Should I Hire or Outsource Business Development in the Life Sciences?
As a leader, you’re likely already aware of the benefits of having dedicated business development (BD) talent in your organization.
An active and strategic BD strategy will help your company:
Generate qualified leads
Build and nurture relationships
Identify deal and partnership opportunities
Establish a presence in key life science sectors
Develop and execute deals, agreements
Drive lucrative transactions
But with all the options available, it can be difficult to determine the right fit for your organization - especially today where the job-seekers’ market has made talent acquisition more competitive.
The question is: Should you hire or outsource business development as a life science organization?
Here's what to consider when deciding between the two so you’re set up for success (and why outsourcing is the winner for many life science organizations).
As you can see, numerous factors should be considered, including:
Team size
Time investment
Management support
Sector expertise
Project experience
Relationships
Results measurement
Cost
Considering all factors, outsourcing BD is the ideal fit for many organizations across the life science industry, including:
Pharma
Biotech
Medical device
Nutrition
Contract research organizations (CROs)
Contract manufacturing organizations (CMOs)
Clinical research
Animal/pet health
And more!
Want to weigh the options for your specific organization? Contact our team today to schedule a call.
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Sosna + Co is a boutique, outsourced business development partner for the life sciences. From M&A advisory and licensing deals with Fortune 500 companies to uncovering the potential of savvy, new start-ups, the principal is simple: we work meticulously to uncover new opportunities that grow your business. Contact us today to learn more.