By Deb Briffa, Global Vice President, TestMSP
It isn’t a surprise that the life sciences industry is undergoing massive changes. Breakthroughs in gene editing, personalized medicine, and artificial intelligence are fueling a constant need for innovation. But according to our 2024 Test Global Re:work Report, almost half of executives (47%) say they are missing business opportunities due to a lack of access to the right talent. This highlights a critical, and often overlooked, factor: our people.
The current life sciences workforce is facing a double-edged sword. On one hand, demand for skilled professionals is at an all-time high. A 2023 MassBioEd report estimates 6,600 new jobs will need to be filled each year in Massachusetts alone, but only 3,000 eligible hires are part of the employment pipeline. This translates to exciting opportunities for those entering the field.
On the other hand, there's a looming talent gap. Educational systems often struggle to keep pace with the industry's rapid evolution. A crucial disconnect continues in a booming industry with a workforce pipeline that's running dry.
So, how do we bridge this gap? Here's the honest truth: it's going to take a collective effort.
Building a strong workforce isn’t a one-time fix:
Here's a wake-up call for life science companies: building a strong workforce isn't a one-time fix. It requires consistent investment. And partnering with educational institutions, workforce solutions experts, and government entities to collectively strengthen the current workforce.
Whether it’s to develop relevant curriculums or fund internship programs that expose students to the realities of the field. Don't just poach talent – cultivate it.
- Develop customized talent acquisition strategies to find the right people for your specific needs.
- Partner with universities and colleges to create internship and fellowship programs.
- Provide upskilling and reskilling programs to keep your existing workforce current with the latest advancements.
Bridge the Knowledge Gap
The world of academia needs to move faster. Update curriculums to reflect the latest industry trends. Incorporate real-world projects into the learning experience. Partner with companies to offer practical training opportunities. Make science education exciting and relevant, not just theoretical.
Foster a Supportive Ecosystem
Governments can play a vital role by providing funding for workforce development programs. Invest in initiatives that make STEM education accessible at all levels. Streamline immigration processes for skilled foreign workers. By fostering a supportive ecosystem, governments can ensure the industry has the talent it needs to thrive.
The life sciences industry has the potential to revolutionize healthcare and improve countless lives. But this potential can only be realized with a strong, well-equipped workforce. Let's stop talking about the boom and focus on building a workforce that's prepared for the long haul. It's time for industry, academia, and governments to come together and ensure the future of life sciences is bright, not a bust.
By working together, we can bridge the talent gap and ensure the life sciences industry continues to innovate and improve lives.