As someone who regularly speaks with talented professionals in life science strategy and consulting, I'm increasingly hearing the same question: 

"Should I make the jump to industry?" 

While the allure of industry roles is understandable, there are compelling reasons why staying put in consulting might be the smarter career move - at least for now.

The Current Industry Landscape is Challenging

The life sciences industry is navigating one of its most turbulent periods in recent memory. Mass layoffs have swept through major US pharmaceutical companies, with tens of thousands of positions eliminated across the American life sciences sector since 2023 through to the present day. 

Biotech funding has contracted dramatically, with VC investment in American biotechs remaining well below peak levels despite some recent stabilization. 

Even established MedTech companies are implementing cost-reduction measures and hiring freezes.

This environment creates a perfect storm for those that are hiring. 

Competition for available positions is fierce, with experienced industry veterans competing alongside consulting professionals for the same roles. Companies are being extremely selective, often requiring exact experience matches rather than betting on transferable skills.

Consulting Offers Unique Value Right Now

While the US life sciences industry contracts, consulting firms are experiencing increased demand. 

American companies facing pressure to optimize operations, navigate FDA regulatory changes, and make strategic decisions about pipeline investments are turning to external expertise more than ever. 

This creates several advantages for consulting professionals:

• Recession-Proof Skill Development 
  • The problem-solving, analytical, and strategic thinking skills being honed in consulting environments are precisely what industry will value when hiring rebounds. You're building a toolkit that becomes more valuable during uncertainty, not less.
• Broad Industry Exposure 
  • Rather than being siloed within one company's challenges, consulting professionals are seeing how multiple organizations respond to current market pressures. This cross-industry perspective will be invaluable when you eventually transition to industry.
• Network Expansion 
  • Every client engagement expands your professional network within the industry. These relationships often prove more valuable for future opportunities than cold applications through job boards.

The Compensation Reality Check

Many Consulting professionals are surprised to discover that industry moves don't always result in immediate compensation increases. 

With American companies focused on cost management, salary negotiations have less flexibility. Meanwhile, US consulting firms are competing aggressively for talent, often resulting in better short-term compensation packages than what's available in industry.

The equity component that makes industry roles attractive long-term is also less compelling in the current environment, with biotech valuations depressed and even established pharma companies seeing stock price pressures.

Strategic Timing Considerations

The best time to transition to industry is typically when you can move from a position of strength, not necessity. 

Right now, many consulting professionals feel pressure to make a move due to external factors rather than optimal positioning. 

Consider these timing elements:

• Project Portfolio 
  • Are you currently working on high-visibility, strategic projects that will enhance your industry credibility? If so, seeing these through to completion strengthens your transition story.
• Skill Gaps 
  • Industry roles often require specific technical knowledge or regulatory experience that consulting roles might not provide. Using this time to build those competencies through targeted projects or additional training positions you better for future opportunities.
• Market Cycles
  • Life sciences is cyclical. The current downturn won't last forever, and when hiring rebounds, companies will be looking for professionals who demonstrated resilience and continued growth during challenging periods.

When the Timing Might Be Right

This isn't to suggest that consulting professionals should never consider industry moves. 

The timing becomes more favourable when:

• You have a specific opportunity with strong internal advocacy
• You've built deep expertise in a particular therapeutic area or function that's in high demand
• You're willing to take a lateral or even backward step in seniority to gain industry experience
• You have significant runway financially to weather potential instability

The Long-Term Perspective

The professionals who will be most successful in life sciences over the next decade are those who use this challenging period to build resilience, expand capabilities, and deepen industry knowledge. 

Consulting environments, with their exposure to multiple companies and strategic challenges, provide an ideal training ground for developing these qualities.

Rather than viewing consulting as a stepping stone to escape from, consider it a strategic advantage in building the career you ultimately want in life sciences. 

The industry will recover, hiring will rebound, and when it does, the professionals who spent this time building valuable skills and relationships will be best positioned to capitalize on new opportunities.

Strengthen Your Position Before the Market Turns

The question isn't whether you'll eventually move to industry - for many consulting professionals, that transition makes perfect sense. 

The question is whether now is the optimal time to make that move, or whether staying put and continuing to build value positions you for better opportunities when the market improves.

In most cases, patience and strategic career building will serve you better than rushing into a challenging job market. 

The industry will still be there when you're ready, and you'll be better prepared for the opportunities it offers.

Need a sounding board on your next move?
If you’re weighing a transition to industry or want to better understand how your consulting experience positions you in today’s market, I’d be happy to connect. I speak with life sciences consultants across the U.S. every day and can offer honest insight based on what I’m seeing.

📩 Contact me directly here 

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