Life science companies continue to use noisy referral-based methods or unstructured searches on websites that are not industry specific to identify qualified consultants. In the quest to identify specialized consultants, this approach tends to be hit-or-miss, at best. When this method of finding consultants fails, companies often turn to recruiting agencies, CROs or even large consulting firms to identify qualified consulting candidates.
These methods still may not provide access to the skill-sets needed within the budget allotted or timeframe required. It simply doesn’t need to cost that much or take that long to find high quality consultants. Today, there is a large, untapped global talent pool excited to apply their expertise to help get products to market faster.
In the life science industry, companies are always looking for new and modern approaches to solve complex problems. However, many use the same consultant hiring practices that they used before today’s digital age transformed the hiring landscape. Fortunately, this trend is changing in a number of significant ways as more and more life science companies now:
McKinsey & Company reports that, by 2025, online talent platforms like Clora, UpCounsel, and Upwork could boost productivity and global GDP by $2.7 trillion by more efficiently matching skillsets to company needs. These online matching platforms harness the power of technology, speeding up the process of bringing employers and consultants together. This is a significant improvement compared to traditional methods in which finding, vetting, and onboarding a consultant can often be a laborious and inaccurate approach. Furthermore, companies shouldn’t have to select from a limited cohort of talent that is unevenly distributed across various vendors and platforms for a single industry.
Many times, when companies work with large service providers, they don’t have the option to select the optimal consultant for their needs. Working with independent consultants or small firms allows direct communication with the assigned consultant. This can allow for more flexibility/customization, faster turnaround times, and lower overhead costs.
For many start-ups that are in the earliest stage of company development, an accelerator provides the opportunity to tap into high quality talent networks. Accelerators are opening up around the globe, with entities such as LabCentral, JLABS, IndieBio, and BioLabs aiding early stage companies in validating their hypotheses in a capital efficient manner. These accelerators make a variety of resources available, including a network of trusted advisors.
At Clora, we’re excited about all of the new ways in which companies can now find the world-class consultants they need to bring new therapies to patients faster. What do you think is the best way to find consultants? Is your current process working as well as you’d like it to?