Despite a turbulent start to the year, funding activity in the US MedTech space has picked up, a trend that we expect to see continue in the coming months, particularly for SMEs focusing on software as a medical device (SaMD) and embedded devices.
Europe’s tempestuous regulatory landscape has proven burdensome for U.S. businesses, effectively limiting their access to overseas markets. Alongside the resulting salary increases, rising demand, and subdued growth environment, sourcing regulatory talent has become a significant challenge.
The US SaMD market has been met with a similar dilemma – the FDA’s consistent changes to device design and risk policies have made it tough to find talent with relevant, up-to-date skillsets.
In the face of prevailing challenges, the long-term outlook for the life sciences is one of trademark resilience, even if growth has slowed. Technological advancements, notably in AI and digital tech, represent a chance to bypass many of the macroeconomic pitfalls facing today’s industry.
We’ve seen a gradual change over the last 18 months, as the market moves to favour employers, symbolising a significant paradigm shift from the familiar candidate-driven environment we’ve gotten used to.
That said, employers will still need to act in a selling way and listen to the needs and desires of their prospective employees – between the hiring freezes, budget cuts, recession fears, and in some cases, widespread redundancies, candidates are weary.
Understandably, career stability tops the priority list for candidates, and the demand for hybrid working has somewhat decreased as a result.
Outside of talent, we’re seeing some companies trapped in a holding pattern as they struggle to secure funding, largely because investors aren’t as bullish as they were a few years ago. Despite a widespread desire to invest in R&D, a lack of investment has led to a slower expansion of programs as decision-makers are forced into conserving resources.
It appears that driving progress in the R&D space requires a rethink of the costly (and high-risk) model we know today, and digital transformation looks set to play a pivotal part.
We hope to see the market normalize before the end of the year, but ultimately, talent acquisition has evolved, and it will keep evolving internally as flexible hiring solutions gain momentum. Adaptable, scale-up/scale-down products like embedded solutions, contractors, and RPO (Recruitment Process Outsourcing) looks likely become more appealing in today’s erratic market.
It’s an employer’s market, but those who are in a position to hire must lead with stability, safety, and strong funding footholds to attract and retain the people they need to thrive.
For many candidates, stability and flexibility have taken precedence, and it is not uncommon to see people take less compensation to get them, particularly if it means achieving the right hybrid working balance.
Tips for Job Seekers
The life sciences space is home to some intense competition, especially in an employer’s market. If you’re searching for your next opportunity, here are some key points to increase the chances of standing out in today’s landscape:
Personalize your outreach – Let the hiring manager put a face to the name by reaching out to them with a direct note on LinkedIn. Moreover, not all jobs are publicized; directly reaching out to companies you’re interested in can yield unexpectedly great results, even if that’s simply building your network.
Organize Your Resumé Aesthetically – Generally, recruiters and hiring managers look at resumés for vast swathes of their working day. A chaotic, disorganized resumé that doesn’t effectively highlight the most important (and relevant) skills and experiences will be extremely off-putting.
Focus on Personal Impact – Emphasizing personal organizational impact is essential. What have you brought to previous companies, and what can you bring to your new one beyond your on-paper skillset?
Customize your Resumé – Every company and candidate is unique, and your resumé should reflect that. Generic applications can be detected and discarded with relative ease. Life sciences jobs are highly specialized, therefore, your skills and experiences must match the role requirements with as much specificity as possible.
Ask Questions – Asking deliberate, targeted questions highlight your interest, curiosity, and engagement with the role you’re applying for.
If you’re not managing to capitalise on promising opportunities, you’re not alone. BioTalent is here to help you find a role you can flourish in. Reach out to the team today and we can support you in your search, from sourcing opportunities to resumé and interview guidance, we have the means and passion to fuel your career growth.