IPTalons, Inc.’s Post

More layoffs compared to Q2 2023 -- equals about 7600 employees. Certainly disruptive to the employees let go, but also disruptive to those that stay, to the work they are doing and to patients...here's how... a) "Water cooler" talk -- here's the conversations... "do you think it's going to happen...did you see who was let go...what do you think it happening will mean moving forward?" It goes away after a bit but still in peoples' thoughts. b) In matrix and collaborative environments (you know, what every employer asks for), some of the people you worked with were let go -- how do you get work done now? In biotech, that means letting go one of the admins (but he/she also updated the website, answered the voicemails on the general company phone and forwarded emails). c) Where is the budget now? Do I have to discontinue multi-year projects that already had been committed to and how do I tell that patient group? In my area --- patient advocacy and communications -- projects often are multi-year activities. When people change, and commitments change, we "now" get to go back to the patient organization and say "we can't support either at all, to the same level, or it will take more time...." That underscores challenges to trust -- the cornerstone of patient advocacy. In biotech -- they don't want to bring on patient advocacy until they're pretty solid they have a drug (if it's the first drug)...and that's usually around PIII. That's 'way' late in involving patients in the protocol design and building trust. Patient involvement not only is relatively inexpensive compared to clinical trials and product development, but FDA and other regulatory agencies want to see it. Oh my gosh, but what if the drug doesn't make it past PIII? You know what -- patients know that can happen. Yes, we see more and more patient reported outcomes, but more effort is needed her. In pharma -- the biggest challenge is bureaucracy. Suggestion -- if it involves or includes actual patients or patient organizations -- consider it "STAT" and apply a faster route to get things reviewed and approved through compliance, finance and all the other systems." I can say add more funding to your external budgets as well because most of these people many multiple agents both in R&D and in commercial so that takes an unbelievable amount of time. There's no fast and easy fix, but I would encourage biotech to bring on patient advocacy and engagement (I'm a consultant so people like me don't have to be F-T employees where you need to get approval from your BOD). Pharma, you need to provide the resources for your people, encourage them to get help outside and champion their ability to get things done 'quickly'. Remove some of the bureaucracy for anything to do directly with patients. And that doesn't mean 'not' following compliance guidelines. Just have an express lane attached to getting things done directly with patients.

The biotech industry continued to navigate challenging terrain last year, as reflected in the recent Fierce Biotech report on layoffs in 2024. While the overall number of workforce reductions remained stable compared to 2023, the surge in layoff rounds within Big Pharma—a 281% increase—is a stark reminder of the market's ongoing volatility. This trend highlights the ripple effects of the prolonged biotech bear market, with many companies facing difficult decisions as they balance cash conservation with their long-term ambitions. Yet, this isn't simply a tale of hardship. The very nature of biotech—a field built on risk and innovation—means that companies willing to navigate uncertainty are those that drive transformative breakthroughs. The biotech sector thrives on tackling complex challenges, and 2024 was far from being easy. For companies that can reassess and refine their portfolios, this period of volatility may also present opportunities to emerge stronger. Looking ahead, 2025 is expected to bring cautious optimism, with analysts predicting potential rebounds in funding and M&A activity. Let's hope that it will be the case! Link to the report in Fierce Biotech is below: https://lnkd.in/eRxrjnY7 #Biotech #Innovation #Resilience #FundingTrends #Layoffs #Pharma

Big Pharma layoff rounds jump 281% in '24, but overall industry rates similar to '23 - Fierce Pharma Overall, biopharma layoffs rose ever so slightly in 2024 compared to the year before, though the number of layoff rounds across Big Pharma skyrocketed by 281%. In 2024, Fierce Biotech reported 192 industry layoff rounds, which is 3% higher than in 2023, when 187 rounds were tallied. Rounds are reported as they are disclosed and are not combined per company for those implementing more than one workforce reduction in a year. The most recent figure is a 63% jump from the 118 rounds counted in 2022. While it's difficult to fully understand the human impact of layoffs, at least 15,134 people lost their jobs from the 86 companies reporting numbers last year, according to data from the Fierce Biotech Layoff Tracker. The remaining companies either reported layoffs as a percentage of the total workforce or didn’t share how many staff members would be laid off. Of the 99 times that companies did provide a percentage of staff receiving pink slips, the average reduction size was 38%. https://lnkd.in/e38UPu9q

Overall, biopharma layoffs rose ever so slightly in 2024 compared to the year before, though the number of layoff rounds across Big Pharma skyrocketed by 281%. In 2024, Fierce Biotech reported 192 industry layoff rounds, which is 3% higher than in 2023, when 187 rounds were tallied. Rounds are reported as they are disclosed and are not combined per company for those implementing more than one workforce reduction in a year. The most recent figure is a 63% jump from the 118 rounds counted in 2022. While it's difficult to fully understand the human impact of layoffs, at least 15,134 people lost their jobs from the 86 companies reporting numbers last year, according to data from the Fierce Biotech Layoff Tracker. The remaining companies either reported layoffs as a percentage of the total workforce or didn’t share how many staff members would be laid off. Of the 99 times that companies did provide a percentage of staff receiving pink slips, the average reduction size was 38%. https://lnkd.in/e6mwkWAR

This is the best compiled data that I've seen so far this year - Layoffs Vrs Funding: The biotech world in 2024 is really a tale of two extremes. On one hand, some startups are absolutely killing it, pulling in nearly $3 billion in Q1 alone. Places like Greater Boston are buzzing with job opportunities. But, on the flip side, the industry is seeing a massive wave of layoffs. Big names like Amylyx Pharmaceuticals, Novartis, Genentech, and Sanofi are letting people go in droves. Jonathan Norris from HSBC Innovation Banking nailed it when he said it's a "have and have-nots" situation with capital access. Just to put it in perspective, Bristol Myers Squibb is cutting 2,200 jobs, Bayer is letting go of 1,500. As of mid-May, the sector has seen at least 15,600 job cuts, probably over 20,000 when you count the undisclosed ones. April and May have been particularly brutal for layoffs. What's driving these cuts? For big players like Pfizer and Johnson & Johnson, it's all about streamlining operations and strategic shifts. Smaller companies, like PMV Pharmaceuticals and Rallybio Corporation, are slashing jobs to focus on their best bets, thanks to funding woes. Geographically, the U.S. coasts, Dublin, and Basel are getting hit hard. Eastern Pennsylvania is currently the layoff hotspot, with Central Massachusetts and California not far behind. Globally, Southwestern Germany and Switzerland are feeling the pinch with significant cuts at Roche, Takeda Pharmaceuticals, and CureVac, while Shanghai's LianBio is also downsizing due to market pressures. Overall, it's a mixed bag for the biotech industry right now—booming investments and opportunities in some areas, but harsh layoffs and cutbacks in others. The article also includes a table summarizing 2024 layoffs and a line graph showing healthcare layoffs, including biopharma, in the top quarter of all layoffs from March 2020 to May 2024. https://lnkd.in/eYA2fAky #staffing #Recruitment #biotech #pharmaceuticals #medicine

June 2024 has been a tumultuous month for the #biopharma and #biotech industries, marked by significant #layoffs across several major companies. The wave of job cuts highlights the ongoing challenges these sectors face amidst strategic #restructurings and market pressures. Here, we delve into the notable layoffs that occurred throughout the month. Read full article here: https://lnkd.in/dAwmCs7y #jobcuts #Workforcereductions #healthtechHR #HR #Termination #Pharmalayoffs Ankit Kankar

Navigating Layoff Anxiety in the Biopharma Industry: Strategies for Resilience 🧬💼 The recent wave of layoffs in the biopharma sector has left many employees grappling with heightened stress and uncertainty. According to the latest Glassdoor Employee Confidence Index, only 38.6% of biopharma workers reported a favorable six-month business outlook in March 2024, down from 41.1% in February. As a Recruiter, I've witnessed firsthand the emotional toll these layoffs can take on professionals. However, there are proactive steps you can take to manage layoff anxiety and build resilience during these challenging times: 1. Separate fact from fiction: Avoid falling into the trap of catastrophic thinking by focusing on the present moment and the facts at hand. 2. Take constructive action: Channel your energy into updating your resume, expanding your professional network, and exploring skill-building opportunities. Staying proactive can help you feel more in control of your career trajectory. 3. Prioritize self-care: Engage in activities that promote physical and mental well-being, such as exercise, meditation, and spending time with loved ones. Taking care of yourself is crucial for maintaining resilience and a positive outlook. 4. Seek support: Don't hesitate to reach out to trusted friends, family members, or mental health professionals for guidance and emotional support. Remember, you don't have to navigate this challenging time alone. By implementing these strategies and maintaining a growth mindset, you can not only weather the storm of layoff anxiety but also position yourself for future success in the ever-evolving biopharma industry. What strategies have you found helpful for managing stress and uncertainty in your career? Share your insights in the comments below! 💡 #LayoffAnxiety #BiopharmaIndustry #CareerResilience #MentalHealthAwareness

𝗔𝘀 𝗮𝗻 𝗲𝘅𝗽𝗲𝗿𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗠𝗲𝗱𝗧𝗲𝗰𝗵 𝗥𝗲𝗰𝗿𝘂𝗶𝘁𝗺𝗲𝗻𝘁 𝗺𝗮𝗿𝗸𝗲𝘁, 𝘄𝗵𝗮𝘁 𝗵𝗮𝘀 𝗛𝟭 𝘁𝗮𝘂𝗴𝗵𝘁 𝗺𝗲, 𝗮𝗻𝗱 𝘄𝗵𝗮𝘁 𝘀𝗵𝗼𝘂𝗹𝗱 𝘄𝗲 𝗲𝘅𝗽𝗲𝗰𝘁 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗼𝗳 𝟮𝟬𝟮𝟰? 💭 In the first half of 2024, the MedTech market has demonstrated resilience and growth despite ongoing challenges. 𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝘀𝗼𝗺𝗲 𝗼𝗳 𝗺𝘆 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀/𝗶𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝗼𝗻𝘀: * The market has held firm and there has been continued growth & investment, especially in R&D, particularly in emerging technologies such as AI and machine learning. * Salaries are more challenging to negotiate. Salaries remain competitive, but companies are sticking firmly to budgets set. There is often little left on the table for negotiating. * Companies are still struggling with high capital costs and inflation, which is leading to layoffs. This year alone has seen numerous layoffs from top medical technology companies, including Medtronic, Zimmer Biomet, Illumina, and Baxter. Smaller companies like Osso VR, Agilent Technologies, and Dermtech have filed layoff plans in 2024 as well, and Cue Health cut hundreds of jobs on its way to shutting down. * Companies are working harder to retain existing employees rather than hire new talent, which includes the increased number of counteroffers. * There has been an increased demand for highly specialised individuals. More generalist roles are being developed in-house. Overall, the MedTech recruitment market in H1 2024 has been robust, with a strong demand for technical, regulatory, and operations expertise. In the second half of 2024, the MedTech recruitment market will continue to face high demand for specialised roles while focusing on creating diverse and inclusive workplaces by retaining staff. Do you agree or disagree? Is there anything you feel I missed? I want to hear your thoughts. #medtechrecruitment #recruitmentforcast #h1 #h2 #recruitmenttrends

The Biopharma Job Market in 2024: A Reality Check I feel compelled to address some misconceptions about the current job market. While some recruiters may be expressing optimism about hiring picking up or the market turning around, the data tells a different story. Let's look at the facts: Layoff Trends: Q2 2024 saw a significant increase in biopharma layoffs, with at least 7,616 workers impacted. This is more than triple the 2,398 layoffs reported in Q1 2024. Major Players Affected: Industry giants like Novartis, Indivior, CureVac, and Takeda have all announced substantial job cuts in recent months. Ongoing Restructuring: Many companies are still in the midst of restructuring efforts, with some planning layoffs that will continue into late 2024 and beyond. Biotech Volatility: While there are pockets of growth, particularly in well-funded startups, the overall biotech sector remains volatile. What This Means for Job Seekers: Be Cautious: Exercise caution when hearing overly optimistic projections from recruiters. Always verify claims with industry data. Stay Informed: Keep abreast of industry trends, company financials, and pipeline news to make informed decisions. Diversify Your Search: Consider roles in emerging biotech startups or adjacent industries that value pharma experience. Enhance Your Skills: Focus on developing skills that are in high demand, such as data analytics, digital health, or regulatory affairs. Network Strategically: Build relationships within the industry, not just for immediate opportunities but for long-term career growth. As recruiters, our role is to provide accurate, data-driven insights to both clients and candidates. While we all hope for market improvement, it's crucial to approach the current landscape with realism and strategic thinking. What strategies are you employing in this challenging market? Let's discuss in the comments. #PharmaceuticalIndustry #BiotechJobs #CareerAdvice #RecruitmentTrends