Women in Research #LINOecon: Elisabeth Hofmeister

Elisabeth from Germany is a PhD student at the Max Planck Institute for Innovation and Competition, Munich, Germany.

She examines the determinants of R&D productivity in research-intensive industries, particularly the pharmaceutical and biotechnology industries. Using econometric methods, she investigates questions concerning different stages of the innovation process, from decision-making about initial R&D investments to translating an invention to market. She often examines these questions from the perspective of firms, but she also takes into account the role of individual scientists.

Elisabeth participates in the 8^th Lindau Nobel Laureate Meeting in Economic Sciences.

Enjoy the interview with Elisabeth and get inspired:

What inspired you to pursue a career in science / in your discipline?

A career in science became interesting to me during my PhD – I was not set on it from the beginning. My initial motivation for pursuing a PhD was simply to gain expert knowledge in my field, not necessarily to remain in academia.

Over time, however, I discovered how enjoyable research can be. I can choose my topics freely, collaborate with people who are just as passionate about their topic as I am, and I am constantly challenged to stay curious. At the beginning, I was worried I might not find enough research questions, but now I have so many ideas scribbled down that I cannot possibly pursue them all at the same time. That sense of endless curiosity is quite unique to a career in science, and something I had not expected before starting.

Who are your role models?

I do not have a single role model, but rather draw inspiration from certain traits in people I admire. The first is a deep passion for their subject. It is a completely different experience to learn from and work with people who are genuinely enthusiastic about their field, like my advisors. Their curiosity makes it possible to debate even small questions for hours and still be excited about the bigger ones.

The second trait I value is outstanding leadership. Both in industry and academia, I was fortunate to meet people who have a genuine interest in the growth of juniors. Having a mentor who both takes you seriously and invests in your development makes an enormous difference. Without encountering people who embody both passion and mentorship, I would not have seriously considered a career in science.

How did you get to where you are in your career path?

I have always been fascinated by drug development, starting as early as my high school Chemistry class. At the same time, I was equally drawn to the science itself and the industry that advances it. That curiosity led me to study both, completing a Bachelor’s and Master’s degree in Management with a major in Chemistry. Alongside my studies, I gained practical experience through student jobs and internships in the pharmaceutical industry, among others at a generics manufacturer, a biotech start-up, and a healthcare consulting firm. Each of these experiences broadened my perspective, sparking a deeper interest in innovation and in how research-intensive firms operate.

From there, I knew I wanted to pursue a PhD to develop real expertise in my field. Fortunately, I ended up at the Max Planck Institute for Innovation and Competition. There, I found both a community of people who share my passion and access to a wide range of scientific opportunities. Looking back, it turned out to be exactly the place I was searching for, even though I could not have known it at the time.

What is the coolest project you have worked on and why?

That is a tough question, because I get excited about all of my projects. My very first project will always be special to me since it became my solo-authored paper. It brings attention to a previously underexplored category of R&D projects: promising but abandoned projects, or in other words, shelved innovation. I examine how firms intentionally create shelved projects and use them for risk management purposes. One of the biggest challenges was distinguishing empirically between projects abandoned for scientific reasons and those that were deliberately shelved. To tackle this challenge, I compiled a new dataset of clinical trials and publications and fine-tuned a BERT model to interpret trial results at scale. This enabled me to separate projects that were abandoned despite positive results from those that simply produced negative outcomes. The project taught me a wide range of skills, and I had the chance to carry it through from start to finish. Today, I am so deep into the topic that it continues to open up new questions and research directions.

A second, very different project was a policy-focused collaboration with the German Federal Agency for Disruptive Innovation (SPRIND). Together, we developed a proposal for a pull mechanism to incentivize the development of broad-spectrum antivirals. The project was selected as a winner of the Innovation Challenge at the University of Chicago’s Market Shaping Accelerator. This one stands out because it showed me how the knowledge I had built up could be applied outside of academia and contribute to solutions needed in the real world.

What’s a time you felt immense pride in yourself / your work?

I feel a great sense of accomplishment when I present my work at conferences and receive feedback from others. In day-to-day research, it is easy to get lost in the details and to focus on flaws and imperfections – after all, real-world data is never perfect, as I have learned. Conferences push me to step back, see the bigger picture, and bring together all the evidence I have gathered. That process helps me appreciate how much closer I have come to answering the overarching question and the contribution my work makes.

I particularly value it when my presentations spark questions from the audience. After working on a project for so long, many aspects feel obvious to me, but these exchanges remind me how much space there is for new perspectives and further inquiry.

What is a “day in the life” of you like?

I go to the office every day – it is the one place where I can fully focus on my work, and I also benefit a lot from being around my colleagues. I usually start the day with a cup of tea while browsing articles in The Economist, new articles in journals, or in the newsletters I subscribe to. Anything particularly interesting gets saved for later.

I try to dedicate each day to just one project, so I do not have to switch between different datasets and contexts. At the moment, my projects are in very different stages: some require writing, others involve data work and coding, and some are still in the ideation phase.

On many days, there is something happening at the institute, such as a seminar with visiting speakers, informal research lunches, or our reading group. And since my co-authors are not based in Munich, Zoom meetings are a regular part of my schedule as well.

What are you seeking to accomplish in your career?

Of course, one of my goals is to make a meaningful contribution to my field of research by addressing questions that are both relevant and interesting. But equally important to me is ensuring that this research does not remain confined to academic debates. I want to translate my knowledge and contribute to evidence-based innovation policy.

Many of today’s grand challenges will depend on the creation, translation, and diffusion of new technologies. How to best foster this process is not always clear in advance – and this is where my research can play a role. In particular, I believe that firms’ perspectives are often underrepresented in policymaking or not sufficiently backed by evidence. I aim to help fill that gap and bring research-based insights into practice.

What do you like to do when you’re not doing research?

Outside of research, I enjoy spending time with family and friends, and three things in particular: reading, yoga, and anything related to food. Reading helps me shift my focus away from daily work and concentrate on something different. My interests are broad – I enjoy mystery and thrillers, historical fiction, contemporary novels, and biographies. Yoga gives me the movement I need to balance long hours at a desk, and cooking is a real passion of mine. I believe that food keeps both mind and body in sync, so I love preparing meals myself, and when I am not cooking, I enjoy exploring new foodie spots in the city.

What advice do you have for other women interested in science / in your discipline?

My main advice is: do not be afraid to ask. That applies to many situations – asking a question at a seminar or conference, reaching out for a meeting to discuss ideas, or requesting feedback on a paper. In the past, I sometimes held back, and I always regretted the questions I did not ask. It also applies more broadly to conversations. You do not need to be an expert in every subject to have a meaningful exchange. Most people enjoy being asked about their work and are happy to share their perspective. Showing genuine interest is often the most important step.

In your opinion, what will be the next great breakthrough in science / in your discipline?

At the moment, one of the most prominent topics is the impact of artificial intelligence on technological progress and productivity. I am especially excited about its potential in drug development. That said, I think it will take years before we can truly answer the big questions in this space, since the tools are still evolving, adoption takes time, and R&D itself is a lengthy process.

In the shorter term, I expect we will see many new sources of data becoming available and more easily analyzable – for instance, through large language models. This could allow us to revisit longstanding questions and tackle problems that have so far been constrained by data availability.

What should be done to increase the number of female scientists and professors?

At the PhD level, I do not see a tremendous gender imbalance in my field. For me, the questions that arise specifically as a woman tend to come later in the career path. Some of them are related, for example, to combining an academic (or any advanced) career with having a family. This is where mentorship plays a particularly important role. I have been fortunate to meet many female scholars who have been open in sharing their experiences, struggles, and solutions. Strong mentorship networks, especially across career stages, are, in my view, key to supporting more women in advancing to professorships and leadership positions.