The Evolution Of Project Management In Life Sciences

The pandemic has sped up the pace of change in life sciences, cutting development cycles dramatically short. Vaccines and drugs that might have taken 15 to 20 years to market in the pre-pandemic era have been created, tested, and rolled out in months. The businesses developing them have been forced to scale up quickly. Unsurprisingly, the hiring market for project managers who can oversee these whirlwind cycles has also intensified to meet demand.

At the same time, increasingly demanding regulatory requirements need to be met, and projects need multiple layers of sign-offs and stakeholder management. Project managers could be working with multiple departments across a business - from quality assurance to HR to facilities - when facilities are being developed.

The shortage of project managers in life sciences comes at a time when the industry is struggling to recruit experienced professionals. A report by the global industry association, the Project Management Institute, found that an increase in the number of jobs requiring project management skills, combined with retirement rates for existing project managers, will lead to a need for 25 million new project professionals by 2030. This means 2.3 million project managers will need to fill project management-oriented roles annually to keep up with the demand.

Competitors competing for talent face two choices: either increase salaries or be more flexible about the skills and experience required, potentially sourcing candidates from related areas such as chemicals development. However, not all project management skills are transferable, so hiring talent from another sector might not serve a business' needs.

Many life sciences businesses that used to outsource aspects of development to third parties are now bringing these back in-house under central control, needing experienced project managers to ensure they run smoothly. Getting project management in-house has advantages, such as greater visibility over lead times and outputs, but there are also risks. Poor project management or an empty role at any point in the process could lead to issues with meeting quality standards or missing deadlines, and the sheer number of stakeholders project managers have to deal with mean this is not a role for the faint-hearted. To be agile in this fast-changing market, many organizations are turning to flexible options such as interim project management professionals and contractors.

Without the right team of project managers, businesses can face delays in the delivery of projects, which costs them money. You need to ensure people have a proven track record of delivery, as a poor project manager can affect the whole project delivery. Be forensic about references and ask for numbers. You need to get the details on what aspects of a project did not deliver and who was responsible.

Recruiters can take several approaches to build a sustainable talent pool for project management specialists in this sector. For example, suppose manufacturers have previously tapped into the expertise of external consultancies. In that case, there may be options to bring over some of these staff, but that brings with it its own challenges.

Build up your contact book of experienced project managers in life sciences and pharma, even if they currently work for someone else. Knowing when key projects are ending and when top talent will be available could mean your organization gets the first refusal with that candidate. Networking with these people – either in-person or via digital platforms such as LinkedIn – will also reap the rewards. With scientific development cycles accelerating all the time and expectations driven up by the pandemic, demand for project managers in this market is not likely to abate any time soon.