As we near the end of 2023, we would like to wish everyone a wonderful holiday season.
Wrapping up a strong 2023, we saw the FDA approve 14 new drugs in Q3, and this slightly beats the Q1 and Q2 of 13 each. Year to date, we have seen more approvals than the 32 approvals for all of 2022. This is continuing to drive a strong job market in our space and projections of a 7% increase by 2028.
The overall labor markets remained fairly strong throughout 2023; however, we are starting to see some softness. The current unemployment rate stands at 3.90% with the November estimate at 3.95%.
The number of job openings held steady in October and increased by 56,000 from the previous month to 9.55 million.
Job openings are trending lower, but still exceed the number of unemployed individuals by 3.2mm
A declining job opening level tends to coincide with individuals quitting at a lower rate as well; thus, signaling a softening labor market.
As with many industries across the nation, a shift toward utilizing AI and automation is increasing within the life sciences industry. According to Fortune Business Insights, the artificial intelligence in healthcare market size is estimated to be worth USD 164.10 billion by 2029, introducing a wealth of new and diverse roles within the life sciences field than before. For example, while researchers, developers, and biomedical engineers were major players in the industry previously, new careers are entering the field such as software programmers, cybersecurity specialists, data scientists and AI intelligence experts to meet the demand for technological advances.
Another key shift in the life sciences job market, due in part to the COVID-19 pandemic, is an industry-wide move towards virtual work-from-home options for employees. According to the Texas Healthcare and Bioscience Institute, 75% of life sciences companies indicate that they’re implementing, expanding, or considering implementing remote work options. Many companies within the life sciences field are complementing this demand for remote work by also shifting business practices to digital or direct-to-consumer processes as opposed to in-person data collection. For hiring purposes, this shift means a further demand for versatile working options to attract prospective employees who may prefer remote work.
As a company operating within the life sciences industry, working with a trusted and experienced recruiting agency is a crucial way to navigate the changing landscape of this field. Skilled recruiters can match highly qualified candidates with the abundance of open roles within the industry, as well as advise companies on how to best attract top talent through competitive employment packages. Partnering with a recruitment agency helps provide peace of mind that your roles, no matter how specialized or niche, are filled by professionals that match your company’s desires.