3 leadership qualities that businesses in BioTech are looking for
Businesses in BioTech have a greater responsibility than most to maintain an in-depth knowledge of industry developments, as well as how living systems are used to help wider society.
Significant developments in this sector have allowed for an expert understanding of how it will look in years to come. From the cloning of the world’s first mammal in 1997 to implantable biosensors which work to monitor health status, developments are taking place at a rapid pace, and companies need to stay ahead of competitors to drive innovation.
All of this, of course, would not be possible without experienced and highly qualified leaders to oversee operations and help to share the future of all things living. With this being said, there are three specific qualities that prospective leaders need to master in order to match the succession planning strategies of reputable corporations and secure long term positions.
An awareness of emerging technologies
Technological considerations have always been at the forefront of BioTech. We are now at a stage where the disruptions that will shape the industry in more than 30 years are already being conceptualised. It is therefore imperative that those overseeing scientific research and leading groundbreaking innovations are aware of any major developments.
Individual corporations will be leading the way in different areas of research and technological innovation. This means that when, if necessary, the time comes to identify new long term leaders to sustain progress, the specific succession planning strategy will call for individuals who are proven experts in particular fields.
Whether it’s biosensor technology, biosimilar development or advancements, cell therapy or anything else, if a leader does not possess a superior knowledge of the technologies that help to shape this dynamic sector, they are unlikely to succeed.
A greater sense of independence
While successful businesses in BioTech will consist of individuals across an entire hierarchy working together to formulate solutions, when it comes to making critical decisions that will directly impact scientific operations, responsibility should lie with leaders.
Researching various external sources, synthesising them and making an independent decision based on facts is something that prospective leaders need to do efficiently in order to match the ambition and succession planning of the best companies.
Solving problems, setting agendas and overseeing progression are all things that, while supported by executive teams, should ultimately be decided by individual leaders. When it comes to the recruitment process, organisations will be actively looking for the individuals who can differentiate when is appropriate to seek advice from a team, and perhaps more importantly, when is the time to make executive decisions and take responsibility for them solely.
Working towards the future
If a business in BioTech fails to stay on top of innovations, it is likely to fall behind competitors. In this highly regulated and sensitive sector, extensive industry experience is required of leaders not only to oversee current operations but to prepare the company for the future.
No matter what subsector of BioTech a corporation specialises in, they will not merely hire an individual for the sake of it. A carefully constructed succession planning strategy will be in place, and the right candidate will already possess the experience necessary, as well as the skill set to take the business to new levels in the years to come.
While the BioTech industry is extremely rewarding and shapes the lives of so many, maintaining an executive role requires so much more than just a suitable CV and a wealth of experience. Being able to manipulate market developments in order to drive innovation should be a priority for potential leaders, and will no doubt shape whether or not a successful placement will be made.
Identifying the right leaders in BioTech can help to ensure business continuity for years to come. For help sourcing top talent, contact G&E Partners today.