Life Sciences Industry Insights (Spring 2024)

In 2024, the life sciences sector is in a good place. Employment has hit record highs, and the share of the total US job market is larger than it’s ever been. According to a report from Mordor, the Biopharmaceuticals market is expected to grow by 47% (or $250 billion) in the next 5 years.

With rising development, usage, and approvals of innovative drugs, pharmaceutical organizations have been busy. FDA approvals are at the highest they’ve been in 20 years, lending some optimism to the fact that we are on the right track. The increase of chronic diseases and further development of advanced treatment have helped propel the industry forward even in the face of adversity.

Despite economic challenges, Life Sciences has historically been a resilient industry, with unemployment often being significantly lower than other sectors and the US as a whole. Not only are Life Sciences organizations expected to fare better during downturns, but they’re expected to recover quicker as well. During the last 3 recessions, the Life Sciences sector bounced back and surpassed pre-recession levels quicker than almost any other industry.

So with the market in mind, what can you do as a procurement or talent acquisition professional?

You can start by assessing your future needs. What projects do you have coming down the pipeline? Any major clinical trials or production demands that you think the company might need to be prepared for? You don’t necessarily have to have the talent, but you need the capability to find and hire that talent, fast.

You can prepare for those talent demands with pre-engaged pipelines of candidates who know your brand, know your industry, and are ready to work.

A few questions you should ask yourself before you get started on your journey.

1. Do you have the capability and capacity to locate a large amount of workers (temp or perm) at the speed that you require?
2. Would a slower sourcing and hiring process hinder your production? Is your brand desirable enough to attract candidates on its own?
3. After you decide what talent you need, do you know where to find this talent and how much it will cost you?
4. Do you know how much risk you currently carry, and how much risk comes with every classification of worker?
5. How does that risk affect your overall hiring/workforce strategy?

There is so much to think about when building your workforce strategy, especially in an industry like Life Sciences. Let us help you shape your future plans, reach out to us and we can set up some time to address your challenges.

Want to read more? Download the latest white paper developed by Everest, brought to you by Hays. In the report, you will gain access to:

• Six talent acquisition and management steps to find in-demand candidates
• Market insights and trends shaping the future of the Life Sciences industry
• Tools that engage, onboard, and retain experts for stability and long-term success