The global biotechnology market was estimated to be $1.4 trillion in 2022 with an expected compound annual growth rate of almost 14% between 2023 and 2030. Health system reforms in the U.S. and EU add up to an industry facing significant pressure on its historical revenue model. A rapidly aging population and declining birth rates leave fewer working-age adults to pay the taxes their governments need to fund healthcare services. Changing patient experiences and expectations mean the physician is no longer the ultimate decision-maker in healthcare, the patient is. All of these changes, good and those that are challenging, are impacting 2024 pharmaceutical industry recruiting.
Rise of Biotechnology
Monoclonal antibodies were once considered revolutionary and are now commonplace. Two of the five top-selling drugs today, Ozempic and Comirnaty, are based on emerging modalities: peptide therapeutics and mRNA technology. Gene therapy had a recent breakthrough with the approval of the first CRISPR-based drug for both sickle cell anemia and beta thalassemia. Candidates with specialized skills in the areas of molecular biology, bioinformatics and bioprocessing are critical hires to provide talent for this research.
Digital Transformation
Generative AI can now analyze vast and varied datasets with unprecedented speed and precision allowing health care professional to tailor therapies more effectively while engaging better with patients throughout the process. This technology is bridging the gap between clinical research and clinical care. Candidates that are able to use computation power to glean insights from data using advanced analytics and machine learning are in constant demand. Collecting insights for a customer centric business model versus a product centricity requires these same data science skills.
Remote Work and Virtual Collaboration
The COVID-19 pandemic accelerated the adoption of remote work and virtual collaboration tools across many industries, including pharmaceuticals. The successful company will adapt to this new reality of sourcing candidates anywhere in the world. 2024 pharmaceutical industry recruitment requires the communication of a strong employer brand and exceptional candidate experience in the hiring process. Companies may need to implement digital platforms for interviews and assessments as well as remote onboarding processes. Strong relationships with established, specialized recruiters will accelerate hiring.
Don’t forget your existing employees! 2024 pharmaceutical industry recruiting includes creating development opportunities for existing employees as well as promoting internal mobility.
Focus on Diversity, Equity and Inclusion
In 2023 the pharmaceutical industry faced scrutiny for its lack of diversity particularly in leadership roles. Research has shown that diverse teams drive innovation, improve problem solving and increase business performance. Diverse patient needs are more accurately recognized and addressed with a diverse work force.
