Developing a Covid vaccine is a huge challenge. Here are 3 more the life sciences sector is facing

The life sciences sector is built on a culture of innovation and discovery, and as a result of the pandemic it has been thrust into the spotlight like never before as companies around the world scramble to produce a vaccine for Covid-19. From more venture capitalist investment, to MedCity, the collaboration initiative co-funded by the Mayor of London, we believe that the life sciences sector will become even more relevant in an ever changing landscape, and as a recruiter we aim to be reactive to meet the demand.

At Michael Page, we have placed over a thousand people across the life science sector in the last 12 months. Our knowledge and insights of the market, leveraging our 20 year network and life sciences European businesses, puts us in a unique position to listen to our customers and fulfil their requirements. 

MedTech and biopharma businesses are using real-time data to drive their decision making, and along with the right expertise and knowledge on emerging trends, those in the sector will be able to successfully embrace the next steps in innovation. Yet, in a splintered job market challenges remain.

Here are three of the most pertinent – and how companies in the sector can solve them.

Challenge 1: Attracting contractors to the sector

Some companies prefer to offer fixed-term contracts paying a pro-rata salary, which is not attractive to professional interims who operate through their own professional services contract. Enticing them to make a move can be a challenge. 

Solution: Work with a recruitment specialist

Ryan Cooke, Operating Director, Michael Page Finance, HR, Marketing, Life Science and Operations, comments: “Attracting the right contractor for an urgent role can be challenging, as many agree to a one month notice period in their assignments. Given the uncertainty in the economy, contractors in an assignment are less interested in moving to a new role. For this reason, it is a good idea to work with a specialist recruiter with access to a wide range of perm and temp talent. At Michael Page, we have vast experience of taking on challenging briefs and devising tailored solutions.”

Challenge 2: Missing skillsets 

Compared to many other industries, the life science industry is relatively new and roles are always being created where there is a need for a particular skillset. However, in a fast moving environment there may be only two or three candidates in the country that fit that requirement and sometimes, those immediate skills may not even exist. 

Solution: Be open-minded about candidates’ qualities

Chloe Baverstock, Manager at Michael Page Life Sciences comments: “We know that clients can miss out on exceptional talent because a candidate is missing a certain skillset. However, there are a range of skills that can often be learnt relatively quickly, and businesses should not forget about valuable soft skills like adaptability and emotional intelligence.”

Challenge 3: Finding top talent

It is no secret that top talent can be hard to come by in the life sciences sector. A job advert merely is not enough to attract talent into the industry, and if an employer is fortunate enough to secure the right candidate then we often find that they have to do everything they can to retain that person because it is a competitive industry.

Solution: Make decisions based on the latest insights

Chloe adds: “At Michael Page we have a range of resources and market insights that have allowed us to react to roles quickly, attract the right talent, and stay ahead of the competition. We have a world class database, a huge network, great social media presence, and the right people to help fulfil your requirements.”

What is clear is that these challenges are amplified anomalies of an uncertain economy, but with venture-capital investment in the life sciences sector growing exponentially, there will be more demand for new roles and the right candidates to fill them. 

At Michael Page, we put our customers first and continue to drive our commitment to the life sciences sector by helping recruit top talent and those hard to find candidates. 

To find out more about how we can help your business thrive, download our capability document which highlights our achievements and introduces our life sciences team. If you are looking to hire top talent, please get in touch with one of our specialist recruitment consultants today for a confidential discussion. Alternatively, if you are looking for new opportunities, create a MyPage account to make the most out of our Job Match technology.