We’re all likely in agreement that the life sciences industry has experienced rapid growth, exacerbated by significant technological advancements and investments in research and development (R&D).
These advancements, coupled with an increase in solving medical and biological challenges, have thrust the life sciences industry into the spotlight, and brought life sciences into the foreground for funding initiatives.
As the COVID-19 pandemic swept the globe in 2022 – US life sciences companies saw a new record of $70 billion in funding in 2020 – a 93% increase from the previous year in 2018, according to a 2021 report from Cushman & Wakefield.
While life sciences faced challenges at the beginning of the pandemic, squeezed by global supply and demand in the wake of a worldwide pandemic, opportunities for life sciences companies to develop solutions became a human necessity.
The industry quickly found its footing as organizations pursued innovative research to test treatments and develop immunizations for the coronavirus disease.
Technology adoption has enabled continued medical advancements and empowered sustained innovation in the life sciences industry.
However, early-stage life science start-ups still face challenges and barriers to growth.
With competition fierce for the same talent pool, creating a solid foundation to thrive is increasingly difficult for many companies, and having the right skills, knowledge, and expertise for a company to grow is ultimately one of the significant factors for any company to succeed.
My viewpoint on building life science start-ups:
Life sciences is an inherently innovative field, and most candidates will have a passion for discovery, but their experiences and areas of interest could differ from those of your company. They might look like a good fit for the role itself, but it’s also important to consider growth potential and what that means for the candidate and your company.
If your visions are not in sync, there won’t be a strong foundation for a long-term working relationship.
Companies that hire with values in mind and bring on board people who share and believe in the company mission will provide start-ups with the skills they need, not just within the short term but for sustainable, long-term development.
If you’re in the process of building or considering hiring to support the success of your life sciences venture, Biotal can help.
I can advise you on the latest market conditions, introduce you to my network and support your staffing requirements; feel free to connect with me to learn more about how I help life science companies grow in a competitive market.