The global life sciences industry is going through its most dynamic phase. As our understanding of the human body at the molecular level deepens, the interface between basic research, pharmaceuticals and medicine is moving at a fast pace in issues such as drug lifecycles, business strategy, industry-academia collaboration, innovation and talent. This has called for a new kind of leadership in a fast-changing industry. A recent study suggests that less than 50 percent of respondents are clear about what the key 2-3 leadership attributes are in the C-suite. This drops to 30 percent for managers and frontline staff. Another survey has suggested that a shortage of quality Life Sciences talent afflicts the industry, where the demand is for people who can lead in a sector that combines R&D with soft skills and innovation. Understanding Life Sciences and its business implications has highlighted the need to hire critical forward-looking leadership talent. Life Science organizations require leadership that has the empathy that medicine requires; with the rigour of scientific research.
Life Sciences industry today comprises an eco-system that includes start-ups, academia, vendors and regulatory authorities which requires adaptive change rather than the mere application of technical solutions as is the present scenario. The leadership suite has to, therefore, be capable of handling diverse relationships with these stakeholders.
As a result of breakthroughs, IPR protection is now a key issue for the C-suite in Life Sciences. Companies require leaders who understand a relatively new and evolving business and the need to stay abreast of regulatory and compliance issues. The ability to hire NewTech savvy talent is tough as traditional tools of talent hiring don’t suffice for the niche need.
Encouraging and nurturing a working culture that prioritizes innovation & NewTech is the need of the industry today, and this must be championed by the C Suite. It isn’t easy to locate, reach and hire such talent that can create a conducive working environment; capable of taking innovation from the lab to the marketplace.
Given that Life Sciences is now a cutting-edge business, traditional salary and compensation structures are no longer relevant. Companies need to benchmark their salaries against global norms in order to attract and nurture the right talent leadership; which involves leveraging confidential data that is not available publicly; thus requiring experts to execute it.
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