The life science sector is constantly changing, adapting, and advancing. New products, innovations, and technological breakthroughs are creating new career opportunities and finding life-saving solutions.
Keep reading to find out how emerging trends such as digital transformation and ESG are affecting employment in life science.
From AI that is helping drug discovery to digital health and data mining, scientists all across the globe are using digital transformation to accelerate the life science sector. This digital shift was heavily accelerated during the COVID-19 pandemic, which forced companies and people to move towards a more digital and remote world for the safety of patients and workers.
Digital transformation in this sector is no breaking news, however, it is a trend that is expected to continue with a report by Deloitte expecting the market for just AI to reach $3.8 billion by 2025 for biopharma alone. We’ve also seen the likes of digital twins that can track your health [URL to blog] and 3D printing of organs in development.
So how does this affect employment? With the use of AI expected to soar in the future, the sector will need more software engineers and technical project managers. It will also need to aid the shift in the way scientists work. Scientists, particularly those in their early careers, will need to be on the lookout for these digital transitions in order to ensure that they have the abilities required to meet the new job needs.
With AI’s ability to take over mundane tasks, we could also see an increase in job satisfaction, which in an already competitive job market, could help companies, that adapt to this digital transformation, attract talent.
Read more about how digital transformation is shaping life science in our recent blog. [URL to blog]
Environmental, social, and governance (ESG)
ESG has taken the centre stage in recent times. It’s an important aspect of any company that many customers and stakeholders are taking into consideration now more than ever.
The threat of climate change is on most people’s radar, with single-use equipment, medical waste and supply chains driving the life science’s carbon footprint, more and more companies are addressing their environmental impact through environment strategies.
Clinical trial diversity is also being addressed by many to tackle social health inequalities. In 1993, the FDA lifted its ban on women participating in clinical research, however, there are still inequalities and a gender pay gap that needs to be addressed in the overall scientific research community and pharmaceutical industry.
Deloitte predict that in 2022, ESG performance will come under even more monitoring with aspects such as, access to medicines globally, health and race equity, diversity in leadership and income equality, environmental sustainability and drug pricing becoming more important to stakeholders.
When it comes to employment within life science, organisations will need to ensure they are making an effort to improve their environmental and social impact. With ESG no longer a nice to have, companies will need to show how they are making a change to help with their candidate attraction in this competitive job market.
Market changes in the life science sector are expected to see the worldwide Clinical Research Organisations (CRO) market reach a value of $71.1 billion by 2024.
Pharmaceutical companies are increasingly looking to reduce costs and are therefore, outsourcing their research and development activities to third party orgs such as CRO’s and academic institutions to stay competitive and profitable.
The rise of personalised medicine is also prompting companies to rethink their research pipelines and product development. It is likely that Clinical Research Organisations will become an integral part of life sciences in the future as we see the complexity of their work rise.
As a result, more CRO’s are investing in cutting-edge medical equipment and importantly, in hiring more employees. Creating a demand for more talent in this area of life science which we expect to see rise.
To summarise, the life science industry is becoming increasingly competitive, with corporations working harder than ever to retain, attract and motivate staff. As the field continues to digitally transform, organisations are also having to now compete with other industries for tech-savvy talent.
These hiring activities can take up hours of vital time in order to keep these life-saving organisations running smoothly. However, much of this time might be spared if life science organisations used specialists in staffing and outsourcing solutions.
Connecting Life Science experts and organisations globally
At Linnk Life Science, we provide staffing, outsourcing and professional services, enabling access to life science experts globally. We unlock life science experts across the Pharmaceutical, Biotechnology, Data Science and Clinical Research Organisation (CRO) industries, empowering you to focus on the innovation shaping the world around us.
Connect with Linnk Life Science to find out how we can support your organisation or find you your perfect role in life science.