Perfecting Your Hiring Formula

Biotech is one of the most competitive spaces for employment so finding properly motivated employees to join your team is key to sustaining lower turnover and higher company performance.  The single most expensive line item is your human capital so creating a recruiting and hiring best practice that works for your business model is important.

Many times, growing biotech budgets are allocated first on R&D and secondly – or sometimes even thirdly – on H&R.  (That’s specifically hiring and recruiting – an important part of HR – but not the whole component).  Outsourcing your recruiting function is often more cost effective and efficient than having an internal recruiter, particularly for companies that have fluctuating needs.

Having a trusted provider who functions as a reliable resource to meet your company’s needs is paramount to success in creating an outsourced pipeline strategy.  At Biopharma Global, our process for filling positions falls in alignment with the data points made in a recent Fast Company article.  Knowing your hiring metrics from start to finish allows us to keep your pipeline full at all times for crucial, harder to fill positions.  We have many clients we serve all over the world and during the client onboarding process we work with them to evaluate their own past performance around hiring so we can create the necessary flow of candidates to them so they can hire key personnel within their established timelines.

It’s not common – but it does happen sometimes – that the first person you interview is perfect for the job.  It’s hard to hold back and not make an offer to hire them on the spot, but it’s always better to call back and follow up rather than acting impulsively.  Feeling stressed  to make an immediate choice is one of the main reasons candidates would not accept an offer on the spot. Interviewing is a lot like dating – you wouldn’t bring an engagement ring on a first date, so don’t feel compelled to make a job offer on the first interview.

Scientific people are analytical and can be scared off by an offer that’s immediate.  Using Biopharma Global to assist you in your recruiting allows you to engage an experienced partner in facilitating acceptance and onboarding employees for success.  Hiring the right employee or contractor is a delicate balance and while money may be a driver in people’s decisions, its not the only factor they use to evaluate an offer.

If you want to hire the right person for your company’s culture, take a little time to ensure you know what it is that motivates them individually, what they are looking for from an employer and determine if you can fulfill that for them.  Employees that are a great fit will stay longer and those decisions are not often made on the fly, therefore your offers shouldn’t be either.  Offers should be prepared with the proper sense of urgency, timing and due diligence to ensure a proper fit.

Want to discuss your current hiring needs?  No matter what your needs may be – from entry to executive level searches – direct hire, project or contract.  Our team has years of success with thousands of successful placements under their belts and is ready to assist you.  Email us to set a time to discuss at BioPharma Global Human Capital Solutions

Bio Pharma Market Data 2017

According to McKinsey & Company “The opportunity in biopharmaceuticals is big and growing too rapidly to ignore. Today, biopharmaceuticals generate global revenues of $163 billion, making up about 20 percent of the pharma market. It is by far the fastest-growing part of the industry: biopharma’s current annual growth rate of more than 8 percent is double that of conventional pharma, and growth is expected to continue at that rate for the foreseeable future. The current biologics-development pipeline supports an outlook of continued healthy growth. The number of biotech patents applied for every year has been growing at 25 percent annually since 1995. There are currently more than 1,500 biomolecules undergoing clinical trials, and the success rate for biologics has so far been over twice that of small-molecule products, with 13 percent of biopharma products that enter the Phase I trial stage going on to launch. If anything, the emerging long-term picture is even more exciting, with disruptive innovations such as immunotherapies, antibody drug conjugates, and gene and cell therapies all making progress toward commercial launch in the next few years.

Quality functions are struggling to keep up with the rising demands of regulators, primarily the US Food and Drug Administration. The industry has received an unprecedented number of warning letters and remediation programs in the last five years, and scrutiny is unlikely to decrease. Furthermore, the increasing relevance of global markets (beyond the United States, European Union, and Japan) is adding the complexity of multiple quality standards and regulatory regimes. Compliance, robustness of processes, and efficiency will need to be squared in one equation.”

Worldwide biotechnology market (therapeutics and diagnostics, R&D services, other) consists of 14,000+ companies, with ~4,000 of them located in the United States.

Companies per sector (Worldwide)

Sector Total companies
Biotechnology – Therapeutics and Diagnostics: 3,862
Biotechnology / R&D Services: 6,493
Biotechnology – other: 3,717
Pharma: 2,299
Medical Technology: 5,125
Investor: 735
Professional Services and Consulting: 5,013
Public / Non-Profit Organizations / Medical Facil: 5,202
Supplier & Engineering: 8,890
Media: 171
HealthTech: 844
Total: 42,351
Total Number of Biotech companies: 14,072



Companies per sector (USA)

Sector Total companies
Biotechnology – Therapeutics and Diagnostics 1,773
Biotechnology / R&D Services 1,672
Biotechnology – other 320
Pharma 219
Medical Technology 1,341
Investor 248
Professional Services and Consulting 1,260
Public / Non-Profit Organizations / Medical Facility 862
Supplier & Engineering 1,153
Media 55
HealthTech 135
Total 9038