The pharmaceutical industry is in flux. Rising costs, complex regulations, fierce competition, and evolving patient needs create a challenging environment for companies striving to innovate and deliver life-saving treatments. Companies are also experiencing pharmaceutical talent shortages, making it difficult to attract and retain the specialized professionals they need to drive innovation. Explore what’s causing some of the biggest challenges in the pharmaceutical industry, and review practical suggestions to help overcome them.
The Evolving Landscape of the Pharmaceutical Industry
Healthcare budgeting, regulatory complexity, and shifting patient expectations are creating headwinds that make it harder for pharmaceutical companies to innovate and deliver new treatments. Demand for advanced therapeutics, such as gene therapy and biotechnology, is increasing, adding further pressure to already stretched resources.
- Rising costs and price pressures: Global inflation and pricing regulations, such as the U.S. Inflation Reduction Act of 2022, are squeezing profit margins, making it difficult to maintain investment in research and development.1 In the U.S. alone, the Inflation Reduction Act is projected to save Medicare $25 billion by 2031 through price negotiations that, while positive for consumers, will intensify pricing pressures on drugmakers.2
- Pharmaceutical talent shortages: Labor shortages affect nearly 80% of pharmaceutical facilities, making it harder to source specialized talent.3 Reports indicate that only one-third of companies have launched reskilling efforts to address this issue.4
- Regulatory complexity: New compliance requirements across the United States, EU, and Asia-Pacific regions are demanding more resources and increasing the risk of penalties. The FDA’s recent guidelines on drug reporting and the Inflation Reduction Act’s mandates may further complicate compliance for manufacturers.
- Biotechnology and gene therapy growth: The rapid growth in precision medicine and advanced therapies is shifting the focus toward highly specialized drugs. Goldman Sachs projects the global market for anti-obesity treatments alone to reach $100 billion by 2030.5
- Digital transformation: Companies must integrate artificial intelligence, machine learning, and data analytics into drug development and operations to remain competitive. While these tools can help in the long term, implementing them requires a significant investment upfront.
Navigating the Talent Shortage in Pharma
The pharmaceutical industry continues to grapple with a severe talent shortage exacerbated by the COVID-19 pandemic and the shift to remote working. With demand for pharmaceutical products and services on the rise, many companies are finding it difficult to attract and retain skilled professionals, creating a major obstacle to innovation and growth. An overview of some major trends Medix has encountered due to pharmaceutical talent shortages include:
- High demand and limited supply: The industry is projected to face a 35% talent deficit by 2030 due to increased demand and an aging workforce.6
- Lengthy hiring processes: Filling non-executive roles can take two to three months, significantly slowing operations.6
- Changing skill sets: Digital transformation has led to a demand for new skill sets, including expertise in AI, machine learning, and data analytics.
As many as 75% of pharmaceutical companies expect the talent shortage to worsen over the next five years.7 As you navigate today’s labor market, a strategic partner can help your organization meet growing patient needs and remain competitive.
Medix: A Trusted Partner for Pharmaceutical Success
Given the challenges facing the pharmaceutical industry, partnering with a life sciences staffing solutions provider can help you access a broader talent pool and find the right people for in-office and remote roles. With over 20 years of experience, Medix is a leading staffing partner that understands the unique regulatory environment and specialized skills required in the pharmaceutical sector. Our approach includes thorough candidate vetting and assessment so you receive highly skilled professionals with the right expertise. Companies that work with the Medix team can receive:
- A customized hiring plan: Our experts leverage hiring market data and industry insights to craft a flexible recruitment strategy tailored to your organization’s needs.
- High-quality talent: With a talent pool of over 3 million certified candidates, we can find skilled professionals to match your requirements.
- Candidate screening and selection: Medix thoroughly screens and assesses candidates using our MyPrint tool to guarantee the right fit for your company’s culture and long-term success.
- Employee onboarding: We simplify onboarding through our Aha! platform, providing real-time updates, document tracking, and instant alerts.
- Real-time progress updates: Use Aha! for seamless communication, productivity tracking, and real-time visibility into hours and project spending.
- Increased employee retention and satisfaction: Medix focuses on engagement, milestone celebrations, and ongoing training to ensure employee and client satisfaction.
By leveraging our extensive network of specialized candidates, Medix supports healthcare and life sciences companies, giving them the tools and resources to overcome talent shortages and navigate remote work in pharmaceuticals. This strategy allows businesses to maintain competitive operations, meet regulatory requirements, and drive innovation.
Unleash the Power of Your Workforce
Our expertise and extensive candidate network make Medix a trusted partner to help you build a skilled workforce for the future. Reach out to one of our hiring specialists to discover how our tailored staffing solutions can support your pharmaceutical business and help you thrive in a competitive market.
