As we race towards 2019, taking a moment to pause, look back, and understand market trends is important to help ensure success in the next year. Boston, the epicenter of the sports world is also home to a revolution in the biotech space – with companies looking to capitalize on the intellectual talent fostered by prestigious universities in the area.
We have seen countless pharmaceutical, medical device, and therapeutic companies plant their roots inside the city while large global companies have created hubs in Cambridge and beyond. Currently, there are over 1,000 biotech companies in the Greater Boston Area and the region has seen a 40% increase since 2007 in biotech and research positions available. Since 2016, there has been a 4.8% increase as well. This activity creates a buzz around the city and the future is bright, but with growth comes the inevitable need for talent.
In particular, oncology research accounts for 34% of all companies and represents the largest sector of startups as well. In terms of positions, Regulatory Affairs and Clinical Operations comprise the most in demand positions as we close out 2018.
With unprecedented growth and investments in this sector, a true drain on the talent is occurring. Companies are forced to pay a premium and contend with a candidate driven marketplace. As one CMO remarked, “Boston has a sense of FOMO (fear of missing out). You need to be here to be on the map and compete for top end talent, but you are also playing in an expensive sandbox; one where the talent knows it’s worth.”
This puts strains on talent acquisition teams who are racing to fill their positions, ensure company culture stays intact and safe guard their current employees from exploring other options. A client in the area described it as “The hiring landscape in Boston has never been more challenging. An educated workforce who knows their value, an abundance of jobs and an escalation of benefits makes keeping our current employees paramount while having a partner to help us find new talent is imperative. With our growth and multiple INDs planned for 2019, it’s hard to keep our head above water and meet deadlines.”
A strategic partner, one who understands your company, culture, and vision is more important today than ever. Having a partner who can provide a true solution, not just a temporary one, is integral part of a growth strategy.
GForce Life Sciences takes pride in understanding our clients’ needs, crafting a unique solution and supporting them, step by step, during the process.
If the 2019 ball dropping leaves you unsettled and unsure of how you are going to hit your goals, let’s see if GForce can help you focus on what’s important and take your mind off of the talent war.