Life sciences is one of the most interesting industries in the world. It has the potential to enhance our wellbeing, increase our safety and security, and lengthen our lives. Nonetheless, despite being a promising sector with a lot of potential, it still faces numerous difficulties. Here are three issues that life sciences companies have to deal with today—and how they can overcome them:
Challenges:
People and skills have become a commodity:
People with the knowledge and experience required by the life sciences are in short supply worldwide, and this problem is not going away any time soon. Sixty percent of CEOs in the life sciences say they are extremely concerned about the lack of digital talent, and fifty-seven percent say it is difficult to locate the proper kind of candidates. Strong hiring ambitions have intensified the rising concerns about the lack of qualified candidates and may only make matters worse. With labour prices growing, there is fierce competition among businesses for the best personnel. Given the sector's plans to increase employment this year, this is a major problem. Companies will struggle to realise their full potential without the proper personnel in place.
What should companies be doing?
There are now more considerations outside only money incentives, such as broader societal impact. People want to be a part of something that is changing the world, thus businesses must be able to clearly express their vision and mission to their staff. It's critical to comprehend employee needs and foster their development, understanding employee needs and creating rewards, whether monetary or mental/emotional, that they value will really set you apart as an employer.
Increasing Costs
A very real threat exists in the form of inflation. In all significant economies, the rate of inflation has risen to a 30-year high and appears certain to stay that way through 2023. The IBR study indicates that profit growth forecasts are still high despite these worries. It will be up to the businesses to raise selling prices despite fierce opposition if they want to meet these expectations.
What should companies be doing?
Efficiency improvements and increased productivity are required to control expenses. By further optimising both manufacturing and labour methods, increased usage of technology can lower overhead costs. Contract flexibility is advantageous for businesses given the pressures of inflation and the unpredictability of input costs. Agreements must take into account the current price uncertainties, which are probably going to keep getting worse for a while.
Technology
The Deloitte Center for Health Solution polled C-suite executives to determine the potential effects of artificial intelligence (AI), machine learning (ML), analytics, and business intelligence on medical equipment manufacturers and biopharmaceutical firms in 2023. Digitization is receiving a lot of attention, and it is anticipated that this trend will continue in 2018. To improve supply chain and production efficiency and counteract inflationary pressures, technology investment is viewed as essential.
What should companies be doing?
It is urged that companies carefully consider how they might incorporate or adapt technology to make procedures more efficient. Industry leaders will need to accept the fact that automation will accelerate time to market, streamline procedures, and deliver safer, more effective treatments. By taking into account the newest and most cutting-edge technology, life science companies can ensure that their foray into the technological world will keep them current and relevant in this constantly evolving industry.
Conclusion
Life sciences is an exciting field to be in, and the future looks even brighter. As the industry continues to grow, it will be important for companies to stay ahead of the curve by staying on top of emerging trends and challenges. By anticipating these issues now, we can ensure success in 2023!
Where do I fit in?
I'm a scientific recruitment expert specializing in the areas of pre-clinical, early discovery, translational, and CMC. As a specialist, my primary responsibility is to stay on top of the market trends and be aware of the challenges my clients and candidates may face within life sciences. Based on these challenges, I provide tailored and personalized solutions to help companies and candidates overcome them. If you're a company looking to bring on the best scientific professionals or if you're a candidate looking for your next challenge, get in touch now!
Tshering Sherpa - Lead Scientific Specialist
Email: tsherpa@barringtonjames.com
Phone: +44 1293 776644