The Future of Computational Chemistry: Bridging the Workforce Gap

Situation Overview

The fields of AI drug discovery and cheminformatics are currently experiencing a remarkable surge in growth and innovation, marking an exciting era in the pharmaceutical and chemical industries. The Artificial Intelligence in Drug Discovery market, in particular, is set to register a CAGR of 32.8% over the forecasted period of 2023 - 2028 (Mordor Intelligence, 2023). Advancements in artificial intelligence, machine learning, and data analytics have revolutionized the way researchers and scientists approach the discovery of new drugs and the exploration of chemical compounds. These technologies have not only accelerated the drug development process but have also enabled the discovery of novel therapeutic candidates and the optimization of existing compounds.

Within today’s transformative digital landscape, chemical professionals play a pivotal role in unleashing a £400 trillion industry value by 2025 (SRG, 2023) through technologies ranging from machine learning and artificial intelligence to predictive monitoring and digitalization. Professionals within the chemical sector are therefore tasked with the responsibility of collaborating and operating with digitally optimized systems to harness this potential. That being said, the supply of qualified candidates within the cheminformatics and AI drug discovery industry is yet to meet this increasing demand.

Transformative Market Opportunities

To support this digitally transformative period, there has been an influx in types of roles directly associated with and affected by digital functions. This differs from the common assumption that digitalization leads to redundancies and the replacement of employees with digital processes - this is NOT always the case! These evolving roles focus on the utilization of digital processes within cheminformatics to streamline processes and solve underpinned issues within traditional processes. This therefore allows professionals within the market to explore roles beyond analytical, organic, inorganic, and physical domains, extending into computational and digital positions.

Such roles within the industry may include:

• Industrial Data Scientists
• Statisticians
• Data Security
• Computational Chemists
• Quantum Scientists
• Molecular Modelling
• Cheminformatics

What Are the Identified Skill Gaps?

Due to this new influx of roles, skills in demand have evolved significantly. These skills include but are not limited to computational biology, data science, coding, computer modelling, statistics, machine learning, computational chemistry, and quantum science. For those more experienced chemistry professionals who have been in the market for many years, digitalization can create higher-level skill gaps in the long term.

Although in the ideal situation, hiring managers will find a candidate with all the desired new skills, it is always important to consider transferable skills by widening their talent pool by considering candidates in other industries with overlapping skills. Whether this be pharmaceutical manufacturing or machine learning candidates with a foundation level of chemistry knowledge but experience within the digitalized field. This new wave of in-demand skills is seen as a great opportunity for new professionals or graduates still developing their skill sets and seeking out new and transformative roles.

Moreover, companies have already achieved notable success by bringing Ph.D. students on board for internships and considering candidates with Master’s or Bachelor’s degrees for their permanent positions. While this may entail some compromise on the candidates’ level of prior experience, businesses often discover that these individuals are more cost-effective and can be effectively trained and mentored over time. In many cases, companies have been pleasantly surprised by the technical proficiency of these less-experienced hires. Mentoring provided by senior leaders also leads to lasting benefits, fostering more opportunities for internal promotions within the organization.

How Do These Skill Gaps Affect the Workforce?

Evidently, skill gaps within the AI market can cause numerous issues to both team structure and company productivity. Furthermore, 41% of respondents have said that an insufficient amount of technical skills within AI prevents them from scaling initiatives (Deloitte, 2022). Furthermore, skill gaps can have significant effects on both the workforce and a business. These effects can be detrimental if not properly addressed. Some of the key impacts include:

• Reduced Productivity: When employees lack the necessary skills to perform their jobs effectively, productivity can suffer. Tasks may take longer to complete, and the quality of work may be lower, leading to inefficiencies in the workplace.
  
  
• Increased Employee Turnover: Employees who feel that they lack the skills needed to excel in their roles may become frustrated and seek opportunities elsewhere. This can result in higher turnover rates, which are costly for businesses in terms of recruitment, training, and lost institutional knowledge.
  
  
• Lower Morale and Job Satisfaction: Skill gaps can lead to decreased morale among employees, as they may feel overwhelmed, unprepared, or undervalued. Job satisfaction can decline, affecting overall job performance and engagement.
  
  
• Poor Quality of Work: When employees lack the necessary skills, the quality of their work may suffer. This can lead to customer dissatisfaction, increased errors, and potential damage to a business’s reputation.
  
  
• Hindered Innovation and Competitiveness: In rapidly evolving industries such as Artificial Intelligence, a workforce with skill gaps may struggle to adapt to new technologies and methods. This can impede innovation and hinder a company’s ability to remain competitive in the marketplace.
  
  
• Increased Training Costs: To bridge skill gaps, businesses often need to invest in training and development programs. These initiatives can be costly, both in terms of time and resources, as employees need time away from their regular duties for training.
  
  
• Missed Opportunities: Skill gaps can prevent a business from pursuing new opportunities or expanding into new markets. Lack of expertise in critical areas can limit a company’s ability to diversify and grow with new technologies.
  
  
• Compliance and Regulatory Issues: In some industries, compliance with specific regulations or standards is essential. Skill gaps can lead to non-compliance, resulting in legal and financial penalties.
  
  
• Increased Management and Supervision Requirements: Managers may need to spend more time supervising and guiding employees with skill gaps, which can divert their attention from other important tasks.
  
  
• Loss of Competitive Advantage: A business’s competitive advantage may erode if it cannot stay ahead in terms of skills and knowledge. Competitors who address their skill gaps more effectively may outperform and surpass the business.

To mitigate the effects of skill gaps, businesses should invest in employee training and development programs, assess the skills needed for current and future roles in digitalization, and actively work to fill these gaps through hiring, upskilling, and reskilling initiatives. Additionally, fostering a culture of continuous learning and skill development can help employees adapt to changing demands and stay competitive in the market.

Concluding Thoughts

It is revealed that the Artificial Intelligence market is predicted to grow from $387 billion in 2022 to $1.4 trillion in 2029, with AI and Machine Learning being the top investment priorities (SAS, 2022). Notably, 63% of respondents from a SAS survey have stated that the largest skill shortages are within these markets. Fundamentally, this demonstrates that without this talent, these increased investments in artificial intelligence could be wasted, therefore leading to financial losses and unrealized opportunities. Therefore, skill gaps should be a key point raised in current and future hiring plans. Companies should identify the skills needed, attract or upskill the desired talent, and crucially retain the correct talent to avoid recurring issues in years to come.

Are You Experiencing a Talent Shortage?

Speak to one of our experts today to gain an understanding of the latest skills needed within your market and identify which next talent will be fundamental to your team expansion!

More on Barrington James Artificial Intelligence: https://barringtonjames.com/artificial-intelligence-recruitment