14 June 2022 | Tuesday | News
The third annual report that examines diversity, equity, and inclusion (DEI) in the biotechnology industry launched today at the 2022 BIO International Convention. The report, “Measuring Diversity in the Biotech Industry: Tracking Progress in Small and Large Companies”, investigates the state of DEI in the biotechnology industry and includes representation data, current DEI approaches and initiatives, and data comparisons to previous reports.
Some of the findings were discussed during the “Best Practices for Building an Inclusive Biotech Company” panel session at the BIO Convention.
BIO partnered for the third consecutive year with Coqual, an industry-leading think tank devoted to DEI in the workplace. The report analyzes the findings from a voluntary survey of 99 BIO member companies fielded from November 2021 to January 2022.
This year’s report shows progress, but also highlights the need for DEI improvements in the biotech sector. Of the responding companies, women now make up 49% of employees, compared to 47% in 2020 and 45% in 2019, but only 34% of executive teams and 20% of CEOs. Employees of color make up 38% of all employees, but only 24% of executive teams and 28% of CEOs. The survey found meaningful growth in some companies – more than 4 in 10 increased representation of executives of color by more than 5%.
“BIO is committed to ensuring that all people are able to participate in – and benefit from – the biotech industry’s efforts to cure patients, protect the climate, and nourish humanity,” said BIO President and CEO Dr. Michelle McMurry-Heath. “This commitment begins with ensuring that the workforce reflects those our industry serves. We have more work to do, and BIO plays an important role as a thought leader and resource for the biotechnology industry.”
Other key findings include:
“‘Measuring Diversity in the Biotech Industry’ provides valuable and nuanced insight into a critical component of the professional workforce in the biotechnology industry,” said Coqual’s Executive Vice President, Julia Taylor Kennedy. “As we dive deeper into where companies are today, we have taken a closer look at differences that exist due to company size. The research and findings have progressed – and will continue to do so – as leaders, employees, and markets alike strive to further equity within the industry.”
This year’s survey asked companies about the support they would like to get from BIO. More than half wanted BIO to provide best practices for DEI efforts and companies also want more education on organizational approaches to DEI.
Through its BIOEquality Agenda, BIO works to counteract the systemic inequality, injustice and unfair treatment of underserved communities continues. Since last year’s report, BIO hosted its first Clinical Trial Diversity Summit and launched a new website, Clinical Trials: The Power of Participation (CTPoP), which provides patients, families, clinicians, and others with scientifically sound resources on clinical trials. BIO also launched the Forum for Diversity in Biotech and STEM, a LinkedIn group that connects companies and promising talent to ensure that the biotech workforce hires and promotes the best talent available. It also expanded its relationships with established professional organizations such as Out Leadership, I Am a Scientist, and Women In Bio.