The global life sciences industry is transforming alongside the world’s increasing life expectancy, global population, and rapid advancements in technology and innovation.
In recent years, there have been large M&A deals involving pharmaceutical and biotechnology companies, and a significant area of expansion in the technology space – health tech.
The global life sciences consulting market is expected to grow by around 10% per year from 2024 to 2029. This means there is likely to be huge demand for consultants with life sciences expertise to work on a range of projects from navigating the complex regulatory landscape to developing business growth strategies.
With the rapid growth of artificial intelligence, there will also be many lucrative projects that aim to integrate AI into the healthcare sector. It is predicted that AI-powered healthcare will become a $188 billion industry by 2030.
In short, life sciences is set to be in the forefront of the consulting industry for many years to come.
This article explores the nature of life sciences consulting, how to break into the industry, and the capabilities that consultants in the sector require to maximise their chances of success.
What is life sciences consulting?
Life sciences consulting is a specialised advisory service that works with clients in the life sciences sector—this includes pharmaceutical companies, biotechnology firms, medical device manufacturers, healthcare providers, research institutions, and industry investors.
The life sciences consulting industry is composed of a plethora of different advisory firms globally.
Specialised life sciences consulting firms, such as ClearView Healthcare Partners, Putnam, Simon Kucher, L.E.K Consulting, and CF, provide in-depth technical expertise and scientific knowledge alongside business acumen.
Generalist firms, such as McKinsey, Deloitte and BCG, also have life sciences practices but generally provide advice to support the growth and efficiency of key business functions as well as advising on high level business strategy.
Within life sciences consulting, there are a wide range of project types, including product lifecycle management, new product development, market entry strategies, mergers & acquisitions, and regulatory compliance.
Project types vary depending on the client. Global pharmaceutical companies work closely with life sciences consulting firms on an ongoing basis due to the continuous expansion of their product portfolios, requiring support in areas like R&D and product diversification strategies. On the other hand, biotech start-ups provide the novelty and glamour associated with new product development and offer the potential for a growing pipeline of future work.
Regardless of project type, life science consultants typically undertake comprehensive market research, including both primary and secondary research. This involves undertaking market sizing, cost structure analysis, and interviews with key stakeholders such as healthcare workers, insurance companies, and patients.
How to break into life sciences consulting?
The life sciences consulting industry is multifaceted, which means the majority of knowledge and skills are learned on the job. Project teams are multidisciplinary, bringing together consultants with science or medical degrees, PhDs, and backgrounds in medicine, healthcare, business and economics.
There are two pathways into the industry. The preferred pathway is to enter as a graduate, which typically follows on from an internship. The alternative pathway is to enter a generalist consulting firm and transition to a specialist firm as a lateral hire. If you hope to follow the alternative route, it is important to lay the foundations by networking within the healthcare industry. One way to do so effectively is to attend relevant conferences and seminars.
The application process for the sector includes online assessments and video interviews, which requires applicants to demonstrate an understanding of the healthcare and biotechnology landscape, such as the process of drug development, clinical trials, regulatory changes, and emerging technologies.
As life sciences firms are usually boutique, it is highly recommended to network with current consultants to establish connections and understand relevant information, such as recent deals and project types that the company may be more known for.
What do you need to succeed in life sciences consulting?
Successful consultants in life sciences consulting require technical knowledge, analytical skills, and the ability to communicate clearly with senior management and other non-experts.
Technical knowledge is extremely valuable. For instance, an understanding of the clinical trial process, the nature of specific diseases and fields of medicine, the different regulatory frameworks in various regions, and the workings of the healthcare value chain can provide graduates with credibility and insight into client engagements.
Strong analytical skills are also needed to complete quantitative and qualitative research, and to draw out implications relevant to the client’s business model and broader market dynamics.
Additionally, clear communication and interpersonal skills are needed to successfully manage client expectations, and consolidate complex technical information into actionable recommendations that are both clearly articulated and supported by the data.
The bottom line
Pursuing a career in life sciences consulting offers exciting opportunities to continuously enhance your understanding of medicine and to work at the forefront of healthcare and biotechnology.
Life sciences consulting can be a rewarding field where your recommendations impact not only patient outcomes but also the lives of medical professionals and the future of healthcare worldwide.
Olivia Tan is a biochemistry student at Imperial College London with prior experience in business, consulting, and finance. She is invested in pursuing a consulting career in relation to the pharmaceutical, life sciences, and healthcare industry.
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