For Job Seekers:
Why You Should Consider Biotech if You’re Looking for a New Role
Sabrina Deltoro, Founder & Recruiting Director
Delson Talent Consulting
January 17, 2023
If you’ve been reading the headlines, you may have seen that over 97,000 were laid off in 2022 and you've started updating your resume, just in case. Or, you might be one of the many affected, saddled with pivoting roles in the middle of the holiday season. You aren’t alone. With the right tools, lots of practicing your pitch, and a creative mindset, you won’t be unemployed for long.
Starting a career in the biotech industry might not have been something you’ve previously considered. Biotech companies don’t often have the splashiest ads on Superbowl Sunday, and their names may not be verbs, but there’s a reason it’s growing at a rate of nearly 12% and is worth nearly $18 billion in the US (Source). Many people may be hesitant to take the risk of joining a company in a different field, especially one that's evolving as rapidly as biotech. But, joining a biotech startup during a recession can actually be a great opportunity.
1.) Relatively recession-proof: While other industries may suffer during an economic downturn, the demand for medical treatments and therapies tends to remain steady. Biotech startups are often focused on developing innovative solutions to pressing health problems, and those needs don’t disappear during a recession. In fact, the challenges posed by a recession may even create additional demand for new and better treatments.
2.) Unique opportunity: While job prospects may be limited in traditional tech startups affected by the recent slowdown, the biotech industry is still hiring. You could have the opportunity to drive research and development efforts for products that improve the lives of millions, if not billions of people.
3.) Smart career move: These companies are often small, agile, and focused on driving innovation. This can provide a more dynamic and entrepreneurial work experience compared to larger, more established companies. If you’ve worked for a startup, you know there’s greater potential and opportunity for professional growth within smaller companies. When you are given the chance to take on a wider range of responsibilities, with the right team beside you, you can make a greater impact on the company's success, which can open new doors down the line.
4.) Competitive compensation and benefits packages: Biotech companies recognize the importance of attracting and retaining top talent; biotech companies often show their investment in their employees through offering generous stock packages. The potential value of biotech stock can skyrocket when they bring their research and products to the market. Forbes has studied the historic performance of biotech companies during recessions and found they’ve performed well.
5.) The chance to be part of something meaningful: As profitable as ads can be, they don’t have the impact on the world like a lifesaving drug, or new method of preventing illness. Anyone working during COVID has seen the value of scientific research, and the impact new discoveries can have on not just the US, but global markets as well. Biotech companies are often working on cutting-edge technologies that have the potential to transform healthcare and improve people's lives. This can provide a sense of purpose and fulfillment that may be difficult to find in other industries - or might be difficult to hang on to after seeing an especially heart-wrenching layoff.
If you are considering a career in biotech, don't let a recession, or fear of the unknown hold you back – now may be the perfect time to take the leap!