Predictive Talent Dynamics, CDMO JULY 23
August 25, 2023
Evolution Highlights: J.P. Morgan Healthcare Conference
January 17, 2024
Hopefully some good news on the horizon.
While BioPharma layoffs in 2023 have been a common occurrence, companies with promising pipelines and sufficient funding continue to prosper. Many are capitalising on the diminishing valuations of some companies and actively pursuing M&A deals, which have rebounded in 2023, due to an upcoming patent cliff from 2026 to 2029, pricing pressure from the U.S. Inflation Reduction Act and lower equity valuations.
While the Biopharma market faced challenges with layoffs in 2023, the industry witnessed significant job growth beforehand, and shows signs of returning.
From a recent survey, Approximately, 90% of surveyed Biopharma executives, intend to invest in workforce development and retention in Q4 2023. Attracting and retaining talent remains a fundamental important issue, specifically with AI-related roles in Pharma and Biotech. The trend is especially evident in Big Pharma as companies like Johnson & Johnson, AstraZeneca, Takeda, Novartis and Pfizer actively seek to fill thousands of AI roles. (https://www.drugdiscoverytrends.com/biotech-layoffs-job-openings-2023)
The Biopharma industry had a reduction in job opening growth from Q4 2022 -Q3 2023. At that time, some early stage companies struggled to secure funding, while larger companies adopted caution due to supply chain correction post-Covid. While Biopharma lay-offs continue for smaller companies, positive change is in progress for larger players. The quest for talent has increased, with June 2023 data illustrating a large number of Biopharma job openings, in line with peaks in 2022.
Hiring Demand has accelerated in the last six months and is expected to continue.
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