capitalizing on change: an ongoing talent strategy for life sciences employers.

how can life sciences organizations capitalize on the market and macroeconomic flux to secure and retain high-demand skills?

As we navigate the complexities of 2024, the life sciences sector in Europe presents a fascinating mix of stability and growth. According to job posting market analysis conducted by Randstad Enterprise’s Talent Intelligence team, recruitment activity in the pharma industry remains relatively steady, largely due to ongoing global restructuring in legal, privacy and compliance functions. In contrast, the biotech sector is thriving, particularly for companies with strong pipelines that are anticipating approvals. This dynamic landscape underscores the need for agile and forward-thinking recruitment strategies to attract and retain top talent.

But while demand for key skills is still strong, there are several key factors driving current talent strategy trends in life sciences that tell a more complex story. Technological innovations, regulatory changes, mergers and acquisitions (M&A), data privacy concerns, and investor interests all play pivotal roles in the way employers consider their workforces today. However, a more holistic review of recruitment and talent issues across the life sciences sector reveals deeper insights into how the industry is evolving.

investment trends in life sciences

The digitalization of healthcare, including telemedicine, digital health platforms, medical devices and health data analytics, has emerged as a hotbed for investment. Biotech companies offering innovative solutions to improve patient care, enhance screening and diagnostic methods, and explore specialized areas are attracting substantial funding. This trend is likely to continue as the benefits of digital health become more apparent.

As we progress through the year, several key movements are expected to gain momentum. This includes not only the integration of digital technologies and AI in life sciences and pharma products, but also the digitalization of the organizations themselves; both greatly impact the skills these organizations need to thrive in today’s ultra competitive markets.

Upcoming elections and the political landscape may also bring regulatory changes that could reshape the market dynamics and potentially require life sciences organizations to shift both business and talent strategies.

Market analysis conducted by our Talent Intelligence team shows, currently, there is high demand for functional roles such as heads of regulatory/government affairs and lawyers specializing in intellectual property (IP), compliance, and investigations for the life sciences industry. Business-focused patent lawyers, transactional lawyers for M&A, joint ventures, licensing agreements, and tech operations are also in high demand. Additionally, expertise in data privacy laws, cybersecurity regulations, and incident response management is increasingly sought after.

the talent experience

A notable trend in the life sciences sector is the increasing emphasis on talent experience. According to 2024 Randstad Enterprise Talent Trends research, 76% of life sciences and pharma leaders are now prioritizing talent experience more than ever before. This focus is evident across North America, Europe and Asia-Pacific, where leaders are recognizing the importance of creating a positive and engaging work environment to attract and retain top talent.

In our 2024 research, 83% of industry leaders aimed to have a measurable impact on business performance through their talent strategies, up from 63% in 2022. This shift highlights the growing recognition that a well-crafted talent strategy can drive business success. Companies are investing in professional development, mentorship programs, and leadership training to enhance the skills and capabilities of their workforce. Providing clear career pathways and opportunities for growth is essential in retaining top talent and ensuring long-term success.

In this market, general counsels (GCs) and HR leaders are employing various strategies to retain their existing talent. Offering continuous legal education (CLE), mentorship programs, leadership development, and secondments to other departments are becoming standard.

Creating clear and defined career pathways helps employees envision long-term growth within the organization. Implementing flexible work arrangements — something that employers in North America are still hesitant to adopt — and workplace wellness initiatives, including mental health support services, are crucial. Recognizing and appreciating valued employees through retention bonuses, incentives and celebrating achievements are also important.

market threats and opportunities 

European markets must remain vigilant in monitoring potential policy and regulatory changes that could pose risks or opportunities. Issues such as market access challenges, IP concerns, competitive pressures and budget constraints are already influencing talent acquisition and workforce planning. The increasing reliance on data-driven technologies and the growing threat of data breaches have made data privacy and cybersecurity critical concerns as well. Expertise in GDPR compliance, data breach mitigation and privacy issues related to emerging technologies are highly sought after.

AI's impact on life sciences is profound, with applications spanning drug development, compliance and predictive analytics. AI-powered tools are revolutionizing document review, due diligence, regulatory monitoring and contract management. As AI continues to evolve, legal professionals will need to develop expertise in intellectual property law, privacy and litigation to effectively manage these technologies. The life sciences sector was arguably one of the earliest adopters of AI, as its applications in drug development or R&D for new medical devices were apparent even when the technology was in its infancy. AI is beginning to revolutionize the industry by enhancing efficiency, accuracy and compliance while enabling people to focus on higher-value tasks.

The recruitment landscape in life sciences is at a pivotal point. Emerging demand for AI-related skill sets, coupled with the fact that as many senior leaders in the industry are growing closer to retirement means that employers stand to face many challenges ahead. By embracing technological advancements, regulatory changes and innovative retention strategies, organizations can capitalize on market and macroeconomic flux to secure top talent.

As AI and digital health solutions continue to reshape the sector, recruiters must identify and attract candidates who possess the interdisciplinary expertise, technological proficiency and commitment to diversity and inclusion needed to navigate this evolving landscape. By doing so, companies will be well-positioned to meet the ever-evolving needs of the industry and drive future success.