Tips and Pitfalls of Hiring Professionals in the Biotech Industry
The biotech industry is one of the most rapidly growing sectors in the economy, and it is projected to continue to grow rapidly in the coming years. Based on the revenue, the industry’s market size in 2022 is pegged at $152.4 billion in the U.S.
This growth is spurred by advances in technology, the rise of personalized medicine, and an increased understanding of the human body and disease.
However, this sector faces several challenges when it comes to hiring professionals.
The pitfalls of hiring professionals in the biotech field
A critical shortage of skilled workers in the biotech field is the key obstacle when it comes to hiring professionals in this field.
A report by MassBioEd predicts that by 2024, thousands of jobs will be created, necessitating the need to hire 100,000 professionals.
This shortage is due in part to the fact that biotech is a relatively new industry, and there are not enough workers with the necessary skills and training. With new technologies, new drug delivery systems, and therapeutic solutions emerging, biotech companies need hires with a diverse set of scientific and technical skills.
Adding to the complexity is the transition toward digitalization and using new software to optimize operational efficiency, decision-making, and transparency.
This digital transformation also requires candidates well-versed in digital technology in addition to the science of biopharma.
With newer business models emerging, life sciences companies will also need to find new candidates who can seamlessly work in cross-functional teams and organizational boundaries.
These candidates need to be able to thrive in government-private, academic, and private-public partnerships, academia, and the government-private sector.
Tips for hiring top talent in the biotech industry
Despite these challenges, there are many biotech companies that are using smart strategies to hire the right professionals.
Companies such as Thermo Fisher, Pfizer, and Sanofi are leveraging upskilling programs to combat the skills shortage. For instance,
Sanofi has started the Digital Accelerator Academy to upskill its internal workforce.
Access a larger talent pool
Biotech companies also can look beyond traditional channels of recruitment that include Tier 1 universities. They can expand their focus to include smaller universities and institutions with intense research programs led by experienced faculty members.
Another strategy is to look beyond geographical boundaries for your executive search. Certara, for instance, is looking to upskill life sciences graduates and access a larger talent pool by starting training programs in Africa.
Leverage professional search and selection services
In the hypercompetitive industry, turnover, particularly, at the executive/senior management level, tends to be high. This impacts the biotech company’s productivity, and given the talent shortage, they cannot quickly fill these positions.
A smart solution here is to outsource your executive search to a professional executive hiring solutions provider.
As the leading executive search firm, Arango & Associates is fully geared up to help companies in the biotech industry find the best executive talent in a quick time.
Call or email us today to learn about our value-driven executive search solutions.