Both Nick and Josh play crucial roles in placing senior leaders who can navigate the complexities of healthcare and life sciences organisations, addressing critical staffing and leadership gaps. Their insights provide valuable advice for organisations looking to thrive in a rapidly changing landscape.
Welcome to Day 3 of the 12 Days of Boyden series! Today, we spotlight Boyden’s experts in the healthcare and life sciences sectors: Nick Bellwood and Josh Blackman. The healthcare and life sciences sectors are experiencing a period of transformation, driven by evolving market dynamics, technological advancements, and changing leadership needs. In this Q&A, Nick Bellwood, a specialist in healthcare and life sciences executive search, and Josh Blackman, an expert in healthcare & life sciences interim management, share their perspectives on the trends, challenges, and skills shaping the future of leadership in these industries.
Q: What was a key achievement for you in 2024?
Nick: One of my major highlights was establishing Key Account Management (KAM) in Boyden and securing Ferring Pharmaceuticals as a client. This global success significantly bolstered our position in healthcare and life sciences recruitment.
Josh: A key achievement for me was continued private equity (PE) healthcare and life science engagements, which has propelled us further as being a market leader.
Q: What challenges did you face this year?
Nick: The major challenge in 2024 was the significant slowdown in the healthcare and life sciences sector. This economic downturn has created a more cautious market, making recruitment more challenging.
Josh: This has been a high level of anxiousness, highlighting the ongoing instability in the sector. There’s also been an increasing shift towards outsourcing rather than in-house manufacturing, which is affecting leadership needs and recruitment.
Q: What trends do you believe will define the future of the healthcare & life sciences sector?
Nick: A major trend will be the ongoing volatility in the market. It’s here to stay, and organisations need to be agile, focusing on what the business needs and pivoting when necessary. Additionally, there’s a significant challenge around leadership, with the retirement of boomers and younger generations having different expectations for careers.
Josh: In the healthcare and life sciences sector, outsourcing will continue to grow, with more companies opting to buy rather than make which has seen a marked increase in Contract Manufacturing Organisations. The shift towards more remote work is also significant, but it’s causing inefficiencies that companies will need to address.
Q: What are the most critical skills for executives in the healthcare & life sciences sector in 2025?
Nick: Communication is key - engaging with both customers and staff effectively will be essential. Executives must also have the ability to balance strategy with execution, maintaining a mindset focused on long-term goals while managing day-to-day operations.
Josh: Flexibility and the ability to pivot quickly to drive internal efficiencies will be critical. Executives will need to navigate complex challenges, including market forces, cheaper competition from countries like China, and the financial pressures that come with those dynamics.
Q: What do you see as the biggest hurdle for executives in the healthcare & life sciences sector next year?
Nick: The biggest hurdle will be dealing with volatility. Many companies are hoping 2025 will be the year things bounce back, but effective leadership, a clear strategy, and agility will be crucial for success.
Josh: The biggest challenge will be managing cost bases and finding efficiencies within organisations. Companies will need to focus on adapting to economic pressures, particularly around outsourcing and the growing competition in the global market.
Q: How can companies in the healthcare & life sciences sector prepare for these upcoming challenges?
Nick: Companies must use interim experts to guide them through change. Interim leaders can help organisations pivot quickly and make informed decisions during times of volatility.
Josh: Organisations should assess their cost base carefully and evaluate whether there are efficiencies to be made within their operations. Embracing a lean operating model and focusing on their core markets will be vital for success. This will ultimately play into the hands of interim managers as a flexibility and cost effective workforce model.
Q: How are hybrid and remote work models impacting the healthcare & life sciences sector’s approach to leadership?
Nick: Hybrid and remote work remain a talking point, especially within product-based businesses. While service functions have largely adapted to remote work, many leadership teams in healthcare and life sciences are pushing for a return to the office, with mandatory in-office days becoming more common.
Josh: Remote work has led to increased inefficiencies, which can hinder leadership’s ability to manage effectively. More organisations are requiring leadership to be onsite more frequently to drive productivity and maintain focus.
Q: What changes in work models do you anticipate for the healthcare & life sciences sector in 2025?
Nick: I believe we’ll see smaller public mid-cap businesses evolve more quickly, with some potentially delisting. Private equity will play an even bigger role in both healthcare and life sciences, and technology—including generative AI—will continue to boom.
Josh: In 2025, we envisage further growth in the small and mid-cap market due to their agility. Larger businesses are being somewhat left behind as it takes longer to implement change at pace.
Q: What one piece of advice would you give to leaders navigating the challenges in the healthcare & life sciences sector?
Nick: In a noisy world, it’s essential to focus on listening carefully to the voices that matter—your customers and staff. Understanding their needs and concerns will help leaders make better, more informed decisions.
Josh: Resilience is key. Leaders must be brave enough to pivot away from unprofitable areas of the business and stay focused on what will drive growth and success.
Nick and Josh’s insights offer a roadmap for executives and organisations in the healthcare and life sciences sectors. As the industry faces ongoing volatility, the ability to pivot, maintain clear communication, and adapt to new work models will be critical for success in 2025 and beyond.
