Compass Executives Senior Associate Andrea Litovszky recently sat down to discuss her role at Compass Executives and key market observations within the industry. 

Which of the practice areas do you support at Compass Executives?

I have joined the Executive Search division of our wider Life Sciences practice from a Global Search firm.

What are the key market observations you’ve witnessed in 2023, and how is this impacting hiring at C-Level?

In 2023, pre-clinical and clinical stage small biotech companies continued to face difficulties in securing the next round of funds and it seemed that the VC world remained cautious and invested in fewer companies, maintaining a narrower portfolio. This difficulty in securing funding inevitably led to a slowdown in hiring and resulted in an oversupply of talent availability.

Another observation is that licensing deals and M&A picked up at the end of 2023 giving way to a greater sense of optimism among industry experts about the likelihood for strong M&A activity in 2024.

As for therapeutic areas, oncology in general and immune-oncology specifically remain a major area of focus. However, there is good quality research in many areas such as neurology, and cardiovascular disease too.

Are there any current high-demand skillsets?

Experts holding a medical degree coupled with board certification remain in high demand. However, it seems that CSO / CMO and CDO roles started to require talent that not only require an in-depth scientific knowledge but demands strong business acumen and preferable experience in securing funds and leading business through an IPO.

What advice would you offer to the investment community making leadership changes to their portfolio businesses at present?

While having a specialist, scientifically driven and commercially minded leadership team, it is also vital to build an established, reputable and diverse board.

Non-Executive Directors play a highly influential role in ensuring the company’s values and standards are maintained whilst ensuring obligations to shareholders and other stakeholders are understood and met.

Furthermore, it has been found that companies who appoint clinical development professionals to their boards early in their evolution do better than those who do not.

Find out more about Andrea here. 

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