Genentech: Encouraging innovation

Genentech is the only drug company to offer a postdoc program; just one reason it's No. 7 on the Best Companies to Work For list.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)
By Christopher Tkaczyk, reporter
Last Updated: September 29, 2009: 1:48 PM ET

Research chiefs Richard Scheller, left, and Marc Tessier-Lavigne, framed by Genentech's founders
Why I work here
Lori Friedman, cancer researcher at Genentech
"People are very motivated to think of the endgame. How do we make the right drug? How's this going to help the patient? And I think it's that sense of mission that really brings people together in the community of researchers here."

(Fortune Magazine) -- Genentech, the South San Francisco biotech company, has a long history of developing revolutionary drugs like cancer fighter Avastin. But such breakthroughs are no accident -- they're a result of a culture that puts a premium on curiosity and creativity.

Perhaps the best example: Genentech is the only pharmaceutical company to offer a postdoctoral program, where up to 120 Ph.D. holders are awarded fellowships for four years. Rather than work on drug-related projects, these brainiacs are encouraged to follow their interests and focus on fundamental research that could later apply to potential products.

Though the company was recently acquired by Swiss drugmaker Roche, its approach to fostering innovation hasn't changed. Richard Scheller, Genentech's head of research, explains how the company keeps innovation flowing.

Refresh talent often.
"The postdoc program keeps a constant flux of young people with different backgrounds and technologies moving through Genentech. This keeps the real innovative, entrepreneurial, creative spirit around Genentech research. It rubs off on everyone in the group."

Encourage risk taking.
"People are encouraged to work on projects that are high risk. We expect that the projects might not work -- in fact, most of them won't. But those that do work often end up being true breakthroughs."

Share your results.
"We always have a number of key papers in the top scientific journals every year, comparable to major institutions around the world, such as MIT, Stanford, and Harvard. So the outside world has a respect for Genentech that is quite different from that for other pharmaceutical companies."

Perks that work

Retention pay
As a result of the Roche merger, employees hired as of Aug. 18, 2008 who remained with the company received retention bonuses. Some 11,000 employees shared $182 million. A second round of retention bonuses is planned for March 2010, a year following the deal's completion.

Fun competitions
A photo-of-the-week competition -- combined with creative costumes -- inspires a dose of frivolity. One group dressed up as the rock band Kiss for a corporate meeting.

A service is available to help employees secure dinner reservations or theater tickets, as well as run other errands. Spouses and partners can also use the benefit.

Clean clothes (and teeth)
An onsite laundry and dry-cleaning pickup and delivery service handles 3,000 articles of clothing a month; an onsite health van offers a state-of-the-art dentist's office. To top of page

Company Price Change % Change
Bank of America Corp... 16.39 0.00 0.00%
Facebook Inc 59.09 0.20 0.34%
Yahoo! Inc 34.21 0.76 2.29%
The Coca-Cola Co 40.18 1.45 3.74%
Intel Corp 26.77 0.21 0.79%
Data as of Apr 15
Index Last Change % Change
Dow 16,262.56 89.32 0.55%
Nasdaq 4,034.16 11.47 0.29%
S&P 500 1,842.98 12.37 0.68%
Treasuries 2.63 -0.01 -0.42%
Data as of 1:11am ET
More Galleries
8 CEOs who took a pay cut in 2013 Median CEO pay inched up 9% in 2013 to $13.9 million. But not everyone got a bump last year. Here are eight CEOs who missed out. More
7 businesses Amazon wants to shake up From industrial supplies to educational software, Amazon is about more than just retail and books. More
Don't miss these Tax Day deals From massages and paper shredding to cookies and queso, celebrate the end of tax season with these Tax Day freebies and discounts. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.