The Global Marketplace

Details set you apart

When searching for a new position, remember the law of large numbers.  Recruiters will screen large numbers of candidates and qualified hiring authorities interview large numbers of potential employees.  Many things can set you apart; the following were characteristics I noticed on recent searches we completed.

1.  Research the firm.  If you target a company know something about the place that makes you a good fit.  For example, you may have certain international experiences that fit with the company's strategic plan.  Point out the fit.

2.  Don't oversell yourself--listen.  Many candidates believe they need to sell themselves by talking constantly.  While this is human nature don't fall into the trap.  Ask questions and you will stand out.

medical sales changes - lessons learned

I recently spoke with a friend in industry who has a great deal of traditional sales experience with big pharma.  She discussed the changes that have hit the sales forces in recent years, as the payer side of the business switches from providers to reimbursement.  None of this is really news.  What are the career implications?

1.  Sales will not go away.  An important definition--I am speaking of the real sales skills, not order taking.  The art of sales will continue to exist in the life sciences, and I believe it will be even more important as the industry continues to experience turmoil.

2.  Keep refreshing your sales skills.  This sounds trite but keep reading sales books when you have the time.  The benefit is not necessarily the sharpening of your skills, but is this:  By thinking about sales principles, e.g. hot button issues, you will force yourself to examine your space in life sciences.  Who are the qualified buyers?  Who has the money and what do they need?  So doing will help you weather the power shifts in the space.

One step back and two steps forward

We are conducting a search for a demanding client that is extremely picky regarding the candidates they accept for interviewing.  No surprise there; why else would they be using a retained search firm?  What is interesting is the client's demanding nature also extends to employees, who frequently burn out and move on after a few years with the firm.  Some lessons for your career, from my having dealt with this client:

1.  Company reputation:  Former employees from this firm are highly regarded elsewhere in industry, throughout their careers.  I have seen people get interviews based on their experience with this company early on in their career.  Everyone knows this firm hires good people.

2.  Know your industry:  Your industry will have similar companies; if you are starting out in your career, and you have an opportunity to work for one of them, you should jump at it.  The positive consequences for your career over the long term will be amazing.

3.  Sacrifice in the short-term:  Delayed gratification is the message, one step back and two steps forward.  Think of other choices you can make that will also help your career in the long term.

Tools for staying informed

Every week I read the In Vivo blog, a valuable tool for keeping up with the life sciences.  It can also help you manage your career, and is worth the time.

1.  It's free.  The blog is free, and can be sent to you as an email.   You can't beat that price.

2.  It's short.  Most of the blogs are several paragraphs and can be read in five minutes.

3.  It's topical.  The writers focus on current events that most of you will know of; the most recent one I read discussed the FDA's Avastin decision.

4.  It looks forward.  This is best part of In Vivo; it looks at events like the Avastin decision and attempts to forecast wider consequences.  Whether the writers are right or wrong with their forecasts misses the point; the predictions will make you think about the future and what it may hold for your career.

Need for teamwork reinforced

BioCentury ran a recent article on HCV highlighting the use of several regimens, working against specific patients.  This use of multiple regimens dovetails with trends we have seen in recent searches, worth pointing out.

1.  People skills.  Good candidates need to work well with others, especially when working across companies.  Strategic partnerships may be negotiated and established at the highest level (as in the HCV examples) but they succeed at the working level.  Employers know this, so highlight your ability in this area with good experiences.

2.  Be broad minded.  Sometimes the best ideas come from partners that are needed in multiple regimen treatments.  That part is obvious.  What is sometimes difficult is seeing the larger picture.  Don't be wedded to your ideas just because they are the best.  See the larger picture--as is the case with the HCV regimens--and accept the ideas of others.  This flexibility is very important with employers.

Partners--know the motivations

As part of an ongoing search I recently spoke with an executive at a biotech firm currently partnered with a large pharma company as their drug moves through trials.  The relationship between the two firms works well, for a variety of reasons which we should all review for our own careers.

1.  Be honest with your goals.  The leaders of a small biotech have different goals from those of larger pharma company; this much is obvious.  What is frequently forgotten is the fact that the goals are neither good nor bad, they are just different.  Be honest with yourself about your objectives, and find someone whose goals match yours.  Know someone who can speak honestly to you.

2.  Communicate your goals throughout the organization.  In the above example the biotech firm's leadership clearly communicated their objectives down the food chain.  The obvious benefit is the trust this builds with your colleagues.  In this case the interesting benefit was unintended, as many individuals from both companies worked together in an unsupervised environment.  Every employee at the biotech firm knew the company's goals because they were well communicated, and were able to keep everything on track through trials without constant intervention from senior managers.  Keep that in mind.

Building your network--pleasant surprises

I am working on a search for a senior position in a bank in Latin America.  Our research department identified the profile of the ideal candidate and where to find him, then we began finding and screening the candidates.  During this process we found a strong candidate who fit the profile, yet who was working in an unusual position.  He is now in the running for the position.  What lessons does he provide for your own career search?

1.  Have a strong network.  This candidate had built an amazing rolodex during decades of experience in this sector.  As such he was recommended to us by several people.  Keep your contacts strong, and always grow the list smartly.

2.  Know your industry.  The candidate, who consulted to the industry, used his contacts to know the current issues and challenges faced by the industry.  He was therefore aware of the challenges required by this position, and able to meet them.

3.  Help your network.  This individual also helped his contacts with advice and information over the years; they in turn respected and liked him and were glad to recommend him for this position.

Conventional Wisdom?

I recently read about miRagen's strategy on cardiovascular drugs, which as noted in BioCentury is going against the grain in this space.  What does this tell us about biotech career moves?

1.  Conventional Wisdom.  First of all don't knock conventional wisdom; it is a mental filtering tool that we need to process the data that hits us all day long.  Trying to challenge all the conventional wisdom would quickly lead to insanity.  That said, you have to know how to deal with it to protect your career and spot new opportunities.  In short, know when and how to turn it off.

2.  Have the right friends.  You need to have friends who think differently than you and everyone around you.  Speaking with them will get you out of your mental comfort zone and any conventional wisdom traps, and stimulate your own thoughts.  How do you find them?  Look for those who are driven by internal as opposed to external factors. 

3.  Set the time.  As you have heard me state in earlier posts, set aside the time to read interesting articles/books, and to speak with the friends mentioned above.  Stick to this plan, and don't be fooled by complacency into ignoring this key work.

Information Technology and life sciences

The demand for skilled information technology professionals in life sciences is booming.  The drivers are technology that accesses information used by providers, and I admit this is a gross simplification.  Implications for careers?

1.  If you are not playing, look at the game.  If you have this background and are not working in life sciences, take a look.  This is a trend that will not change for the foreseeable future and you may be missing out on some opportunities.  Bioinformatics is a place to start.  Contact our firm if you have additional questions

2.  Know the drivers. We all know the pressures on biotech:  Reduce costs and improve efficiency, a subset of the first point.  Information technology will be a big part of reducing our health care costs, and you would not hurt yourself by viewing the changes from that perspective.

Be objective

We all know of products that do not make it through trials or that are upended by changes in payer policy.  We also know that sometimes (frequently?) these are good drugs derailed by FDA or advisory committee politics, to name two examples.  What does this mean for your career?

1.  You didn't marry the drug.  Regardless of the time and energy you devout to a product, or to the impact it may have, you must remember that you live in the real and fallible world.  Life will go on if the drug does not get approved, and so will you.  Don't become bitter about your experiences but remain objective--or at least appear objective.  You will stand out from those unable to put their experiences behind them.

2.  Have a plan B.  It does not hurt to have a backup plan to use if the product is derailed.  Know your skills and the demand for them.  Keep your network active and dedicate time to it.