Navigating Career Changes in the Life Sciences Regulatory Affairs Field
Building or maintaining a rewarding career in the life sciences regulatory affairs sector requires a proactive effort. That persistence is even more critical after being laid off or with the acquisition of your employer. Getting up, brushing yourself off, and quickly getting back into the game is vital.
Nearly all professionals unexpectedly lose their job at some point in their careers. As difficult as it may be, never take a job loss personally. Instead, use it as an opportunity to grow, network, and find intriguing new opportunities. Keeping a positive attitude is a must.
Let’s explore a few tips and insights on overcoming challenges in your regulatory affairs career. Leverage this advice to keep your career path on an upward trajectory. Staying positive gives you the best chance at a rewarding career that lasts until your retirement day.
The Current State of the Life Sciences Regulatory Affairs Job Market
While 2023 saw a downturn in the life sciences job market, things appear to have stabilized somewhat. Still, well-publicized layoffs in these sectors likely cause a measure of consternation for your professional prospects. However, shortages in specific job roles mean demand remains high for regulatory affairs professionals.
Various industry pundits feel these sectors’ 2023 downturn are related to a post-pandemic overcorrection. While some upswing is projected, the number of openings is not expected to reach 2021 levels this year. In these situations, staying focused and positive ensures you stay productive at your job and when looking for work.
Navigating Layoffs in the Life Sciences Sectors
If you recently suffered from being laid off, check out this advice on handling the situation. Not to belabor the point, but staying positive remains essential to quickly bouncing back. After all, it helps you keep focused, something especially critical for finding a new position.
At the same time, a little self-analysis could be helpful. Did your performance suffer, or are your skills growing obsolete? The answers to these questions help determine a path for putting your career back on the right track.
Understanding the Impact of Layoffs on Career Trajectories
As highlighted above, nearly all professionals – no matter the industry – are laid off at some point in their careers. Layoffs affect entry-level life sciences regulatory affairs professionals and those with significant experience in the field. The ultimate impact on your career relates more to how you react than the layoff itself.
Losing your job might result in finding a career path more aligned with your professional dreams. Perhaps it leads to additional education, including relevant professional certifications, to qualify for new positions. In short, treat any layoff as an opportunity for professional growth to keep your career on track for success.
Strategies for Bouncing Back After Layoffs
As noted earlier, the first step after a layoff involves performing self-analysis. Determine why you lost your job and whether you need any changes before looking for work. If your skills need updating, get any relevant training, leveraging your extra time wisely.
Contact colleagues from your professional network for insight on any potential job openings. Life Science and regulatory affairs employers understand that networks are an excellent resource for passive candidates. As a result, they trust a recommendation from someone who worked with you in the past. Also, keep your résumé updated and spend time practicing your interviewing techniques, especially if you haven’t interviewed in years.
Additionally, a long-term partnership with a staffing agency specializing in life sciences and regulatory affairs makes perfect sense. Shepherd Regulatory Search employs recruiters offering helpful advice on rebounding after being laid off. These insights become especially helpful in a challenging job market.
Surviving and Thriving Through Company Acquisitions
Analyzing the current life sciences job market reveals a variety of new mergers and acquisitions. This situation typically leads to layoffs as the merged company consolidates its operations. However, it also offers growth opportunities and new responsibilities for those staying with the new organization.
This is another potentially challenging situation that requires being proactive while maintaining a positive attitude. If kept on board with a different managerial team, make an effort to highlight your value to this new leadership. Whatever the specific scenario, prove your worth to thrive in this new situation.
The Reality of Acquisitions in the Life Sciences Sector
The current year shows no slackening of the pace of mergers and acquisitions in the life sciences sector. AstraZeneca and Bristol Myers Squibb spent $3.45 billion and $14 billion, respectively, on acquisitions. Novartis also conducted two mergers that approached nearly $3 billion in value. Johnson & Johnson completed a $13.1 billion acquisition of Shockwave Medical. These are only a few of the many M&A examples.
If working in the pharmaceutical, biotech, or medical device regulatory affairs sector, expect to be part of this M&A trend. It would be best to stay on an even keel whether your employer is the acquirer or the acquiree. Never assume your job is on the chopping block. Keeping positive – yet again – ensures you thrive, no matter the final result.
How to Stay Proactive During Organizational Changes
Thriving proactively when organizational changes affect your life sciences career requires flexibility. In short, be open to learning and taking on new roles and responsibilities. This must be your approach, even if your current position seems relatively stable.
Additionally, emphasize areas where you serve as a subject matter expert. This approach can make a noticeable difference when reporting to new leadership. Show you know your stuff while illustrating the value you deliver for the organization. It’s the best way to get noticed as an essential contributor.
If organizational changes result in you wanting to find other opportunities, connect with the team at Shepherd Regulatory Search. Our insight, advice, and industry connections within the life sciences ensure you find a new role as quickly as possible. It’s the best way to keep your career on track, no matter the changes.
Managing Unexpected Career Moves
Importantly, preparing for any unexpected changes to your career path would be best, especially in the life science industry. As highlighted above, suffering a layoff remains a real risk, no matter your experience level. The significant changes over the last two years in the life sciences and pharma sectors provide sufficient evidence.
Let’s examine a few tips for navigating stormy seas affecting your career growth in life sciences.
Identifying Triggers for Sudden Career Changes
Keeping a clear eye throughout your regulatory affairs career remains critical. Of course, expecting changes when a merger happens is natural. However, you also need to anticipate other potential triggers impacting your career. For example, pay close attention whenever you have new leadership at your current employer, especially your manager.
Additionally, some triggers might be external. For example, the introduction of a new technology might result in better opportunities outside your current employer. The rapid implementation of AI throughout the business world provides one obvious example.
Developing a Resilient Career Mindset
Building resilience also helps you thrive no matter the current state of the life sciences job market. As noted earlier, having a flexible mindset and staying open to learning new things and responsibilities matters. Staying centered with a positive mental attitude ensures you thrive no matter the scope of the changes.
Emotional maturity helps when building a resilient career mindset. Never let a layoff or your employer being sold hamper your positivity. Stay excited and be ready to face whatever changes lie ahead on your career path.
Leveraging Support Systems and Resources
Of course, having resources and support systems matters when encountering career difficulty. We already discussed how a professional network is an excellent resource for finding life sciences regulatory affairs opportunities. LinkedIn and other professional social media outlets also help.
A partnership with an experienced life sciences recruiter also provides a meaningful resource throughout your career. They offer advice on industry changes or even help with your résumé and interviewing techniques. Contact Shepherd Regulatory Search to connect with insightful recruiters to keep your career on track.
Partner with Our Expert Life Sciences Regulatory Affairs Recruiters
When searching for an exceptional staffing agency to help your life sciences career thrive, look no further than Shepherd Regulatory Search. Let us show you how we help professionals successfully handle career changes.
How We Can Help You in Your Career
Top companies in regulatory affairs and life sciences trust us to find talented candidates. As a result, you get access to great opportunities, in many cases, before the public at large. We also provide meaningful advice on what these employers look for in professionals.
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Connect with us at your earliest convenience to discuss how we can help your career thrive like never before. Don’t let a challenging job market prevent you from achieving your goals.