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Thisyear, 2008, has been difficult for many companies in many sectors.The economic tide has been sweeping negatively across many of theworld's markets and causing business confidence to wane. The lifescience markets have not been immune and the impact has been palpablein many corners of the sector.
Thebiotech industry has come under increased pressure as the climate forearly stage ventures has become even more challenging. Toxicity inthe finance markets has made fundraising through venture capital,private equity and structured debt-financing extremely difficult. Alack of support for listed biotech stocks have led to incredibly lowvolumes of share trading on many of Europe's exchanges, meaning theIPO and exit opportunities for investors are heavily restricted.Merger and acquisition activities have continued unabated andsignificant deals can be seen between biotech and large-pharma, oftenat premium values over current market capitalisation, furtherfuelling the belief that exits are currently best achieved via thesetrade-sale routes.
Thissentiment is echoed across other parts of the sector wheresignificant efforts are being undertaken to re-organise many of theindustry's hallmark names in an attempt to bring about greaterefficiency, boost R&D and reduce the impact of patent expiration.Yet among these challenges are pockets of real success, companiesgrowing rapidly, businesses being merged to forge new powerfulentities, products being approved, relationships between pharma andbiotech thriving.
Thischallenging environment calls upon different skills and experienceand there is currently a re-ordering of hiring priorities across theEuropean life science markets. Career management in the currentsector requires you to be bold, clear about your direction andconfident in bringing success to your next job. There are disciplinesthat are continuing to see good rates of vacancies and thisrequirement illustrates that capitalising on your strengths is aclear way to improve your sustained career development.
Weare continuing to see demand in the area of regulatory affairs ascompanies prepare their organisations to deal with the rigours of newand emerging legislation and the perceived tightening of regulationsby health authorities. Demand over recent years has created adistinct shortage of readily available regulatory professionals withthe experience in managing regulatory development programmes, as wellas maximising the product life-cycle opportunities across globalmarkets.
Also,the expanding role of regulatory affairs in supporting theorganisation has seen a growth in the number of people beingrecruited into areas like regulatory intelligence and policy,regulatory operations, early drug evaluation or due diligence. Thisvariety has broadened the career opportunities for regulatory affairsprofessionals and has introduced new skills to the function.
Thisdemand has encouraged a shift in the recruiting approach of manycompanies across the sector. To overcome the scarcity in regulatoryaffairs skills, companies have needed to be far more versatile andproactive in their approaches to recruiting these regulatorycandidates. It means there is now a strong reliance on Internationalrecruiting strategies, trawling the diverse regulatory affairs talentpool of Europe and beyond, to attain the necessary regulatory skillsto support projects. Companies have had to employ proactivestrategies to reach the candidates and aggressively pursue them,offering different incentives to be able to attract the very best.And while we have seen some easing in the market, the dearth ofregulatory affairs talent seems set to continue.
Therehas been continued consolidation across all areas of the life sciencesector in 2007 and 2008. Alongside this, we have seen majorrestructure announcements that have affected companies large tosmall. These significant changes in the structures of manyorganisations have made Human Resource skills a central requirementfor many companies. The ability to manage the human resources of acompany in a highly effective way to ensure you are retaining yourbest talent in the new efficient structures is critical. Good HumanResource professionals have the vision to be able to see where acompany is headed and how you need to swap out the skills that are nolonger central to the company and replace them with the skills oftomorrow and the future. Their relationship with recruiters, eitherinternal or external, will be important if they are to define thenew, flexible and scalable resourcing models that will enable them tocreate highly skilled agile organisations. Increasingly we'll seethe use of contract resource and interim management resources beingemployed to augment core teams or to assist and manage controlledphases of growth or change. Human Resources will be central to thisvital re-engineering and their ability to architect these changeswill call on the most sophisticated of human resource skills.
Theseare two skill areas among many other core functions that are centralto the success drivers of the sector's companies. So despite theeconomic pressures being exerted upon these organisations, we remainbuoyant and optimistic that those people keeping their skills at theforefront of these functions will remain in demand. It is clear to usthat despite the uncertain outlook that is creeping into many areasof the market, there are still career development opportunities forthose with the right skills in the right companies.