HireMinds Biotech Dish
Christopher Clancy
Associate Vice President & Biotech Talent Partner @ HireMinds | Recruiting | Biotech | Life Sciences
Welcome to the April edition of HireMinds Biotech Dish, where our team brings you the latest insights and updates from the world of Biotech, covering News, Talent Market Insights, and Job Interviewing Tips. Our stories are designed to keep hiring teams and job seekers informed in today's fast-paced Biotech hiring landscape.
In a significant development, the FTC has ruled against Noncompetes. Will this decision lead to increased innovation, reduced healthcare costs, and job creation as estimated in their report?
"The FTC estimates that the final rule banning noncompetes will lead to new business formation growing by 2.7% per year, resulting in more than 8,500 additional new businesses created each year. The final rule is expected to result in higher earnings for workers, with estimated earnings increasing for the average worker by an additional $524 per year, and it is expected to lower healthcare costs by up to $194 billion over the next decade. In addition, the final rule is expected to help drive innovation, leading to an estimated average increase of 17,000 to 29,000 more patents each year for the next 10 years under the final rule." -Read Here: FTC.gov
An increase in available talent has lessened the utilization of recruiting agency support for candidates which usually comes with expert negotiation assistance. Our team is seeing several candidates negotiating directly with new employers without much experience in salary negotiation tactics. If you are not savvy to the proper way to engage in negotiations here's some expert advice. HireMinds marketing maven Michelle Holahan's thoughts on Salary Negotiations:
Michelle Holahan, Vice President and Head of Employer Brand at HireMinds, says, “You should feel confident in your ask. If you know your worth and project confidence and transparency throughout the process, you’re demonstrating your value without having to fight for it.”
Hiring Teams also should consult our colleague Sean McLoughlin's advice on perfecting the tailored job offer to improve outcomes in hiring as well.
Monitoring the current status of Pharma and Biotech here are some recent insights.
Pharma has shifted from acquisition mode to pipeline "reprioritization" and trim mode with big cuts planned. BMS plans to cut costs by $1.5 billion by the end of 2025 in a massive restructure that includes laying off?about 2,200 employees.?Fierce Biotech Story,
Sanofi "simplified R&D structure", Genentech plans 436 US cuts according to a California WARN notice, Novartis slashed 240 roles in the U.S, and Boehringer Ingelheim is planning cuts with sales dropping.
By keeping tabs on the largest pipelines you can draw conclusions where the cuts will come next in big pharma.
Biotech venture creation and funding have slowed to recent historic lows...and that might be a good thing? According to Life Sci VC it could lead to a stronger sector:
"With just over 60 new biotechs raising their first round of financing, the sector’s company formation activity has slowed 50-60% from its historic peak in 2021."
While it could be a good thing for Venture outcomes with better-streamlined companies, it is certainly still depressing R&D talent that has been displaced in the largest reshuffling of "biobucks" in decades.
AI continues to make a massive impact on new financing of Biotech start-ups and partnerships in the sector with major innovations. As this Endpoints article exhibits the sector is having a moment.
Mega $1B funding for Xaira. A new Bay Area biotech, Xaira will combine machine learning, data generation and therapeutic product development to build a platform for drug discovery.
New CRISPR Open AI player “Attempting to edit human DNA with an AI-designed biological system was a scientific moonshot,” Profluent co-founder and CEO Ali Madani, Ph.D., said in a statement. “Our success points to a future where AI precisely designs what is needed to create a range of bespoke cures for disease. To spur innovation and democratization in gene editing, with the goal of pulling this future forward, we are open-sourcing the products of this initiative.”
Moderna and OpenAI recently announced their mRNA efforts to collaborate to advance their drug innovations.
Pfizer teams up with an Australian AI data player for small molecule projects.
Nicholas Thompson, CEO of The Atlantic chimes in on CRISPR and AI melding.
领英推荐
Lastly, many job seekers are new to the process returning to in-person networking with the ease of access to jobs over the last decade in Biotech. In order to hunt for jobs and engage in cold networking our team would highly recommend the following groups and networking opportunities:
Boston-based:
Biotech Tuesday is back: https://www.biotechtuesday.com/
Online Nextworking Bioexchange: https://www.dhirubhai.net/company/bosbioxchange/
Trade Groups & Organizations:
AWIS: https://massawis.org/
OUTbio: https://www.outbio.org/events
California-based -
BakarLabs Events: https://bakarlabs.berkeley.edu/events-category/networking/
San Diego Biotech Network: https://sdbn.org/
Did we miss any? Comment below with your favorite networking events or groups for job seekers to attend.
And lastly, the HireMinds team enjoyed this post on 4/25 DNA Day. We hope you do as well. The cumulative efforts of top Nobel Scientists across the world contributing to the sector's DNA understandings and advancements we see today:
Despite uncertain times, HireMinds continues to be a solution-driven Biotech talent partner. With two decades of expertise in Biotech and Marketing placement, we've earned accolades including Forbes Best Executive Recruiting Firms 2023 and Inc5000's Fastest Growing Companies.
Your company's success relies on its people. HireMinds is here to secure the best minds for your mission to help patients. Don't miss out on amazing hires and the passive talent market our team offers our Biotech clients. Partner with us for faster and more efficient Biotech talent recruitment in 2024. We service clients across therapeutic areas and modalities including Biologics, Small-molecule, RNA, Gene Editing, and Cell and Gene Therapies in top hubs in the U.S. including Boston and San Francisco.
Reach out to our team today to discuss your hiring plans and Hire the right Minds!