Life Science Consulting

Hi there,

I think this is an interesting question that may be relevant for many people. I would be happy to share my thoughts on it:

• The level of interest and potential for growth in the life science industry as a career path can vary depending on an individual's personal interests and goals. Some may find the industry particularly compelling due to the opportunity to work on complex and challenging projects related to the development and commercialization of pharmaceuticals and medical devices, while others may prefer the broader scope and diversity of projects offered by other industries.
• The differences between consulting firms that specialize in the life science industry and traditional strategy consulting firms, such as MBB, can also vary depending on the specific company. Some life science consulting firms may have a stronger focus on specialized methodologies and approaches tailored to the needs of the industry, while others may be more similar to generalist consulting firms in their approach. Similarly, the training and learning opportunities offered by these firms may differ, with some placing a greater emphasis on developing specialized knowledge and skills related to the life science industry.
• It is possible for consultants at firms specializing in the life science industry to transition to generalist strategy consulting firms, such as MBB, in the future. However, it may be more challenging to make this transition without prior experience in a more generalist consulting role. It may be helpful to gain experience in a range of consulting projects and industries early in your career in order to build a strong foundation of consulting skills that can be applied in a variety of settings.

If you would like a more detailed discussion on how to address your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

1. LS consulting is interesting because it covers an industry that is rich, with high margins, with many interesting projects, and tons of M&A activity. Projects sometimes are not the usual ones you have in “core” consulting, because you also have projects on regulations, trials, R&D, etc.

2. MBB firms have better branding, give you a much better outlook, and teach you a certain way of working that usually, LS consultancies are not able to give. 

3. Move from LS consulting to MBB is definitely possible. Besides, I would not even exclude that MBB acquire some of the LS consultancies. 

Life science consulting does not always overlap with generalist consulting as you put it. For example, life science consulting is focused on clinical trials and regulatory processes for drugs. The real overlap comes from due diligence and sometimes strategy work done at life sciences consulting.

Differences in training and culture really differ between the companies you listed so it is hard to say how they differ as a group from MBB.

I have not heard of many people moving from life sciences to MBB, but this may be that those people enjoy life science work and don't want to be a generalist.

Hi there,

1. How interesting is the Life science industry (in terms of future potential, type of project, project complexity, etc) compared to other industries such as TMT, PE, Financial Services, etc?   

It's the best thing ever!

It's the worst thing ever!

^The range of possibilities

Your job is to figure this out for yourself. Do you find healthcare topics interesting?

Get reading (healthcare topics on these company websites).

Get networking (with people in the industry to ask them about projects and day-to-day)

I find every single industry you listed interesting…we can't tell you what you should like!

2. How different are they compared to MBB or tier 2 firms in terms of methodology, competencies, training, learning curve, etc?

You can't just group them all up! Every firm is different (again, here's the value in networking).

Each one will have different methodlogyies, compentencies, cultures, etc. Of course, MBB can't be beat on most fronts, but once you get to Tier 2 it really is dependent on firm, office, and, importantly how YOU learn & develop best (what type of environment)

3. If I were to join a firm that specializes in life science, is it still possible to join as a generalist at MBB or tier 2 in the future?

Yes!