Nobody predicted the nose dive in 2020 brought on by the pandemic. What started as one of the best labor markets in recent history, spiraled into high levels of unemployment for many. Amongst all of this uncertainty, pharmaceutical and life sciences 2021 trends are a bright spot. Rival biotech firms have come together and collaborated on vaccine development, and companies are gearing up to manufacture billions of doses of vaccines upon approval. The pharmaceutical industry outlook remains very optimistic as sales are expected to increase to $1.5 trillion by 2023, fueled by compounds in clinical development and new products in the approval stage. With the anticipated growth, companies will be in a battle to hire the best. Here is a salary guide for some of our most common positions in 2020, based on what clients are paying for top talent.
Pharmaceutical and Life Sciences 2021 Trends
- The use of artificial intelligence (AI) will continue to expand, and will accelerate the process of drug discovery and development.
- Increased emphasis on R&D value. To enhance the value of medications, pharma companies are paying more attention to the efficiency in R&D to meet patient needs.
- Companies will continue to embrace real-world data, which will lead to more jobs for those with analytical expertise.
- Cloud technology will support the pharma industry’s growth. Cloud platforms will connect trial stakeholders to the data, and this will be instrumental in drug development.
- Data integration – while pharma companies have access to mountains of data, the challenge is accessing it all in one place. Legacy systems will need to be updated and data sources combined to make it more accessible. Approximately 38% of industry experts expect big data to have the greatest impact in the pharmaceutical industry.