LifeSciHub FAQ
I already work directly with sponsors, why should I work with LifeSciHub?
If you are able to achieve your full utilization rate on word of mouth business development alone, you shouldn’t! However in our experience, even the most prolific independent consultants sometimes experience “dry” periods in which the phone isn’t ringing as often, word of mouth isn’t yielding what it usually does, or there are unexpected (downward) fluctuations of billable hours. It’s free to have a profile on the platform, and there is never an obligation to accept a project LifeSciHub presents to you. So worst case, by maintaining your profile on the LifeSciHub platform you will get exposure to opportunities you would not have had otherwise. The only cost you will ever incur when working with LifeSciHub is for a project that you would not have known about otherwise, in which case you can consider LifeSciHub your practice’s outsourced BD function.
OK, I have a profile on the LifeSciHub platform, now what?
Nothing at all! Carry on business usual. When LifeSciHub has vetted a Hiring Entity that has a need for your SME, we will notify you to see if you are available and interested. LifeSciHub’s goal is to one day have the Brand strength such that whenever a drug sponsor needs an independent consultant, they check LifeSciHub first. However in the spirit of full disclosure, we are not there yet. We are tentatively promoting the platform and the independent consultants on it to drug sponsors, however we are also taking great care (translation: going slowly) to measure those efforts with ability to support and scale within the highest quality standards.
Who has access to my profile?
Only Hiring Entities that have a live project, and even then, only for the time period of active searching. LifeSciHub’s job is to “qualify” opportunities for you, and save you precious time and energy that would otherwise have been spent on fruitless business development. We screen hiring entities to ensure that budget has been assigned, that the hiring entity we are speaking to has authority to hire, that the decision is imminent and not in the distant future, etc. We do not allow agencies or recruiters on the platform.
How do interested hiring entities get in touch with me?
Each IC profile has an “invite to bid” button available to the hiring entity, in which case you will receive an email alert sent to whatever email you used to create your profile. Unlike other third parties, LifeSciHub’s goal is to put the two parties together as soon as possible to discuss project scope, details and rates. Hopefully, a mutually beneficial working relationship is born!
The Hiring Entity asked me for a proposal. Can I just tell them my rate?
Sometimes that’s all that is required. However most work that goes through the LifeSciHub platform is for significant tasks, tight timelines and for projects that represent high risk for the hiring entity. This is typical of most life sciences activities. LifeSciHub recommends Independent Consulting Best Practices, which include providing clarity not just about your rate but the detailed scope of the project, anticipated timelines, and any variables or dependencies that might impact the project later. Some ICs are used to operating with this level of detail. For those who aren’t, LifeSciHub provides examples, coaching and proofreading to help ICs present their expertise in alignment with industry’s highest professional standards.
Doesn’t LifeSciHub negotiate on my behalf?
No, the platform is a neutral party. We charge a fee to both the hiring entity and the IC. Both sides of the equation are considered our customers equally. That said, we fully encourage ICs to achieve their fullest value rate in alignment with competitive market conditions, and provide resources, coaching and community to help them achieve it.
So what are the fees anyway? How does LifeSciHub makes money?
Whatever rate or total cost the IC and HE (hiring entity) agree on, LifeSciHub charges the IC 10% and charges the HE a 10% mark up. We also guarantee total transparency, so that the ICs and HEs see all fees and costs throughout the life of the engagement.
At times I am very busy and end up turning work down.
Don’t ever turn down work or give away references for free! Use the LifeSciHub Connector Model to monetize your network assets! Your network- both the clients and other experts you know are valuable because over time, trust has developed there. That is extremely valuable to drug sponsors who need to be able to trust resource recommendations. LifeSciHub believes that independent consultants, who aren’t “taken care of” in any way by a parent company, deserve every chance at revenue generation. Here’s how it works: when you are too busy or you hear of a need for SME other than your own, encourage that drug sponsor/vendor to post their project on LifeSciHub. If successfully filled, you, as the Connector of that opportunity, will receive 5% of that project revenue throughout the life of the project. That represents a full 25% of LifeSciHub’s revenue for that engagement. LifeSciHub is not interested in hiring salespeople, when that money is better made by and allocated to the independent workforce!