Why pharma is the new IT and how it affects recruiting.
We’re on the verge of a talent crisis in the pharmaceutical industry. On one end of the candle you have the usual attractors – big budgets, innovative companies, and the chance to hit it big (or make a difference, depending upon a person’s gauge). The other end, conversely, is fueled by some rather unusual pressures.
The perfect storm
Every industry has its own complex personality, a mixture of intended and unintended consequences, spinning out new challenges as it evolves through time and space. The biotech industry is facing an identity crisis of sorts — things are changing faster than ever, and an unintended consequence of this is top talent is getting hired fast.
Experience is one of the biggest assets in biotech, which, paradoxically, makes it difficult to obtain. With so much money on the line and soaring costs, the days of learning as you go have long since passed. Furthermore, drug discovery training is a complicated process: apprenticeships can take up to 10 years.
Virtual workplaces present even greater challenges for hiring pharmaceutical talent. In addition to having experience in drug discovery, top recruits need to be able to manage a global network of people, spanning time zones and even cultures, making the right combination of skills harder and harder to find.
Furthering the talent drought, there seems to be a deeper level of integration in biotech companies, which, in turn, makes it difficult to let employees leave. For example, drug research and development requires more of a team player mentality – it’s about the unit as a whole more than the individual. This translates into a shift from a specific expertise to a collection of more general skills that can be integrated as needed.
Then you have the biotech startups – their budgets are simply too slim for easing into the process. They need to spring from the gates at full speed – that requires skills and efficiency that simply can’t be learned in academia. Without an aggressive recruiting strategy, they’re dead in the water.
“…Not because it is easy, but because it is hard.” – John F. Kennedy, Jr.
Just because the lake’s drying up doesn’t mean there’s no more water. People who get into the pharmaceutical industry usually like a challenge and so should your recruiter. Mankuta | Gallagher has over 23 years of experience attracting top talent from challenging industries around the globe – and we love a good challenge! We can help you stand out from the pharmaceutical crowd so you can get back to saving the world. For more information on our proven techniques, contact one of our specialists today.