Life Science Practice
Our Life Sciences specialized practice encompasses organizations across the industry value chain; including entities that discover, develop, and manufacture emerging drug products, to companies in the medical device, diagnostic, and medical equipment space. We also support pharmaceutical distributors, contract research organizations (CROs), contract manufacturing organizations (CMOs), and technology enabled healthcare companies.
Life Science organizationsface in an inordinate amount of accounting challenges and risks due to the demands of drug efficacy and capital to fund research and development. These demands necessitate that Accounting & Finance professionals are not only technically skilled in the application of existing accounting guidance, but that they possess industry specific experience to help in the interpretation and implementation of those rules at every stage of a product’s life cycle.
In the year 2020, COVID-19 has contributed additional headwinds to the industry. Clinical trials have been stopped or paused, elective surgeries placed on hold, supply chains disrupted, and capital sources are on the decline. In addition,an election year has created uncertainty in the regulatory and political outlook, hindering M&A activity. Companies have adapted by reallocating resources internally to develop COVID-19 vaccines, treatments, or ventilators to address current demand. We also expect that the current environment may start to see companies divest non-core assets to free up resources towards primary drug development. All of these contributing economic factors necessitate that companies in the space must remain agile and adaptable to meet these challenges. In order to do so, it is vital that they have access to industry specialized finance and accounting talent to support them in their mission to do so. An organization might adapt by accelerating the timing of their IPO, divesting a non-core asset, restructuring their organization, or by shifting to a CRO model. This will require knowledgeable resources that add critical capacity quickly without the lead time required to find permanent talent.
CFO’s Domain consultants can help companies in this sector with work including, but not limited to:
Our Search Practice maintains relationships with both passive and active career motivated accounting and finance professionals in the life science industry. Our investment in this spacehas enabled us to track candidates by important identifiable attributes, such as tenure within R&D, clinical, commercial, or manufacturing operations, as well as size of company, stage of growth, and market location. Our goal is simple,to improve the lives of our stakeholders by bringing together candidates and clients at relevant points of their career and hiring journey.