Following years of growth and favourable market trends, the
global life sciences industry now finds itself facing a ‘new normal’. By any
measure it is still a stand-out performer globally, and a key strategic area
for the EMEA region. However, markets are changing.
Life science companies must adopt new business models to
achieve the following:
Making these adjustments successfully will come down to
individual companies’ ability to find, engage and retain the right people. For
the most part, the challenge is about talent and the ability of each
organization, regardless of location, to source it. Here are just three key
statistics shaping the industry over the next few years:
1. Pharmaceuticals face a future with lower growth: the
combined US and Eurozone share of spending will shrink from 61% in 2005 to 44%
in 2015. Yet, the world’s pharmaceutical market is growing. It was worth an
estimated 614, 583 million Euros in 2011.
2. Generics are on the rise: The number of ‘generic
equivalents’ occupying a position in the top 10 prescription drugs in the U.S.
increased from 2 (in 1990) to 6 (in 2003).
Life science companies are facing significant market shifts
and challenges to their existing business models. The market is growing, but
not in the ways it did previously.
The need for new business models (from mass market to niche
and targeted) translates into the need for different skill-sets, and new pools
of talent across more geographical locations. It also requires companies to
change the way they operate, as well as how they engage with the communities
they operate within.
If the Life Sciences industry is to become the destination
for talent that it simply must become to meet its challenges, it should engage
the broader talent community in its mission to deliver better, faster and more
personalized health solutions.
The key issues for attracting and retaining talent in the
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