Mid-Year Round-Up by the Talentmark Team

by David Nolan

It’s hard to believe that we are already in June in what feels like a highly-accelerated first six months of the year, the shaky start with the collapse of Silicon Valley Bank and subsequent squeeze on investment in early-stage and growing businesses is still being felt. Whilst there’s cautious optimism that funds will start to flow again in the third or fourth quarters of the year – in the meantime, life continues. So, what other factors are having an impact on the Sciences Landscape in 2023?

ESG and the Building Blocks of a Sustainable Business

Thanks to its role in developing products and services that improve public health, the Life Sciences sector provides the purpose that’s so important for both investors and potential employees. As a result, it goes some way to fulfilling the criteria for the ‘social’ aspect of the Environment, Social and Governance (ESG) pillars that are increasingly guiding corporate behaviour. But the sector still has work to do when it comes to meeting the other two goals. Success in these areas will be vital to attracting both funding and talent. As we explore in this piece, ESG issues that were previously only of concern to larger biotech businesses will become increasingly important to companies of all sizes.

Top-Performing Boards

Taking a strategic approach to board composition from the earliest stage can have a direct impact on funding. It’s not enough to have great technology and highly talented leaders if there are gaps in the organisational structure. Whilst budgetary issues are naturally a consideration, it’s important not to ignore the importance of investing in the top team. Not only do companies need to be streetwise in heading off investors’ short-term concerns about weathering the storm, they should also think ahead if their recruitment strategy is to be future-proof. Whilst it might seem counter-intuitive in challenging times, investing in the ideal board composition is a wise step for start-ups and early-stage companies, something that we discuss in this piece.

Can an Interim Executive help your Business Succeed?

Life science start-ups and growing businesses obviously need good science if they’re going to succeed. But good science isn’t enough on its own. Getting the team composition right is absolutely critical. Without the right people at the right time, even the best innovations will fail to yield results. Having senior people in place with the experience and knowledge to spot a problem early, together with the skills to stop it becoming terminal can quite literally make the difference between success and failure. In April, we interviewed Chris Grimes-Cromptom, who explained that there’s still a perception that interims are used to plug unexpected gaps or to help resolve a crisis, when the truth is that bringing them early as a strategic resource for the business can be an extremely effective game-changer.

AI, Data and Analytics and the Evolving Career Landscape

In Medical and Regulatory Affairs, AI tools are increasingly being used to help to improve decision-making, manage complexity and make sense of ever-larger datasets in the development of new therapies. What we are also seeing is that as junior roles become more automated, there will be new opportunities for career progression for both Regulatory and Medical Affairs professionals. This will help with recruitment and retention as well as developing the ever-important talent pipeline. As we explore in this article, embracing the power of data and analytics will enable Medical Affairs Professionals to take on more strategic leadership roles. The same applies to Regulatory Affairs Leaders, where AI will help them to extend their remits and help manage the increasing uncertainty and complexity faced by global organisations.