The research and development stage are the first and arguably most pivotal stage of any product life cycle. Particularly in life sciences, it is where an upcoming project can either gain a boost and momentum, but also could be discontinued to nothing if it proves unviable or unproductive.
Pharmaceutical and biotech companies often face greater pressure to innovate quickly and have highly successful R&D stages because of the time-limited patent protection of name-brand drugs and products.
The past few years of low-cost capital paired with COVID funding and tech breakthroughs (such as mRNA technology) sped up the drug and device development process. Many life sciences companies were constantly hiring to keep up with the pace of their research and development.
Quality investment in R&D is critical for life science companies’ survival as a business, as R&D is a critical risk point at which projects can flourish or end completely, and too many failures could lead to financial crisis. R&D prioritization can also increase a company’s competitiveness in the market, as unique products and drug discoveries will bring forth more sales and future investment. These elements create huge draw for top talent.
As the niche skillsets required in most mid-level and senior R&D roles, candidate supply remains low and demand remains high as the result of increasing number of new projects.
Collaborations amongst industry specialists cannot always close this skills gap and certain roles are in always high demand. Therefore, we have an extremely competitive, candidate-led market whereby companies must offer attractive packages and opportunities, while developing strategies to enrich their talent pipeline.