced by businesses operating in this global sector. Some 25 per cent of past students have originated from the United Kingdom, 20 per cent from Europe and 19 per cent from North America with the balance from elsewhere across the globe.

Content

The programme runs full time from October to June and is geared to be intellectually challenging. Activities are timetabled on at least 5 days plus two evenings per week throughout the three terms of the academic year, with only brief breaks during Christmas and Easter vacations. In the first two terms students take 14 compulsory interdisciplinary modules on commercial exploitation of the latest scientific advances in biotechnology, including drug discovery and development, medical devices, diagnostics and agbiotech, together with the business and management disciplines associated with bringing scientific opportunities to market (see Table 1). There is particular emphasis on understanding how biotechnology businesses are created, funded and managed and on product development, including regulatory and intellectual property considerations and aspects of corporate law and the development of financial and analytical skills.

Table 1 Cambridge Master's in Bioscience Enterprise programme structure

Teaching and assessment in each module is designed and supervised by an industry or academic expert who draws on the expertise of executives in the regional and national biotechnology cluster and of academics with experience of commercialising research output and founding and managing spinout biotechnology companies. In the past academic year more than 90 executives from outside the University participated in the MBE programme teaching through guest lectures, case study presentations, skills workshops, consulting projects or by involvement in assessments. As the programme has matured, regular business contributors have developed case study material specifically for the MBE and their ongoing participation and advice on course development is acknowledged as vital to its success. This overall emphasis on learning from experienced practitioners confers a highly practical aspect to the programme and offers students a first-hand appreciation of current technologies and management and industry issues as well as providing an excellent network of contacts.

The Cambridge programme has a close affiliation with the Judge Business School (JBS). MBE students attend a series of Management of Technology and Innovation lectures delivered by JBS faculty members to MBE and other scientific professional practise programmes. Topics covered include: strategy; decision theory; marketing; accounting and finance; micro-economics; science commercialisation and innovation management. Theoretical principles learned are applied during the second term when students work in groups on a consulting project for a client company. With the exception of the content described above all other programme courses are developed specifically for the MBE class and delivered by the Institute of Biotechnology, a factor that contributes significantly to the close association and shared ethos of the group.

Entrepreneurial activities

Cambridge MBE students are encouraged to participate in extracurricular entrepreneurial activities, especially business plan competitions in which they have a strong record of success within the University. Concept companies founded by MBE teams have won major awards in both the United Kingdom and overseas each year since the inception of the course.6 Such activities have provided students with invaluable practical experience and judges note the inter-disciplinary skills of the MBE teams as being an important contributory factor to their success. The class are active also in the local and regional professional enterprise communities through attendance at conferences and business network events, including those run by the Eastern Region Biotechnology Initiative and the London Biotechnology Network. Both organisations allow students free admission to their events whenever practicable and the national BioIndustry Association plans similarly to encourage MBE participation in future.

International study visits

A highlight of the course is the 10-day faculty-led study tour at the end of the second term to the Boston USA biotechnology cluster. From their discussions with senior executives representing a diversity of technology companies, corporate and University research organisations and law firms, MBE students gain an international perspective of the commercial life sciences sector. The environment is a stimulating one and the experience gained contributes to students' career development plans. Traditionally, class members also organise a short visit to a European life science business cluster at the conclusion of the course. Examples of destinations visited in recent years include Basle, Medicon Valley and Munich.

Assessment

Attainment in each of the taught modules is continuously assessed, with a particular emphasis on class participation and learning through practical teamwork in the research, preparation and delivery of presentations. Written submissions include extended science and technology in business papers, short reports and critical appraisals and a presentation and report to the client linked to the consulting project. The business plans entered into the University competitions are also submitted as a course assignment. Module assessment contributes 70 per cent of the overall course marks and students must achieve an average of over 60 per cent in fulfilment of the MPhil degree. The balance of course marks are earned for a dissertation.

Internship

Students in the first 2-year groups produced a review-style dissertation using published data sources but more recently a company internship placement of 4–6 weeks duration has provided the opportunity to address a business-related research topic. Students either identify and negotiate a placement, subject to the academic suitability of the proposed project and supervision arrangements, or take up a project arranged by programme staff. Placements (Table 3) have ranged from University spinouts to major corporates and government organisations located in Cambridge, London or occasionally further afield in the United Kingdom, Europe or the United States. Examples of typical projects include development of a specific biotechnology opportunity, preparation of a marketing or financial strategy or an analysis of legal or regulatory issues relating to a product. Students are not remunerated but gain exceptional value from the practical experience, exposure to a business environment and the guidance of company executives. The benefits most commonly noted by companies include recruitment intelligence and the positive business contribution of the work.

Table 3 Bioscience enterprise internships and post-degree employment

Dissertation

During the internship period each student is assigned two supervisors representing the company and the University, with shared responsibility for advising the student and on the academic quality of the output. Following their placements students write a 10 000-word dissertation based on their analysis of the information gathered and which, together with an assessed presentation of the work, constitutes 30 per cent of total course marks. Students must achieve a minimum mark of 60 per cent for the dissertation to pass the degree; assessment is made by the University supervisor and University and external Examiners.

University of Auckland

The Bioscience Enterprise programme at the University of Auckland consists of two sequential 1-year courses of study, each leading to a separate, ‘stair-stepped’ qualification (see Table 2). Year 1, the Postgraduate Diploma year, consists of all taught courses: five compulsory and three elective. Completing students are awarded the PGDipBioEnt. Year 2, the Master's year, consists of two compulsory taught courses and a formal research thesis developed during a 6-month, enterprise-based internship. Upon successful completion and examination of their theses, students receive the degree MBioEnt.7

Table 2 Auckland Bioscience Enterprise programme structure

Postgraduate Diploma year

Year 1 programme places are limited to 25 per annum. To be eligible for entry PGDipBioEnt applicants must hold, at minimum, a Bachelor's degree related to the life sciences. A ‘B’ average (GPA 5) or higher in final year science papers generally is required but there is some flexibility for returning students having work experience. Each prospective candidate undergoes an informal interview to explore his/her motivation and career goals. About 75 per cent of successful Year 1 entrants enrol full-time; almost all are progressing directly from their undergraduate degree without intervening work experience. The remaining 25 per cent enrol part-time. Most are industry staff returning for further formal study, although some specialised courses (for example, Law and Intellectual Property, Product Development and Regulatory Environments) are taken individually by those wishing to upskill in specific areas.

Compulsory courses (Table 2) are scheduled late on weekdays, each usually one day per week, 1600–1900 hours, to minimise conflicts with elective courses and accommodate those in employment.8 Each course has been developed and is coordinated by an academic subject expert who both teaches a substantial portion of the course and recruits industry practitioners to guest lecture and/or present relevant case studies. A well-functioning partnership between the three participating faculties – represented by a joint Board of Studies – ensures that all course content is structured, delivered and assessed effectively.

Methods of assessment vary between courses. Some are wholly internally assessed using written assignments, oral presentations and projects based on individual or team efforts or both. Other courses use a mixture of assignments and a formal final examination to assess students' acquired capabilities.

In customising their programme of study and selecting their elective courses, students may choose from a broad range of postgraduate-level elective courses offered in the Faculty of Science or Faculty of Medical and Health Sciences. Students are encouraged to select courses that both build on their previous knowledge and support their career goals.

Activities

New programme entrants attend a mandatory 2-day induction workshop at the beginning of the academic year (March). This enables students to get to know each other and be introduced to the Programme Director, the course coordinators and members of the Board of Studies. One purpose of the workshop is to explain programme structure, learning goals and expectations (for example, regarding assignments, projects, presentations and teamwork). Another is to introduce new pedagogies, as the workshop generally is the first encounter by these science graduates with the different teaching modes (such as case studies) practised in business and professional courses. A third purpose is to illuminate and assist transition from undergraduate to postgraduate-level study.

PGDipBioEnt students must also attend a bi-weekly Bioscience Enterprise Forum, each of which, typically, features a seminar delivered by an industry executive and followed by a social function. Fora are advertised widely through industry newsletters to attract attendees from the biotechnology sector and related service firms (for example, financial, legal, IP and HR organisations). These activities provide excellent opportunities for students to network with industry practitioners, which helps them later in choosing an organisation for their 6-month internship and thesis research work during the Master's year. The fora are augmented with a dedicated ‘internship fair’ at which all companies intent on offering internships the following year have an opportunity to present and to conduct informal interviews with students.

Master's year

To be eligible for entry into the Master's programme, completing PGDipBioEnt students must have achieved a ‘B’ average or higher across their best six courses. Typically, about 80 per cent of the class achieves this level and progresses forward.

The two compulsory courses in the Master's programme are taught in a short, intensive fashion at the beginning of the academic year, that is, in March and April. Both are internally assessed and account for 25 per cent of the final Master's grade. Students must take a course from the Business School entitled Research Methods, which is not examined but prepares them for thesis research. Students commence their internships in May/June and submit their theses at the end of November. The thesis marks account for 75 per cent of the overall Master's grade.

Internship

During the first weeks of settling into their host organisations, students develop their thesis topic with an industry supervisor and seek agreement with an academic supervisor. The Programme Director plays a vital role in this process to ensure adequate expert supervision for each student. A major challenge in some cases is to bring industry and academic expectations of thesis goals to a common level. The Programme Director assists students in this process so that everyone ends with a thesis project that is relevant, manageable and of an academic standard appropriate to a Master's degree.

There is a broad spread between public organisations and private companies hosting internships reflecting the fledgling nature of the biotechnology industry in New Zealand. Topics vary widely and it is interesting to note that in many cases host organisations ask interns to research and recommend best practice models that could help improve policy development and company strategy.

Thesis

Students, academic and industry supervisors, and members of the joint Board of Studies convene at two milestone meetings in July and September to monitor progress. Students each give a 5-min presentation summarising their research goals, research methods and achievements.9 Their work is scrutinised by the wider audience during a 5-min Q&A segment. Confidentiality by everyone in the room is requested and honoured.

At the time of the first milestone meeting students are required to submit a brief written research proposal which further assists the Programme Director and members of the joint Board of Studies to monitor adequacy and academic rigour of thesis projects. Formal application to and approval by the University's Ethics Committee is also required for any field-based research.

Theses in hardbound format must be submitted by the end of the academic year: early December. Each is examined by the academic and industry supervisors and moderated by an independent Assessor. Students present formally their key findings at a final Bioscience Enterprise Symposium. Their presentations are awarded a grade, which is used to help moderate the overall thesis grade.

The inaugural cohort of 13 MBioEnt students completed their theses at the end of 2007 and graduated in May 2008; a second cohort are in internships currently.10

OUTCOMES – STUDENT AND INDUSTRY UPTAKE

University of Cambridge

The MBE programme is highly oversubscribed and applications have reached a relatively steady state, albeit that places are assigned earlier in each year than previously. In addition to applications received from young postgraduate trainees with very limited, if any, experience of business there are also significant number received from mature individuals. Post-doctoral research associates seeking to fast track their transition from academia to a business career and clinicians with an interest in the commercial exploitation of health-care opportunities are typical applicants. The highly interactive and practical style of teaching together with the continuous assessment method preclude a significant increase in class size to meet the level of demand but also imposes financial constraints and the balance of these drivers is an important consideration.

In business circles there is general recognition of the value of the course, as evidenced by the highly skilled contingent of around 100 business executive and companies who support the course pro bono each year, through provision of projects, case studies and placements. Examples include the partners of Field Fisher Waterhouse, a London-based law firm, who deliver the comprehensive Law and Intellectual Property module and a highly experienced pharma executive who takes responsibility for the teaching content and assessment of three scientific modules and in addition supervises several internship placements.

Many regional companies accept student interns each year and several routinely take more than one if management time permits. International involvement is highly significant and executives from several international companies provide teaching and take internship students in their European offices and particular US companies have become regular features of the annual study visit to Boston.

University of Auckland

The Bioscience Enterprise programme in Auckland is currently in its third year. Applications for entry into the PGDipBioEnt have increased every year and are currently twice the intake capacity for 2008. The single largest applicant category is graduates holding a BSc in Biomedical Science.11 Other significant clusters are BSc in Biological Sciences and BSc in Food Science graduates. The majority of applicants are from Greater Auckland, but applications from international students – predominantly Asia and Europe – are increasing rapidly, paralleling a growing if not global awareness of the need for employees with dual science-business skills – and of the programme itself.

Industry uptake of the Bioscience Enterprise programme has been quite positive and is well evidenced. Practitioners who delivered guest lectures and contributed to seminars in the inaugural year have been keen to participate on a continuing basis. Both industry and government have been impressed by the quality of the students and recognise the acquisition of dual skill-sets as important. Internships offered in 2008 by both sectors well exceeded the number of students available; four companies and two government agencies offering internships in the inaugural Master's year (2007) again took interns in 2008. Across 2007–2008, some 22 interns were placed in private enterprise and 11 more in public organisations. Five were located in Australia, one in Germany, one in Switzerland and the remainder in New Zealand (see Table 3).

As might be expected, in New Zealand – where the biotechnology industry is at an earlier stage of development and core biotechnology companies far fewer than in Cambridge/London – internships have been distributed much more broadly across the private and public sectors. Thesis research topics have tended to focus on strategy and business models – not surprising for an industry still trying to find its way – and the greatest number of intern placements have been in pharmaceutical or food/nutraceutical enterprises, paralleling Auckland's regional bio-industry landscape.

OUTCOMES – POSTGRADUATE EMPLOYMENT AND BIOTECHNOLOGY ECOSYSTEM IMPACTS

University of Cambridge

Students have an excellent track record in obtaining employment before or shortly after graduating and almost without exception utilise their newly acquired skills. Considerable support is available from the commencement of the programme through to and beyond graduation via programme staff, the University's central careers service and the MBE alumni network, an invaluable source of employment advice and mentoring. Internship host companies frequently offer employment but the level of acceptance is low as students may already have been recruited elsewhere, plan to undertake further study or have particular location requirements, frequently centred on London or their home countries.

The international distribution and broad academic background of students accepted into the programme are reflected in the career paths of the alumni. They are dispersed globally in almost every sphere of bioscience activity. It is notable however that many overseas students obtain employment in the United Kingdom after graduation, encouraged not only by the diversity of opportunity but also by their automatic entitlement to take up employment for a year. For many students this move becomes permanent and overall there is a net doubling of UK workforce, an important consideration when evaluating the contribution of the course and its graduates to the UK economy.

Around one-third of graduates join the consulting sector with either a major internationally recognised firm or one of the health-care-focused consultancies, several of which specifically recruit from the course. In the United Kingdom consulting firms undertake approximately half of all biotech-related business activities and provide graduates with excellent training. There has been a recent marked rise in the recruitment of health-care economists into strategy consultancies, reflecting the increasing importance of this activity in the drug development process. One quarter of all graduates take employment in a biotechnology or pharma corporate environment, undertaking management and business development roles. A relatively low number join early stage ventures, although several start-up companies founded by students during the course of their studies are in existence, though in the main as part-time activities. Approximately 10 per cent of graduates have entered the financial sector in investment banks, venture capital firms or accountancy practises and legal training or practise accounts for a further 5 per cent of graduates. A small number of students have been recruited by professional or government organisations in policy and communication roles. Participation in the programme does not preclude a return to academic research and some 15 per cent of the cohort resume research or take up PhD studies in management and scientific disciplines in equal measure. The majority of those undertaking further study do so with the intention of leveraging on the qualification to gain a senior business management position in the future. Medically qualified MBE graduates usually return to that career path, although a significant number are actively involved in the commercialisation of medical devices or take up corporate advisory roles.

In conclusion, in the 7 years since its inception, the MBE programme has proved to be an effective professional practise training course for scientists and managers. It produces multi-disciplinary graduates who are in demand globally in biotechnology and pharma companies, life science consultancies and the medical, financial and legal sectors. Although the majority of graduates take up interesting and well-remunerated positions with a commercial life sciences focus, the programme enables others to follow a medical career path or to pursue scientific research or further postgraduate study.

The modular structure and devolved management style of the programme with taught and practical elements delivered under the direction of professional business executives has proved a powerful mechanism of knowledge transfer in both directions between industry and the University. Case study-based teaching and an emphasis on interactive projects based in companies ensures the course content is closely aligned with advances in science and technology and changes in the business environment. Executives report that significant benefits are derived from involving intelligent and enthusiastic postgraduate students in their analyst and development programmes during internship and consulting placements. Moreover, the Institute of Biotechnology's integrated approach to research, bioentrepreneurship and management education has led to the formation by MBE students of start-up companies, several of which have attracted early stage funding.

University of Auckland

Given the programme's early stage, post-degree employment data are still sparse if unsurprising: Five of the 13 inaugural Master's students graduating in May 2008 received employment offers directly from their internship companies/organisations. Eight graduates are in permanent positions; two are continuing their postgraduate studies and three are in short-term jobs, looking for positions of preference.

Employment is predominantly in entry-level positions, as business analysts, regulatory/compliance analysts or members of business development teams. Positions are distributed broadly across private firms and public organisations highlighting a broad market need for dual-skilled graduates. Although the sample size is small, employment outcomes to date appear to validate the programme's broader ‘bioscience enterprise’ design scope over a narrower ‘bio-entrepreneurship’ focus.

Nine of 33 students (Table 3) have taken internships in small biotechnology start-up companies which otherwise would be unable to employ a business analyst/market researcher at full cost. In many cases the MBioEnt internship projects supported vital aspects of the ventures' strategy development; the work of the student and input from the academic supervisor are seen as very valuable to the company.12 Based on feedback to the programme received to date, it is readily apparent that Auckland's MBioEnt students are making material contributions to the region's fledgling biotechnology ecosystem.

Nor are student and programme contributions limited to internships with the public and private sectors: MBioEnt students have participated quite admirably in entrepreneurship competitions organised by both the University business plan competitions – Spark – and its feeder, the student biotechnology network Chiasma.13 (Indeed, first prize in 2008 went to one of the current MBioEnt students!) The programme's ongoing Bioscience Enterprise Forum continues to attract increasing numbers of industry staff, and all of its stakeholders – students, academic staff, supervisors and industry internship participants – work closely with New Zealand's national biotechnology industry network, NZBIO (www.nzbio.org.nz) to provide an effective postgraduate and professional educational ‘hub’ to support Auckland's vibrant regional biotechnology ecosystem.

The University of Auckland's Bioscience Enterprise Programme's participants and processes both have complemented its parent institution's success in spinning out new biotechnology companies, in leading development of New Zealand's nascent bio-cluster and ecosystem (see, for example: www.biotech.co.nz). The programmes first graduates are now joining the effort. Many will, without doubt, emerge as its future leaders.