What do you do if you want to pursue a career in biotechnology consulting?

Obtain a bachelor’s degree in a relevant field such as life sciences, computer science, business analysis, or data science. Coursework in biology, mathematics, business management, finance, accounting, and technology is beneficial.

Focus on value and objectives. What value can you bring that a Biotechnology company cannot build on its own in the time that it needs to build it? Do you deliver a unique perspective, networks, approach that can help them achieve their goals? Ever so often, I have seen consultants miss the need and the core objective of the Biotech partner. What do they want to achieve and tie it to the value you can deliver to help them activate it? If your value is desperate for their goals, walk away. Take a step back with objectives - what is the broad objective? Do not get lost in the tactics.

Continuous learning is key: if you do not want to commit to this path then I would strongly suggest you reconsider consulting as a choice.

If you are starting out, focus on a few clients and expand later based on demand. I have hired help and support where needed with the goal of delivering value vs. consulting margins. Seek to fuse science, medicine and finance to the extent that makes you a valuable asset. This will also make you a valuable insightful assets for investor approaches. As said by Adam Koppel of Bain Capital Life Sciences, "One way to succeed [in investing] is to be good in a couple different areas and find the intersection of these strengths. In other words, be one the few that knows how several variables are moving and uniquely position yourself to find the intersection,”.

More than education experiences is what you are going to set yourself apart from other consultants. Whereas education can be "purchased", experienced in a certain topic has to be "earned". Therefore, in my opinion experience is more important than education. Of course, if you lack a certain education then you might be less likely to have an experience, but then we'd be in a chicken vs egg conundrum.

Having a solid online presence (LinkedIn profile, website etc) that showcases your experience and communicates your value proposition will help you connect with potential clients who can benefit from your expertise.

While traditional networking is a good start, you may consider launching a biotech-focused podcast or blog. This platform allows you to discuss industry trends, innovations, and challenges, inviting guest speakers from various sectors within biotechnology. It's a fulfilling way to build a network, showcasing your expertise while learning from others. Participate in or organize virtual roundtables and webinars, leveraging these as opportunities to connect with global experts you might not meet at local events. Such initiatives not only broaden your professional network but also position you as a thought leader in the biotech consulting field, attracting opportunities and collaborations more organically.

Networking is the lifeblood of a successful biotech consultant. It keeps you not only connected but also keeps your knowledge sharp. Think of your consulting acumen as a 100% meter dash – you need to train on all aspects daily to stay ahead. Cross-pollinating ideas with your network is a significant component, along with staying on top of industry publications and research. For me, the most effective approach is a three-pronged attack: prioritize reading industry magazines, attend local biotech events, then leverage those connections to connect with key players in biopharma.

Depending on your area of interest, obtaining certifications related to biotechnology or business consulting can demonstrate your commitment and expertise to potential employers.

If you have a pure science background, consider getting PMP or Change Management certified. Biotech is a fast-paced environment with many moving parts. As a consultant, there is value in being able to connect the dots effectively for any organization. Assisting teams in working cohesively while providing technical solutions impacts the bottom line.

Communication skills are essential in biotech - you will have to work with many different groups - learn about what is important to a particular group before a project meeting.

The market for consultants in 2023 and 2024 in biotech is BAD. This is because biotechs do not have a lot of money to spend because fund raising is hard (I had a project disappear last minute), but also because the lay-offs put a lot of consultants into the market. Back in 2020-2022 a lot of the consultants I know, including myself, were having too much work!

It is very important to understand the client's ecosystem and to help them tell a succinct story to collaborators and investors. Being a 3rd party who understands their ecosystem and helps them communicate their value from the buy side makes you invaluable. Do good work and don’t speak in circles. Combining these traits with an exciting translational biology hypothesis, which can improve upon patient needs will get your client's key stakeholders excited.

Take a look at the companies pipelines - if you have expertise in a particular area it may be beneficial for you to focus on that particular process.

When considering a specialization in biotech consulting, aligning with interests and expertise is one consideration. Another critical consideration is the level of unmet need for the chosen specialization, which can be influenced by factors that include: -Sector growth: Growth in a sector is more favorable for long-term consulting success than a declining market. -Sector complexity: High sector complexity - technical complexity, commercial complexity, pace of change, or other - can help drive demand for consulting services. -Competitive intensity: High concentration of competing consulting offerings can indicate market demand and opportunity but can also be a barrier to entry, particularly if your objective is to consult independently.