Soaring Funding Requires a Talent Management Approach for Biotech Startups
If there was any worry that 2020 would have stalled funding for the biotech market because of the COVID-19 pandemic, think again. Funding for biotech startups is at an “all time high,” reports Anissa Gardizy of The Boston Globe.
And, this is excellent news for life sciences executive search teams, who are invaluable assets to companies looking to fill executive biotech roles as investors expect company progress into early next year.
Gary Glick, CEO of Boston-based biotech Scorpion Therapeutics, informed Gardizy that two months after announcing its debut with $108M in funding, Scorpion completed an additional $162M funding round which brought on board 11 new investors. This is a familiar story for many emerging biotech receiving cash injections from VC capital and going public even in pre-clinical or early-stage clinical trials.
“It’s a large amount for a new company that so far has kept much of its work under wraps, and a sign that the region’s early-stage biotech industry is vibrant, despite the pandemic,” writes Gardizy.
Scorpion Therapeutics develops targeted cancer treatment therapies, which aim to kill cancer cells whilst reducing unwanted side effects systemically. Biotech executives at Scorpion are determined to make these therapies effective for cancers that have been notoriously difficult to treat.
Along with drug development, funding will facilitate growth of Scorpion’s team. The additional funding “will allow us to accelerate nearly all aspects of the business,” Glick said.
Product development, from R&D to manufacturing and distribution necessitates having the right team. Therefore, beyond their own networks, biotech industry leaders will benefit from a working relationship with an astute Talent Management executive search firm.
“These teams of extraordinary individuals are spearheading the development of treatments that have never existed. It’s new territory. And it’s a challenge to know who you’re hiring will have the right skills to do a job that may have never been done in this way before,” says Alex Ellis, Life Science Divisional Director at G&E Partners Talent Management Agency.
He adds, “While biotech leaders are working tirelessly to get their product to market, the last thing they want to do is take a fine-tooth comb to every CV that comes across the desk. That’s where Talent Management comes in. The best life sciences consultants have refined skills to determine if a candidate’s experience, passions, and future vision aligns with what a rapidly developing biotech can best leverage, for effective leadership.”
If you’re interested in learning more about G&E Partners’ Talent Management approach to life sciences executive search, please contact firstname.lastname@example.org.