#MedComms Freelancing Barometer 2024

This article was originally posted by Sarah Nelson on LinkedIn on 1st February 2024. You can see the original article here.

Arguably the most challenging aspect of freelance life is managing the peaks and troughs in workload – and of course, in earnings. Life is good during the peaks, when good freelancers can turn work away and charge healthy day rates. These are evened out by the troughs, when work is, for whatever reason, less predictable. The troughs are part and parcel of being self-employed and it’s crucial that freelancers learn to manage them accordingly. The troughs may last days, or weeks. But they’re less easy to manage when they last for months. For some freelancers in medcomms, it appears that this has been an unfortunate reality for much of 2023.

The latest #MedComms Freelancing Barometer conducted by NetworkPharma reveals a mixed picture. Completed by 550 freelancers from around the world, this survey is the best and most up-to-date snapshot of the medcomms landscape in 2023. It’s clearly skewed to the freelancer’s perspective, but overall it reflects the general downturn in workload, redundancies and budget cuts that we’ve been hearing about from agencies and clients alike.

Looking at the headline data, the most shocking is that around half (45%) of freelancer responders reported earning less than expected in 2023. Delving into the comments, the reasons are varied. Some report greater variability and less reliability in workload, others pin their poor year on a particular client or project. The variability is clear in the comments sections:

‘2023 was the worst financial year I’ve had as a freelancer’

‘Quiet, quiet, quiet. Who else is experiencing this- is it just my bad luck, or a wider industry trend?’

‘For the past 15+ years I have earned a six-figure income from medical writing’

Smart writers recognised the trend early on and took action:

‘My usual work for agency clients slowed down considerably in Q1 2023 and never really recovered. I hustled to bring on new clients, and I started to pivot my business offerings (which took some time away from paid work).’

‘I think it's wiser to branch out if you want to stay afloat as a freelancer. I think that's why so many freelancers don't just work as medical writers, they're also editors, coaches, translators, etc., or they do many different types of medical writing.’

‘I think I've been spoilt in that, for most of my 10 years of freelancing, new opportunities have arisen organically (not purely by luck, I did spend 8 years working in-house and building a network of colleagues who would consider me a good writer before I went freelance).’

On a positive note, the upside of being self-employed is still evident. When asked about job satisfaction, the overwhelming response from freelancers was positive: 70% were Satisfied or Very Satisfied. Many cite work-life balance, flexibility, and health benefits as positives. However, many of these comments were tinged with failing optimism:

‘I love freelancing but am becoming concerned with the lack of work’

When asked about the lure of going back to permanent employment, some freelancers are considering it. But more than 75% of respondents stated it is Unlikely/Very Unlikely that they plan to stop freelancing in 2024.

The opportunity for training was raised more than once in the survey. Professional associations are not fully addressing the unmet need here, with 50% of freelancers reporting membership of a professional organisation. ISMPP, AMWA and EMWA took the biggest proportions of memberships. Networking groups are emerging as a source of support for freelancers, including many groups that were not listed in the survey (CMEPro, The Anthill, Prospology, and of course, my own Agency Ready programme). These support networks can be invaluable for writers to share knowledge, make referrals, and generally provide a safe space to connect with other writers.

Freelance medical writers can take solace knowing that others are facing similar challenges. The reason it’s been a tough year is because agencies and pharma have less work, due to budget cuts and leading to hiring freezes. The wider economy is seeing similar trends. LinkedIn is littered with posts discussing freelance availability, redundancies, and other signs that times have changed, and not just in medcomms.

One respondent clearly summarises the perils of being self-employed, which apply to any industry:

1. Isolation

2. Fewer people interactions

3. Financial insecurity

4. You will be your boss and need to take the risks

5. No IT support

6. No colleagues to interact with

7. No seniors to ask for opinion and guidance-but networking is an option

We cannot know from the survey alone the reasons why some are feasting during a wider famine. It could be down to experience, a healthy network of contacts, or indeed right place/right time luck. Most likely, it’s down to great performance, reliability, high quality work and great client relationships.

Let’s end on some interesting musings from other survey respondents. It is of course important to stay up to date with industry trends, but it is absolutely essential to maintain a positive mindset. We self-employed writers must be accountable for our choices – the choice to be self-employed comes hand-in-hand with the necessity to go out there and find work, maintain our skills, and deliver the utmost quality for each and every client.

‘I'm 6 years in now and despite all the changes (IR35, AI, company take-overs etc), I'm still standing and making a good living. I think that shows why you should always question the parts of your mind that generate [negative] thoughts - are they based on real knowledge or your established fears!?’

‘Develop positive relationships, care about the people you interact with, and deal honestly with everyone.’

‘I am looking forward to what Medcomms has for 2024: more training, interaction, and contentment. Let curiosity drive you, and let your creativity shine!’