The year 2023 was marked by significant macroeconomic fluctuations that had a knock-on effect on the Life Sciences industry, making it difficult to predict how the market would unfold throughout 2024.

Now that we’re well into the second half of the year, earlier this month, we hosted our second live event, A Look Back on H1: Market Trends, Standout Businesses & Q2 Predictions. For those who joined us at the time – thank you! For those who couldn’t quite make it on July 3^rd, not to worry! We’re here to share five key insights we took away from our expert speakers.

Speaking of, our panel featured two seasoned team members, Nick Antonelli, Director of Client Services, and Elle Bains, Division Manager. With years of experience and deep insight into the Life Sciences job market, they explored what unfolded in their respective markets throughout H1, unexpected developments and their potential impact on the rest of 2024 (and beyond!), and key industry trends shaping the wider Life Sciences community.

Nick and Elle also highlighted the companies that have stood out so far this year and shared their top tips for identifying, attracting, and securing top Life Sciences talent in today’s competitive landscape.

With all of that in mind, let’s delve into five important takeaways from our expert discussion about the market’s response to the macroeconomic factors of the past year, predictions for the second half of 2024, and the standout businesses that are changing the future of Life Sciences.

1.    The Shift in Workforce Composition in Life Sciences

In 2023, the average time-to-hire in Life Sciences was a grueling 60 days. It makes us wonder: What does that timeframe look like now, in 2024?

Well, for starters, the Life Sciences sector has seen a significant shift in workforce dynamics, largely driven by the aftermath of the COVID-19 pandemic. Nick highlighted that many companies over-hired during the COVID boom, which unfortunately led to restructuring and mass redundancies in 2023.

This restructuring was not only significantly costly and hugely time-consuming but also often damaging to business. As a result, the industry has moved towards a more flexible workforce model, transitioning from a typical 80-20 split favoring permanent employees to a 60-40 or even a 50-50 blend of permanent and contract hires.

Elle, speaking on her expertise in the Contract and Interim market, noted that the prolonged hiring time, which has somewhat continued into 2024, boils down to the fact that businesses aren’t simply looking for great candidates anymore. Instead, they’re seeking out contractors who can be deeply rooted in projects for longer durations. She explained, “Businesses aren’t just looking for great candidates. They want contractors to be really embedded in their projects, meaning it can take a little bit longer to find the right fit.” This shift underscores the industry’s focus on securing top talent to drive product success.

2.    Hiring Managers are Seeking Consultancy Services from Recruitment Partners

Over the course of 2024, hiring managers are increasingly looking for consultancy services from their recruitment partners. Elle observed that in the current market, hiring managers are more open to being consulted on their hiring needs, working closely with recruiters to understand market trends, skill requirements and price points. This collaboration allows for a more strategic approach to hiring, ensuring that the right talent is matched to the right roles.

Elle stated, “There’s definitely a need for a mixture of blended skills, and because of that, I’ve found hiring managers have been much more open to being consulted and having a chat to understand what exactly it is they’re trying to achieve and working together to find a solution.”

From Nick’s perspective, there’s been a significant rise in commercial hires across Life Sciences organizations, such as communication specialists, marketing teams, key account managers, and medical affairs advisors. This pivot reflects companies’ efforts to maximize their assets by bringing in exceptional commercial talent, highlighting a shift towards a more consultative and strategic partnership with specialist recruitment firms.

“We’ve had to re-strategize internally to ensure we’re set up to deliver into that, ensuring we follow the needs of our clients,” Nick explained. “Maximizing their assets means bringing really great commercial talent into their organization.”

3.    Life Sciences Companies Prioritize Value in Recruitment Partnerships

Partnering with a specialist recruitment company has evolved beyond simply finding the right role for a candidate and the right talent for a business. As the market has transformed, value-added services have become a critical component of recruitment partnerships. 

As Nick emphasized, companies are no longer just looking for resumes; they’re seeking comprehensive insights, data and guidance to enhance their hiring processes. This includes things like salary benchmarking, market mapping, and competitor analysis reports. “Every company is looking to maximise value in any of their processes, and that’s what we’ve seen as of late when looking at our clients’ recruitment strategies,” Nick explained. “They want to collaborate with us, not simply receive resumes for great talent. They want insights, data, and guidance to add value to their entire hiring process.”

Along with these insights, the demand for Statement of Work (SoW) solutions has also surged, with companies now focusing on the deliverables, cost, and timelines of projects rather than just individual hires. This approach enables businesses to more efficiently and strategically achieve their objectives. Nick noted, “We’re seeing a huge increase in demand for Statement of Work, where it’s less about the individuals delivering the work and more about the cost, the timeline, and the ability to be able to get from A to B.”

4.    The Balance of Power Leans Towards Candidates

The Life Sciences job market is a pendulum that continues to swing between candidates and companies, determining who holds the upper hand.

Throughout this year, the market dynamics have and continue to favor talent, giving candidates more leverage in their job searches. In fact, candidates are now more selective and active in pursuing new roles, meaning companies need to act swiftly and confidently if they want to secure top talent.

When asked for his guidance on navigating such a competitive talent landscape, Nick advised businesses to avoid hesitation during the hiring process, as the market no longer allows for delays, and hesitancy is what causes businesses to miss out. He shared, “I actively encourage companies to run a very structured interview process. I encourage them to get various stakeholders involved in meeting the individuals because that creates buy-in from both parties.”

He continued, “The painful thing that you see far too often is when businesses know they’re there, and then they wait. That’s what I’d advise companies to avoid doing because the market’s not allowing you to pause at the moment. You might have benefitted from it six or seven months ago, but it’s just not happening anymore.”

While companies should still be smart and selective about who they bring into their organizations, along with evaluating talents’ technical abilities, Nick added, “Businesses need to look at the whole picture around the talent’s motivations, soft skills, and culture fit, and align that to what the business is really in need of at the moment.”

5.    Standout Companies and The Impact of Obesity Drugs Changing the Future of BioPharma

And finally, we wouldn’t be true to form without mentioning who’s got us excited for the remainder of 2024…

First off, the development and impact of obesity drugs has been a significant highlight during the first half of the year, and a research area that’s caught Nick’s eye. He praised Novo Nordisk’s Ozempic for its potential to address the global obesity crisis and alleviate severe associated health issues by inhibiting appetite-controlling hormones.

 While touching on the misdirected media focus on aesthetic weight loss, which potentially discredits the drug’s true purpose, Nick elaborated, “Obesity, globally, is one of the biggest health crises we are going to face as a community. Novo Nordisk has created a product that inhibits the appetite by controlling hormones, and the results seem absolutely incredible. The impact that could have on world health could be absolutely huge.”

Elle, on the other hand, praised Eli Lilly’s efforts in both obesity treatments with their drug Zepbound and their research into HIV therapies. She emphasized Eli Lilly’s commitment to excellence in manufacturing processes and their openness to consultancy partnerships, making them a standout company in the Life Sciences space. “Eli Lilly in general, for me, is a business that not only do I see great talent coming from, but managers that are very open to the whole consultancy side of their partnerships. From my side of things, they take manufacturing extremely seriously, not only from the systems that they implement but just the process behind it, the methodology, the application that goes into all of that,” Elle said. “For me, Lilly are definitely up there.”

As we move into the second half of the year, Nick and Elle's insights offer a comprehensive roadmap for navigating the evolving landscape of the Life Sciences industry. Whether you're in need of market insights, data, or general guidance to revitalize your hiring strategy, our team is here to help. Reach out to us today and see how we can support your continued success.