Transformational Change in Life Sciences - What's Happening and How to Stay Ahead with your Talent Strategy

Our Sector is Changing by the Minute

No industry is immune to the changes going on in today’s world. New technology, creative thinking, and lean processes are just some of the disruptors taking industries by storm. I can say with confidence that the true enablers driving these changes are the talent. Without talent, technology doesn’t evolve, schools of thought and processes don’t change from years past and the industry cannot keep up with the demands of the market. Luckily that is not the world we live in. Instead, Life Science is rapidly evolving and talent is the driving force.

Below are some of the key trends I’ve noticed across the Life Science segment and where I see the opportunity for companies to change the way they look and work with their people to lead this change.

Phama’s Revamping

As the consumer and business world are transforming, Pharmaceutical companies of all sizes are feeling the need to internally regroup and restructure to better meet the needs of the market. While some areas are growing like R&D and ­­­­CMOs, others are being streamlined. For example, process automation and disolving under-performing lines of business are some ways that organizations are redefining their structures. Service outsourcing practices are also increasing to allow cost-savings and make operations more lean.

Phama meets Technology

Pharma companies have begun to leverage big-data to further solidify their business. With the amount of health data increasing by 48% annually, companies have turned to machine learning and AI to make sense of the information and turn it into useable knowledge. By using these methods of understanding information, companies are also able to research, develop and trial new products much quicker than tradition people-led ways of the past. As the amount of data grows, so does the need for talent to manage it and engineer the AI and machine-learning platforms that the data will be routed to.

“With the amount of health data increasing by 48% annually, companies have turned to machine learning and AI”

Nothing Comes without Risk

As Life Sciences companies diversify, use more data and integrate new technology, the risk associated grows substantially. When patient related-data and drug development information is stored in a cloud, it becomes vulnerable to hackers accessing the data. Research from Proofpoint shows that pharmaceutical companies are often the most targeted by hackers – with over 282 attacks on the pharma industry in 2018 alone. To counteract this possibility, pharma companies will need to increase the number of cybersecurity specialists they have in house to ensure no data is put in jeopardy.

“…Pharma companies will need to increase the number of cybersecurity specialists they have in house to ensure no data is put in jeopardy.”

Everything points back to talent. With all transformations, talent is at the backbone. Restructuring presents the opportunity for reskilling, technology endeavors call for IT specialists and new risk vulnerabilities create the need for security-focused professionals. As the industry advances, so will the need for highly specialized talent from not only Life Sciences backgrounds but other industries that will bring alternative strategies and ways of thinking.