What to Expect From Life Science Consulting Firms
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Is your undergraduate or graduate degree coming to an end? You have a degree in Life Sciences but don’t want to pursue a traditional pharmaceutical or research career? You’re a “people person” who enjoys problem-solving. Apply your scientific knowledge in life science business consulting (analytical and critical thinking skills, hypothesis-driven methods).
What do Life Science Consulting Firms Do?
Life science consulting firms mainly advise on various aspects such as market dynamics, governmental regulations, technology acquisitions, and startup ventures in life-related fields (such as life science pharmaceuticals, biotechnology, and computational biology). Client companies turn to them for:
Conducting due diligence before signing business contracts to validate the decision-making processes. For example, how will this startup acquisition benefit the client company? What are the risks involved? Can they expect a return on their investment?
Reorganization of a company’s internal structure or resource allocation: Imagine a pharmaceutical company’s revenues have dropped, and they want to know why. After analysis, a life consultant learns that insufficient resources have been allocated to the medical affairs department, which communicates any drugs and new treatments to the medical sector. Thus, doctors were unaware of the newly developed drugs and their benefits, and were rarely prescribed.
Analyzing a firm’s strengths and weaknesses with its competitors: The company could hire life science consulting firms in areas where it is outcompeted or needs reinforcement. General market analysis can also be performed to ensure that the client firm stays updated with trends and has the latest technologies.
Helping in drug pricing: Drugs take 10-15 years to commercialize due to all the trials and approval processes required to ensure their safety. Thus, companies depend on drug sales for revenue and must be advised on a drug’s selling price. Life science consulting firms make sure that the drug is sold at a competitive advantage, benefiting the affected patients while also covering all clinical and development costs and generating profit to fund future drugs.
How to Get into Life Science Consulting?
A career in life science consulting services is open to anyone with a scientific background, such as biomedical sciences, bioengineering, nutrition, epidemiology, or toxicology. Because the role of a life science consultant is so diverse, companies nowadays hire people with backgrounds in business and management, as well as law.
However, people with academic knowledge in science-related fields are more familiar with the complex logic of biological and technological processes. The following are some of the recommended qualifications for people interested in working as life science consultants:
- Bachelor’s degree in Science (relevant consultancy field)
- Having sound knowledge of commercial operating models
- Relevant experience in marketing enablement or sales support
- Relevant pharma experience in commercial operations – field sales, patient engagement, etc.
The analytical requirements for becoming a life science consultant are almost identical to those for becoming a consultant in any other field. You must have a solid academic background as well as excellent interpersonal skills. Professional benchmarks will lead you to success.
Is Life Science a Good Career?
Life science is one of the prospering career options that can bring you self-esteem, job satisfaction, and tangible results. If you want to contribute to the lives of millions of people by developing breakthrough healthcare technology, this is an amazing opportunity for you.
Clinical associates, biochemists, bioinformaticians, computational biologists, industrial pharmacists, and biomedical scientists are just a few exciting careers in life science.
And if you have an interest in a specific field and have relevant educational and professional experience, becoming a life science consultant is an opportunity worth pursuing.
Students with a Life Science or related degree have an advantage over their peers because they have been exposed to biological terminology and techniques. To join a Life Science consulting firm, expect the traditional CV, statement of interest, and interview process if successful. You will most likely be exposed to consulting case interviews during the interview, which are hypothetical business situations in which you will be asked to solve a complex problem. These can last up to 45 minutes and are used to assess analytical, communication, and problem-solving abilities. Make sure you attempt some case interview examples to boost your success rates.
Join Element Technologies if you want to make a career in life science consulting.