3 Critical Developments Shaping How the Life Sciences Industry is Hiring

Amidst increasing financial pressures and industry developments across regulations, the economy, data and innovation, life sciences leaders are having to change their strategies in how and where they source talent. Even more importantly, they also need to be prepared to do it quickly and efficiently to keep up with the latest demands and their competitors. In this blog post we’re going to discuss three trends in life sciences that are having a significant impact on hiring and ways organizations can prepare for current and upcoming changes. 

1. The Rise of Hybrid and Decentralized Trials

Although decentralized trials (DCTs) are not new, their popularity continues to be on the rise. As the pandemic impacted sponsors, many organizations started experimenting with trial designs for remote monitoring technologies and wearables. DCTs in turn increased, and the industry anticipates ongoing interest now that that trial designs have matured.

As a result of these trends, organizations are now looking to fill skills gaps across locations and disciplines, from medical device engineers with the technical expertise to maintain remote tech to phlebotomists, or clinical nurses who can support blood draws at participants’ homes. However, one of the obstacles organizations are facing in filling these roles is that these positions fluctuate throughout the evolution of the trial.

Given the short-term nature of these roles, there’s an increasing demand for contract talent to fill them as opposed to full-time employees (FTEs), which can be facilitated by Managed Service Providers (MSPs) in conjunction with a Vendor Management System (VMS),. Investing in data and services to better understand the skills necessary in different times of the trial will also help organizations identify the contract workers they need and enable them to be flexible. Organizations can then combine this strategy with the benefit of redeploying those same assets in different trials. This will help reduce costs in addition to ramp up time. Learn more about 4 critical steps for deploying a skills-based hiring approach. 

2. Ongoing Regulatory Developments

Regulatory issues are among the top concerns for biopharma manufacturers due to the introduction of innovative tools and technologies in artificial intelligence (AI) and digital health. The U.S. Food and Drug Administration's Digital Health Advisory Committee, for example, is one of the agencies looking to regulate such innovations. And manufacturers may discover that the investments they’ve made in particular areas of expertise do not address those with rising skill demands.

So, while medical staffing is always needed, the industry is evolving quickly and with significant regulatory ramifications. (Learn about the latest changes in regulatory developments in our newsletter). Pharmaceutical companies will require skillsets that are not necessarily covered in medical school training as they’re adopting new technologies. This will result in a rapid demand for talent that is familiar with these cutting-edge solutions and emerging platforms. To effectively source and set rates for these skills, organizations should seek new ways to leverage technology, data, and third-party expertise in order to stay ahead of these trends.

As new hybrid roles emerge with individuals who have diverse skills, organizations will have to figure out exactly what they need from a regulatory perspective and will have to take part in buffet hiring. Partnering with a third-party expert is a strategic approach to accomplishing this, as they will provide crucial information on what these positions look like, provide guidance on the regulatory developments and compliance implications, and pinpoint the ideal blend of skillsets instead of hiring for these roles straight out of the box.

Gain insights on navigating contingent workforce management challenges and proven strategies on optimizing your program in our eBook. 

3. Increasing Financial Pressures

Following a surge in venture capital (VC) funding during the pandemic and a little while thereafter, a significant number of investors withdrew their funding in 2022, which disproportionately affected smaller businesses like early-stage biotechs. And now, a combination of interest rate volatility and record-setting inflation have set the stage for an uncertain economic landscape. 

Numerous industry insiders believe the pause in bio sciences venture capital will be brief. But it is important to note that when funding resumes, it will be operating amidst revolutionary technologies like AI. And as a result, contingent work may look very different than it did previously.

When life sciences organizations get financial backing again, they’ll be encouraged to quickly grow their workforce. However, much of that funding (that isn’t going to cell and gene therapies) will be going toward digital health and AI. That allocation will result in new challenges for organizations to face, like the requirement for technical versus medical talent.

Consequently, data science and computer positions could be in high demand for the life sciences industry. Utilizing contingent talent will allow organizations, especially smaller biotechs, to quickly onboard as well as offboard necessary talent without having to dedicate full-time talent resources. (Discover the latest shifts in the labor market when you download our report.)

Furthermore, leveraging real-time rate intelligence at the point of hiring can also help to hire top talent while driving cost savings as well. This can be accomplished via an MSP’s supplier optimization as well as implementing direct sourcing, so it is critical to explore the different services and partnerships in the market to best suit your organization’s needs.

Evolving demands and trends are ushering in a new era for the life sciences industry. Given the impact of ongoing dynamics across regulations, the economy and various technological innovations, leaders must shift their talent strategies accordingly to stay ahead. Many already are.

Learn more about other trends that are affecting life sciences hiring when you check out our playbook. 

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.