Bridging the Talent Gap in Pharma: Why Access Matters More Than Ever

The US pharmaceutical industry faces a critical shortage of workers that threatens to impede growth and innovation across the sector, with an expected talent deficit of 35% expected by 2030 and demand for skilled professionals far outpacing supply.

What is causing the talent gap in pharma?

The pharmaceutical industry is experiencing a huge skills shortage, largely associated with rapid technological disruption. But what does that mean? Continuous advancements in AI, machine learning and data analytics are transforming the development of new drugs, yet the industry is lacking in professionals with skilled expertise in these areas. 

While pharmaceutical roles continue to develop and evolve, employees are required and expected to develop new competencies beyond their traditional expertise, with clinical research positions now requiring increasingly specialized skills and digital know-how. 

What industries are competing for pharmaceutical expertise?

A challenge being faced by pharmaceutical companies is that it's no longer only competing for talent within its own industry, but also with biotechnology companies, tech startups and healthcare providers. Such companies are offering a more attractive compensation package, professional development opportunities and flexible working conditions, further drawing key talent away from traditional pharmaceutical roles.

Why does access to skilled talent matter now more than ever?

The pharmaceutical industry is expected to grow at a compound annual rate of nearly 12% throughout the next 13 years. Such rapid expansion will compound the demand for skilled workers capable of driving manufacturing innovation and R&D. As big pharma shifts towards cloud based data management, digital health and AI-driven research, businesses must access tech-savvy talent to stay competitive.

Lacking such digital specialists could lead to reduced innovation, delays in drug development and increased operational efficiencies, particularly when navigating the complexities of FDA regulations, compliance and quality control measures.

With the emergence of new diseases, navigating global pandemics and personalized medicine on the rise, it’s important for the industry to maintain an adaptable, skilled and well-trained workforce ready to tackle global healthcare challenges.

What strategies can help to bridge the talent gap in pharma?

Skill based hiring, shifting the focus from traditional degrees to demonstrable competency can open opportunities for non-traditional applicants who might otherwise be deterred from applying for the role. AI powered recruitment tools can be used to identify talent with transferable skills from other sectors.

Specialized job boards like Pharmuni can help employers connect to applicants within  a niche talent pool, while participating in industry/trade conferences and workshops can help organizations build professional networks and further attract higher calibre candidates.

Can diversity and inclusion help address the talent shortage? The implementation of inclusive hiring practices can help pharmaceutical companies better tap into underrepresented talent pools and targeted mentorship programs can advance diverse professionals within their careers; fostering a loyal workforce and reducing turnover.

Can global talent acquisition help address the pharmaceutical talent gap? Yes! Remote work international hiring strategies and visa support for skilled workers can open access to a highly skilled worldwide talent network. Partnering with research organizations around the world can also promote cross-border employment opportunities.

Can apprenticeship programs build a stronger workforce? Developing structured apprenticeship programs that combine hands-on learning and mentorship can elevate the next generation of pharmaceutical professionals. Consider partnering with colleges and technical schools to better invest in workforce development; ensuring that the next generation has the skills and technical know-how to innovate the industry for years to come.

Is upskilling and reskilling talent critical to the future of pharma? Given the rapid growth and evolution of the industry, providing continuous learning opportunities to keep your employees up to date with emerging technologies is a no brainer! Implementing internal mobility initiatives to enable employees to transition into high demand roles will be an exercise not only in cost saving (from a recruitment perspective) but in fostering a culture of development and retaining key talent. A serious competitive advantage, one could argue.

In taking a proactive approach to hiring across the pharmaceutical industry, companies can bridge the growing talent gap and ensure business continuity and success. Prioritizing access to skilled workers through clever recruitment, inclusion efforts and upskilling will enable big pharma companies to enhance their competitiveness, drive innovation and ensure the continuation of global healthcare. The future of the industry will depend on its ability to attract, nurture and retain top talent. The time to act is now.

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