In a recent survey we conducted, we found that:
- 63% of companies spend more time on lab services than they expected.
- 22% are spending more than 10 hours a week on individual lab services tasks.
- 80% spend more than 10 hours a week on chemical and biological waste management.
- 66% of companies either outsource their lab operations staff or have part-time help.
- And 48% say they don’t have enough resources to support their lab operations.
Over the past 10 years the Biotech Start -Ups have dominated the Life Science industry as the fastest-growing market sector. The Greater Boston area is now the #1 hub for this activity in the world.
We all benefit from this growth sector, but what has changed? How are we adapting to this new Biotech marketplace?
As the market has grown and developed, we are seeing many new kinds of resources dedicated to life science start-ups. There are developers who specialize in building facilities to house these companies; there are venture capital companies who provide not only financial support but executive and operational support as well; and there are incubators who help these start-ups with all things related to launching and growing their businesses.
But the statistics clearly show that the industry is facing a resource shortage when it comes to lab operations staffing.
Many companies require their scientists or facilities staff to support lab operations job functions. This works when you are 5 people, but as you grow your lab, this takes the most highly qualified, highly skilled, and high-cost employees and requires them to do basic lab operations tasks.
Many tasks required in the lab, such as shipping and receiving, consumables inventory, and waste management, can be done with someone with much less training than what a scientific job requires.
What responsibility does this market sector have to growing local jobs?
PhDs are one thing – they come from all over the world. But who can help run the day-to-day operations and facilities these companies require? We need to look at our local job market and find ways of allowing the wealth of this sector to reach into our community.
Outsourcing your lab operations wasn’t anything companies considered in the past. But now, several companies are well-situated to provide exactly this support. Large Biotech and Pharma companies can provide plenty of full-time job opportunities for a vast range of highly skilled and less skilled labor. But smaller start-ups can’t afford to maintain this overhead.
The expansion of this market has also created a new role for many – as outsourced lab operations companies or consultants to the industry. We are starting to see many lab management and lab services companies creating job opportunities, training and managing staff, and helping small to mid-size labs manage their growing operational needs.
We are also starting to see training opportunities, in both the private and public sector (Bioversity created by MassBio, for example). Some organizations provide lab management services, and train technicians in basic lab services such as lab operations, safety, facilities management and equipment maintenance. These companies are providing staff and services to support the growing Life Sciences sector.
The benefits of outsourcing your lab operations are many.
Besides saving you thousands in taxes and benefit costs, the management of these workers is done by others, sparing you from having to manage additional people. In addition, paid time off, training, and other overhead costs are avoided. Most importantly, you have back up coverage for vacations, PTO and sick time – meaning there is always someone working in your lab.
As lab operations grow and expand, Life Science companies need to keep up with their resource needs. Outsourcing to a company with experts in lab management and ongoing lab operations can be the key.
Venture Forward Lab Partners is a lab management and lab operations consulting company helping companies since 2018. We have the knowledge, resources, and expertise to help growing biotech companies with their real estate decisions and ongoing lab operations. Our team of lab managers and project managers has worked in the Life Science sector managing lab operations for a myriad of small to medium size biotechs. From securing the space to a fully operational move-in, Venture Forward Lab Partners has the experience and proven track record to help you every step of the way.
Whether you need us for a day, a week or longer term, we make sure your lab keeps working safely and efficiently. Contact us to see how we can fill all your lab support needs.
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