Exploring the Life Science Industry
Hello everyone,
Yesterday, I shared that my current agency has encouraged me to establish a new desk in the Life Science sector. I’m reaching out to see if anyone with experience recruiting in this field can provide insights on aspects like fees and billing potential.
Currently, I’m evaluating whether to stay in my Healthcare desk, where I’ve successfully closed 6 deals totaling just over £40K, averaging around £6,666 per deal—about the norm in our office.
I believe Life Science has more long-term prospects, as it appears to be more in-depth compared to the transactional nature I’m experiencing in Healthcare. I’m genuinely interested in this area and aspire to become an “industry expert” in Life Science rather than continuing in Healthcare.
That said, I am weighing the risks of leaving a growing desk to start anew, especially knowing it might take 12-18 months to achieve consistent billing and earn a solid commission.
Additionally, I’ve noticed that few individuals in our office are billing over £150K annually. My goal, however, is to reach at least £250K a year and continue advancing from there.
If anyone can share their insights about the Life Science market, tips for building a successful desk, and realistic expectations for billing and timelines, I would greatly appreciate it!
Thank you! 🙂
RCadmin
Hi there!
It sounds like you’re at a pivotal point in your career, and it’s great that you’re considering the long-term potential of the Life Science sector. Here are some insights that might help you make your decision:
Market Demand: The Life Science industry has been experiencing significant growth, particularly post-pandemic, with increased investment in pharmaceuticals, biotech, and medical devices. This trend is likely to continue as new technologies and innovations emerge. The demand for skilled professionals in this field can lead to higher billings compared to the more transactional nature of healthcare recruitment.
Fees and Billings: In Life Sciences, the average placement fee can often be higher than in healthcare due to the specialized knowledge required. While you may find that the average deal size is larger (often ranging from £10,000 to £30,000 depending on the role), this also varies by niche. If you’re able to position yourself well within a specific niche (e.g., clinical trials, regulatory affairs), you can enhance your billing potential substantially.
Long-Term Relationships: As you mentioned, Life Sciences tends to be more relationship-driven. Building lasting relationships with candidates and clients can lead to repeat business and increased referrals. The initial setup may take time, but once you establish your network, it can pay dividends.
Time Frame: Transitioning to a new desk will indeed take time to ramp up. While 12-18 months is a realistic timeframe to start seeing consistent results, many people in tailored niches can achieve significant commissions sooner if they leverage existing relationships or tap into emerging projects. Be prepared for a potentially slower start, but with more significant rewards as you grow.
Investment in Knowledge: Since you have an interest in the field, consider investing time in furthering your knowledge of Life Sciences. Certifications, attending relevant conferences, or online courses can position you as an industry expert and provide you with credibility among clients and candidates.
Small Wins: While transitioning, try to keep a hand in your existing desk to maintain some consistent income during the ramp-up period. This can mitigate the financial risk as you build your new desk.
Ultimately, it sounds like you’re ready for a challenge, and if your passion lies in Life Sciences, that enthusiasm will certainly reflect in your work. Your goal to bill over £250k is ambitious but achievable in LS with the right approach and dedication. Good luck, and keep us posted on your journey! 😊