The global healthcare spending is projected to reach 8.7 trillion by 2020. The pharmaceutical industry is forecasted to reach 1.06 trillion worldwide by 2022. The industrialization of Life Sciences is urging companies to embrace modern technology at every step of the process. Be it R&D, Innovation, Manufacturing or Distribution organizations, clinical trials, compliance are expected to overhaul their technical approach and embrace the change. Artificial Intelligence, cognitive technology, automation present a huge transformation opportunity for companies.

With the disruption in the field brought by these transforming technologies, there is also a growing demand of people with an analytical bent of mind who can draw unique insights from the massive amount of data being generated every second. This phenomenon is creating new roles in modern day Life Sciences and Biotech industry.

The Trend Ahead.

This phenomenon is creating new roles in modern day Life Sciences and Biotech industry.

A large portion of the jobs across the life sciences workforce is expected to be augmented, in the future, combining machine intelligence with human insight. As per the latest industry report by Deloitte, in addition to new digital and analytical skills, there will be a demand for skills that are “essentially human,” such as curiosity, imagination, creativity, and social and emotional intelligence. Thirty percent of high-paying new jobs are predicted to require these social, human skills.

With the increasing dependence of organizations on the adaptability of technology the scarcity of the right talent is already being witnessed in the industry. Companies are competing for the majority of data scientists and graduates with other technology companies or payers and providers. It is becoming highly challenging for organizations to hire the right talent given the fierce competition in the market for in-demand skills.

With technological breaktroughs like Gene Therapy, AI usage in Drug Discovery, usage of Blockchain and Cloud application for patient data the industry is matching pace with technological advancements around demanding the talent solutions to be as proactive.