Foreword

Introduction from our CEO

Felix Mitchell, Instant Impact

The multi-billion-dollar BioPharma industry is undergoing more change than ever before. The impending presidential election, ever escalating innovations in tech and AI, new drug legislation, and inflation all have an impact and it’s extremely challenging to predict the net effect.

Large pharmaceutical companies continue to dominate the market; however, the benefits of being smaller in size are becoming more evident. The ability to flex and adapt creates opportunity and allows cutting-edge research to drive growth.

The industry proved to be more resilient than many in 2023 which saw multiple waves of layoffs, the most being in the technology sector. If companies want to thrive in 2024 and beyond, where change is the only constant, they will need to start thinking differently to maintain (or create) their competitive advantage.

Massachusetts continues to be a beacon of innovation and growth. It earns its reputation as the "BioPharma Hub" of the United States. What’s going on – is it something in the water?

There’s a lot going on – of the 121,666 professionals working in the Massachusetts BioPharma industry, 19,550 have changed jobs in the past 12 months.

People are only staying in roles for 1.8 years and top talent is high mobile. Sure, it can be annoying to lose a talented scientist, but the movement of L&D professions is a big driver of innovation and best practice. The impending legislation ending the enforceability of non-complete (read more) periods is likely to make talent even more fluid.

So, what does this mean for the BioPharma sector?

* *Data is correct as of April 2024. Data is taken from multiple sources and focuses on the United States.

Are you surprised about the average tenure being 1.8 years among this talent pool?
What do you think are the factors contributing to that mobility within the talent pool?

Watch the video to hear Ann's response >>

You need to have something pretty special to attract people to your organization.

Felix speaks with Ann Hargreaves, Senior Vice President Human Resources at TScan Therapeutics

Can turnover be positive?

Retention, retention, retention - maintaining a high retention rate is something that all companies should strive for no?

Tania Philipp, Chief People Officer at Vor Bio, shares an alternative viewpoint around the positives that come with having a healthy turnover.

Vor Bio is a clinical-stage cell and genome engineering company based in Cambridge, Massachusetts. Their aim is to change the standard of care for patients with blood cancers by engineering hematopoietic stem cells to enable targeted therapies post-transplant.