Biotechnology Industry Takes Action To Diversify Leadership
BIO Launches Nationwide Campaign to Create Change
Washington, D.C. (April 16, 2019) – The Biotechnology Innovation Organization (BIO) announced today the “Right Mix Matters” campaign to increase diversity and inclusion in the biotech industry. Following on its previously announced goals to increase gender, racial, ethnic and LGBTQ representation on biotech company boards, in C-suites and in functional leadership positions, BIO is providing specific tools to accelerate diversity and thereby advance an even more globally competitive industry.
As the largest trade association representing the full range of biotech companies, BIO is launching two new solutions and tangible resources:
- The new BIO Boardlist is an online portal of curated talent that connects highly qualified diverse leaders with opportunities to serve on private and public company boards.
- The BIO Diversity & Inclusion (D&I) Toolkit is a set of practical tools for developing programs, procedures and best practices to build a diverse workforce.
“Our industry is stronger than ever before and there is a collective sense of excitement about the future of biotechnology,” said Helen Torley, CEO of Halozyme and Chair of BIO’s board-level Workforce Development, Diversity, and Inclusion Committee. “Continued progress requires an unprecedented level of innovation and problem solving—and this is best achieved by tapping into multiple and diverse perspectives and experiences. The new tools address specific barriers biotech leaders tell us they face today in building diverse and inclusive teams and boards and will, I believe, lead to improved development and increased visibility of talented, diverse leaders.”
According to the 2018 Why Diversity Matters report conducted by McKinsey & Company, companies in the top 25% for gender diversity and top 35% for racial diversity are more likely to have higher financial returns than less diverse companies.
The BIO Boardlist database provides detailed profiles of talented, board-eligible, diverse individuals with extensive experience in the biotech industry. CEOs and/or board members can nominate board-ready diverse candidates for the BIO Boardlist. Once vetted and approved, candidates become part of the BIO Boardlist and can be discovered by CEOs and board members through a search feature.
All leaders, employees and human resources departments of biotech companies around the country will have access to proven tools through the D&I Toolkit which can assist with identifying and developing diverse talent. This includes the top resources from successful programs from member companies.
“BIO members know that diverse teams are critical to the long-term success and innovation of any organization,” said Jim Greenwood, president and CEO of BIO. “Our members are looking for tools and resources to ensure diversity, from the ground floor to the C-suite and board, and we’re happy to unite biotechnology under one vision. Our tools are designed to supplement competitive teams interested in remaining at the forefront of our industry.”
The Right Mix Matters campaign is an initiative of BIO’s Workforce Development, Diversity, & Inclusion Committee. Chaired by Helen Torley, the committee is headed at the BIO staff level by Joanne Duncan, President of BIO’s Membership and Business Operations Division. Learn about the campaign at RightMixMatters.org.