The events of the past few years have significantly impacted Life Sciences and the trends it has experienced. Not every industry was forced to adapt as the world faced new and unprecedented challenges, but it did drive numerous organizations and sectors to develop advancements and alterations to their operations to ensure their ongoing success.
In 2023, Life Sciences businesses are focusing on using digital technologies to their advantage, collaborating on a greater scale, and increasingly concentrating on environmental, social and governance factors to align their operations with new regulations imposed by a changing world.
These are the key Life Science industry trends of 2023 that are expected to be relevant throughout this year and beyond.
As AI technologies have matured, we’re now able to create new proteins and molecules in a matter of seconds, rather than the same process taking Biochemists months. In light of this type of advancement, AI is being applied to a growing range of purposes, from research and development to supply chain and procurement requirements, and human resources. In 2022, the use of artificial intelligence has expanded dramatically in the Life Sciences sector, being integrated holistically into processes ranging from clinical trials and preliminary research to manufacturing, commercialization and more.
AI is expected to play an increasing role in how businesses react to healthcare professionals and their patients, while improving the availability of quality, standardized data across enterprises.
Life Sciences organizations across the globe are digitizing their business functions, both at enterprise and process levels. Everything from supply chain management to commercial processes, HR, and research and development have been updated and digitized at a rapid pace due to digital trends in Life Sciences.
In a survey of 150 biopharma executives on their investments into digital technologies, Deloitte found that over 80% of the participants expected the trend of digitization of operations to continue to be relevant in the foreseeable future. Life Sciences company leaders are encouraging their businesses to catch up to other digitally focused industries like retail and finance, enabling them to better interact with stakeholders and customers while simplifying and scaling operations more efficiently.
ESG, or environmental, social and governance factors, are becoming a key topic among shareholders and board members in a wide range of industries. The threat of the climate crises has encouraged numerous industries to implement carbon emission reduction strategies, and many Life Sciences companies have followed suit by pledging to reduce their carbon footprints by adhering to standardized ESG criteria. The public is also putting increased pressure on companies to adopt ESG practices as this will benefit them in the long run too.
ESG compliance and taking a firm stance on environmental matters has become increasingly important to employees too. A poll showed that 47% of Life Sciences professionals would consider switching roles if their company wasn’t environmentally forward-thinking, and that when looking for a new role, ESG was also revealed to be important to 72% of survey respondents.
Another Life Sciences trend is an increased willingness for these companies to collaborate with one another, even if they previously identified as competitors.
Collaborations and partnerships are nothing new for the sector. But the past few years have seen the power of partnerships in reaching common goals amplified exponentially. Collaborations are aiding in the advancement of testing, medicine, diagnostics, and the development of new-generation therapies that benefit all parties involved.
After a shift towards remote working, many Life Sciences professionals are re-evaluating their roles and pursuing new opportunities. Having the option to work from home is very important to the majority of R&D respondents of our recent EPM Scientific survey, with 80% regarding it either ‘important’ or ‘very important’. Flexible work arrangements are just as important to respondents in the Medical sector, with 42% saying they would leave their current job or reject a new offer if it was full-time in the office.
The ‘Great Resignation’ trend in Life Sciences is also presenting challenges for the industry, and this has led to a widespread push to attract and retain talent. In a poll on LinkedIn, 75% of respondents said that they were likely to look for a new role in the next 6 months, 19% said that they were unlikely, and 6% opted to pick neither option, or simply didn’t know what their future decisions would entail. Results also show that 57% of Life Sciences professionals would prefer a 4-day work week to a higher salary.
Life Sciences organizations are competing fiercely to attract highly skilled and technologically literate employees. In 2022, these businesses have started to re-imagine their recruitment processes with a focus on motivating talent in their bid to attract the best and brightest candidates using digital tools and models.
An Overview of Future Trends in Life Sciences
Future Life Sciences industry trends will focus on the individual, using digital technologies to meet evolving patient needs and provide personalized strategies and therapies.
These technologies will also be used to attract and retain talent, collaborate, and partner with other leading Life Science pioneers, and promote ESG compliance to reduce carbon emissions across the industry.
If you’re looking for jobs impacting Life Sciences search and apply with EPM Scientific today. Alternatively, if you’re looking for business critical talent, request a call back to see how we can help you find the best candidates.