Senior Director of Business Operations & Strategy, Formation Bio
$212-270k
+ Equity
End-to-end medical trial solutions
Open for applications
End-to-end medical trial solutions
101-200 employees
Open for applications
$212-270k
+ Equity
101-200 employees
Company mission
To bring new treatments to patients faster and more efficiently.
Role
Who you are
- You're intrigued by the intersection of Artificial Intelligence and Operational Excellence. You have ideas about how to leverage this technology to scale teams and individuals non-linearly
- You've led BizOps teams at high-growth companies and understand what excellence looks like as a company scales beyond Series C
- You're ready to, or have already led, bi-annual strategic planning and goal setting, engaging leaders and their teams across the organization
- You're self-aware, understanding your strengths and how to improve your areas of growth
- You have the capacity to switch between high-level strategic thinking and detailed execution, using your judgment to determine the appropriate approach. You can explain to our executive leadership team why a set of strategic initiatives is crucial, and can delve into the details to execute those strategic initiatives independently or with business partners
- You're fearless. Leading teams, especially this one, at this stage in our evolution requires courage
- You have experience leading high-profile cross-functional projects and excellent Project Management skills
- You have 10+ years of experience in the biopharma industry or a similarly regulated space
- Your technical SQL experience will allow you to support and coach an analytically focused team (ie. data modeling, building dashboards, general analysis)
What the job involves
- The Business Operations & Strategy Team at Formation Bio is responsible for helping to run, measure and change the business
- Run the Business | The day to day work Business Operations & Strategy completes to a) connect our strategy to the daily execution b) keep the business running smoothly. Specifically:
- Own bi-annual planning & OKR processes
- Help create and refine our company wide and portfolio operating cadence so that we are planning, executing and communicating results and what we’ve learned on a defined schedule
- Rebuild and lead the Development Vendor Management function
- Measure the Business | The KPIs and milestones monitored to ensure processes are in control, improvements are identified and progress is measured. Specifically:
- Refine, measure and elevate KPIs that give Formation insights into company wide and functional execution from a cost / budget, quality and velocity perspective
- Support functional teams in developing and implementing Monthly / Quarterly Business Reviews that enable better execution
- Collaborate with Data Platform (Engineering), Biometrics, & the Data Governance Committee to ensure development functions have appropriate access to core business data and can act on the data provided
- Change the Business | The strategic projects Business Operations & Strategy conceives and executes to change the trajectory of Formations business. Specifically:
- Lead scalability and efficiency initiatives for the Development Team ensuring we are set up for future growth with a model that allows our company to achieve large pharma scale via technology
- Streamline Development operational processes from new asset diligence to asset sale so that it is measurably more efficient than ever before
- As the leader of the Business Operations & Strategy Team you will:
- Lead the Business Operations & Strategy team inclusive of Operations Strategy & Analytics and Development Vendor Management
- Collaborate with the Extended Leadership Team (XLT) to identify, implement and measure the impact of corporate and functional strategic initiatives
- Collaborate with various internal teams including, but not limited to: Finance, Technology, Data teams, People & Talent to drive functional and cross functional 0 to 1 and optimization initiatives
- Lead bi-annual planning and the implementation and execution of supporting rituals including functional business reviews
- Take on ambiguous challenges, apply the appropriate structure and deliver results
Our take
Clinical drug trials are lengthy and expensive, delaying the supply of vital new drugs to patients and costing lives. For Formation Bio, this is an efficiency issue - one which it hopes to solve with its end-to-end automation solution.
According to the company, its approach has teams running medical trials twice as fast and at half the cost. It's worked so well, in fact, that Formation Bio is looking to take drug development in-house.
Now a Unicorn, the company has secured heavyweights like Pfizer, Sanofi, Novartis and 23andMe as partners. Precisely how it will fare in the Big Pharma ecosystem remains to be seen, but the promise of cheaper drugs and faster innovation is certainly causing a stir in a market that has historically been resistant to both.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 3 rounds)
Jun 2024
$372m
SERIES D
Sep 2021
$156m
SERIES C
Total funding: $530.3m
Company values
- Think in first principles
- Be a scientist
- Deliver care
- Champion the mission
Company HQ
Midtown South, New York, NY
Articles
Leadership
Benjamine Liu
(CEO)Worked as a computational biologist at various Neurology departments, following a D.Phil in computational Biology and Psychiatry at Oxford. They are also an Advisor at Harvard Business School.
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