The phenomenal growth of the healthcare industry has created a huge demand for qualified and experienced life science executives. The two most popular niches, which take in the majority of new recruits, are pharmaceutical and biotech. However, contrary to the common perception, there is a significant difference between hiring the most suitable executives for these niches is not hiring the right professionals for each individual niche. The dedicated life science executive search firms in Canada understand this fact fully well and hence are the right choice for making successful executive recruitments in the field of healthcare. Discussed below are some of the most important ways in which hiring for pharmaceutical companies differed from hiring from biotech organizations.
Interaction With The Management : When it comes to recruiting executives for biotechnology companies, the recruiting agencies generally need to interact with the members of top management. However, in case of pharmaceutical companies, such interactions are often limited to HR managers of the company. This is mainly due to the fact that most biotech recruitments are made for research and quality positions and hence need to be completed in a shortest possible time. By interacting directly with the top decision makers within an organization, the recruiters not only get a clearer picture of the position involved but also eliminate the need to get decisions approved after making them go through layers of hierarchy. On the other hand, pharmaceutical recruitments do not require any such urgent decision making as they are generally meant to fill up administrative and marketing positions.
Work Environment And Job Responsibilities : The work environment within biotech companies is generally quite challenging and stimulating as compared to pharmaceutical companies. In addition, most biotech companies employ a significantly lesser number of employees as compared to pharmaceutical companies. This often requires the professionals working in the former organizations to take up multiple roles and responsibilities which might not traditionally be a part of their job description. Despite that it is quite common for the best minds working for pharmaceutical companies to seek job options in biotech niche, while the reverse trend has been never heard of.
Hiring Frequency And Search Areas
Biotech companies generally face constant ups and downs which leads them to recruit infrequently and also downsize severely when in times of crisis. In simple terms, it means that there is no constant recruitment drive going on in the biotechnology companies. The pharmaceutical companies on the other hand tend to make new recruitments on a steady basis. This is true irrespective of the ups and downs in the economy as these companies seem to face a never ending demand for new employees. Therefore the recruitment companies need to constantly find new executives and professionals from across the globe for their clients within the pharmaceutical niche.
Compensation And Benefits
The compensation and benefits offered by biotech companies are not much as compared to those offered by the pharmaceutical companies. According to the international executive search firms in Canada, it is the challenge and the excitement of working in a scientific environment is the biggest attraction that draws the most brilliant minds from pharmaceutical companies to seek a job with biotech firms. The pharmaceutical firms on the other hand, offer better compensation and benefits in the form of stock options and bonus plans. This is also one of the major reasons that most recruitments in the field of life sciences are made for pharmaceutical companies.
Career Transition And Relocation Opportunities
Given the global expanse of most pharmaceutical companies, candidate relocation and transition is not a major issue. The companies have enough resources to cover the relocation costs of their employees. However, even the most renowned biotech companies, which generally operate on a limited budget, rarely offer any such facilities to their employees.
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