Brio Group on LinkedIn: Fierce Biotech Layoff Tracker 2023: Reneo reduces workforce by 70%;… (2024)

According to a recent report by Fierce Biotech, the biotech job market recovery remains slow. This is reflected in the number of layoffs reported for the first quarter of 2024, which at 57, matches the level seen in the same period of 2023. While initial expectations anticipated a more rapid improvement, the report suggests continued challenges in the industry.

5

If you are navigating the current biopharma R&D job market (especially in the US but even otherwise), this post is worth a read#biopharma #careerresilience

6

Fierce Pharma's layoff tracker tells us that while the biotech industry has been holding its breath, hoping that 2024 would bring some reprieve from 2023’s brutal bear market, market recovery has been slow. The number of layoffs reported Q12024 is the exact number reported during the sameperiod last year. In my opinion, one valuable strategy to navigate uncertain employment times is to get connected and involved with state life science associations. These associations offer a wealth of resources, networking opportunities, and insights to help professionals stay informed and empowered. Here are just a few state associations that I've been connected with in the past few years. Find your group and reach out today!👏 California Life Sciences (CLS)Website: https://lnkd.in/gSu62piKConnect with: Senior VP of Membership and Business Development, Kim Brocchini👏Delaware BioScience AssociationWebsite: https://lnkd.in/grwUvTtHConnect with: Director of Communications and Marketing, Jamie Pedrick👏MassBioWebsite: https://www.massbio.org/Connect with: VP of Membership, Matt Koons👏NC Life Sciences OrganizationWebsite: https://www.nclifesci.org/Connect with: Member Services Director, Natacha Janvier👏Virginia BioWebsite: https://www.vabio.org/Connect with: Vice President of Membership and Development, Frank WiltonBy actively engaging with these associations, professionals can access valuable support networks, stay abreast of industry trends, and position themselves for success in the dynamic biotech job market. #biotech #careerdevelopment #networking #lifesciences #statepride

45

4 Comments

Quick points that stand out to me: 1. Over 115 biotech companies announced layoffs this year, hinting at ongoing challenges in the pharmaceutical industry.2. Economic pressures, competition, regulatory changes, and the aftermath of Covid-19 are forcing pharma companies to rethink their traditional business models.3. The Inflation Reduction Act is reshaping the industry by introducing price controls and potentially impacting investments in drug R&D and healthcare quality.Feel free to share , thank you Moorthy Palanki for sharing #PharmaTrends #IndustryShifts

9

Biotech continues to face challenges as the new year begins, marked by unfortunate waves of layoffs. The unsettling trend, witnessed in the industry's third annual Layoff Tracker, follows a 57% increase in layoffs in 2023 compared to the previous year. As of January 4, companies such as Aera Therapeutics, Intellia Therapeutics, and Pfizer have announced staff reductions. Aera Therapeutics, a genetic medicine company, laid off a quarter of its staff. Intellia Therapeutics, a CRISPR company, is cutting 15% of its team. Pfizer's vaccine R&D site in Pearl River, NY, is set to lay off 285 employees starting in February. Additionally, on January 5, Senti Bio and AlloVir joined the list, reducing their workforce by 37% and 95%, respectively, signaling a challenging start to the year for the biotech sector.Fierce 2024 Biotech Layoff Tracker：https://lnkd.in/gVTTcP6k#Minnebio#ProteinCommunity2023

9

The biotech industry has been facing tough times, with many companies resorting to 'workforce optimization' amid economic uncertainty. In other words, layoffs are becoming increasingly common.This trend is particularly concerning given the crucial role that biotech plays in driving therapeutic success and improving lives.What are your thoughts on this wave of layoffs in the biotech industry? How do you think it will impact innovation and progress in the field? Share your insights in the comments below.#biotechindustry #biotechjobs

1

Navigating Biotech Layoffs in 2023: Trust in Regulatory Compliance is VitalThe biotech industry has reached a critical juncture in 2023. With 119 biopharmaceutical companies reporting workforce reductions so far this year, the number of layoffs has already matched the total recorded in 2022, according to a recent analysis by Fierce Biotech. This trend emphasizes an underlying challenge within the industry, which demands urgent attention and strategic navigation.The Cause: Complexity of Regulatory ComplianceThe rising wave of layoffs within the biotech sector can be attributed to several factors, including market volatility, investment shortages, and unforeseen challenges in drug development. However, one of the overlooked yet critical causes is the complexity and intricacy of the regulatory environment.Adhering to drug regulations is not merely a legal obligation but a fundamental factor that shapes the entire lifecycle of drug development. Regulatory CMC (Chemistry, Manufacturing, and Controls) compliance is particularly challenging, with multiple layers of requirements that include small molecules, biologics, devices, biosimilars, and combination products.The Solution: Partnering with a Trusted Entity like EnkrisiIn such a volatile environment, it becomes paramount for companies to align themselves with a partner that understands the regulatory landscape's intricate details. Enkrisi, a leading consulting group in the field, offers tailored strategies and comprehensive support to navigate these challenges.Enkrisi's specialized offerings include guidance on Orphan Drugs Designation, Fast Track, Break-through Therapy, Accelerated Approval, ANDA, and 505(b)(2) submissions. Their services extend to FDA submission assistance, technical and medical writing, authoring and reviewing submissions, and refining regulatory strategies.Furthermore, Enkrisi's expertise in FDA meeting preparation, engagement consulting services, and CMC development consulting services ensures that organizations can face regulatory authorities with confidence. Their risk-based strategies for product development, gap assessments, and quality assurance compliance are integral for companies aiming to minimize disruptions and maintain progress.Why Choose Enkrisi?Expertise: Years of experience handling complex regulatory scenarios make Enkrisi a preferred partner for biotech firms.Customized Solutions: Enkrisi provides tailor-made strategies aligning with each client's unique requirements and regulatory obligations.

Life-science and biotech layoffs in San Francisco and San Mateo County have reached a 10-year high. The recent article from the San Mateo Daily Journal highlights the current state of the industry. What will turn around this trend? #LifeScience #Biotech #Layoffs #SanFrancisco #SanMateoCounty #JobCuts #IndustryTrends

1

This is an interesting read.After our company was forced to downsize, I amplified my networking activities 10-fold. One key theme consistently pops up; it's happening across the board. Medical writing positions that would have had 20-30 applicants a couple years ago now have HUNDREDS! So hiring managers now have a larger pool of qualified candidates, making landing a role magnitudes of order harder to get.However, there is a lesson...We can complain, but that won't solve anything.We can overdo the applications in lieu of networking, but then you will get passed over.Or, we accept this is reality and adapt. Be it AI, finding a mentor, writing articles...anything you can do to build your skills will be helpful. You can't force someone to hire you, but you can build yourself until they chase after you.

2

The biopharma industry experienced a significant increase in layoffs last year, with a 57% rise compared to the previous year. According to Fierce Biotech data, there were 187 industry workforce reductions in 2023, a stark comparison to the 119 layoffs in 2022. This trend signals a challenging landscape for professionals in the biopharma sector, and it is essential for individuals to stay informed and prepared for potential changes within the industry. As the industry continues to navigate these changes, clinical research professionals should prioritize staying informed, networking within the field, and seeking opportunities for professional development. 📉💼Despite a rise in layoffs, hiring is still happening! I am currently in the process of setting up conversations with professionals who have been let go from their roles in Q4 2023 about new & exciting opportunities. If you are a clinical research professional who has unfortunately been let go from your position or you are looking for career progression opportunities in 2024, please feel free to reach out. 😊🙌Email: dan.spencer@elixir-associates.com#BiopharmaIndustry #WorkforceReductions #ProfessionalDevelopment #2024 📈🌐

29

1 Comment