Recruiting the VP of Regulatory Affairs

The top regulatory affairs officer is one of the most difficult executive positions to fill at life sciences companies. Regulatory professionals receive multiple recruiting calls every week. What can you do to catch their attention and improve your chances of success?

High Demand…
There is extraordinary demand for strategic and business-savvy regulatory executives who can work with the CEO and peers on the executive team to forge the best business path to approval. Companies understand that regulatory leadership is mission-critical. The right regulatory strategy can cut months or years from time to market, and the wrong strategy can put a company out of business.

…Low Supply
The supply of top talent is low because until recently regulatory was widely viewed as an administrative function. As a result, many regulatory professionals did not develop the skills that are in demand today. Companies want people who can chart a course through the regulations, not just cite them.

How to Be Successful

• Sell the Opportunity. Identify early in the search the factors that make your regulatory position unique and attractive. A great business plan, interesting technology, opportunity for professional development, and the chance to bring a product to market are all factors that could make your regulatory position appealing to candidates.
  
• Get Compensation Right. Regulatory compensation has been escalating, so make sure your company’s is in line with the market. As a rough rule of thumb, at small to medium sized companies expect to pay $160K – $190K base plus bonus and equity for director level, and $180K-$240K base plus bonus and equity for a vice-president. At larger companies total compensation exceeds $300K.
  
• Cast a Wide Net. Do not limit yourself to people with experience in one therapeutic area. This could significantly extend the timeline to completion. You may miss out on talented individuals with transferable skills.
  
• Be Flexible on Organizational Structure. If possible, be open to combining regulatory with clinical and/or quality for the right candidate.
  
• Retain a Search Firm. If you have exhausted your own contacts, retain an executive search firm that understands regulatory. A good search firm will identify all potential candidates and contact each one to sell your opportunity. It is the only sure way to get noticed in today’s competitive market.