Vacancysoft and Cpl Life Sciences collaborate and examine the UK and European Life Sciences job market, with a particular focus on the Biopharma & CRO sector. The latest report delves into the senior end of the market, where salaries typically exceed 100-120K. While most sectors experienced an above-average number of vacancies in 2021 and early 2022, mid-level associate/manager and senior executive roles have been on a slow decline since 2021. However, there are still skill deficits in highly remunerated positions, particularly in digital, data analytics, environmental, and social and governance (ESG) areas. The laboratory sector has been the dominant area for vacancies in recent years, with no signs of slowing down.
Our 2023 forecast suggests that the negative trend at the senior end of the market will continue, with executive level and mid associate/manager vacancies destined to fall by a further forty percent at executive level and thirty five percent at mid associate/manager. Geographically London is expected to maintain its position as the leading region for executive vacancies in 2023, however vacancy volume is still predicted to decrease by around twenty percent year-on-year. Interestingly London previously accounted for 31% of executive or senior hires, it is predicted in 2023 over 40% of all senior hiring will be housed out of the capital.
The current job market raises the question of what the new normal will be. One noticeable trend is the consistent decline in senior-level roles. This could be attributed to two factors. Firstly, there was a significant slowdown in VC funding last year, with global venture capital funding in the life science sector falling by 28% in 2022. However, the industry is better equipped to handle potential volatility as there is still a high level of interest in life sciences, and there is dry powder available for investment. Secondly, UK biotech investment had a slow start in 2023, with the amount raised in the first quarter dropping by 39% compared to the same period in 2022. Startups or further investment can often trigger more senior hires, so it makes sense to see a decline in senior-level roles in line with investment slimming down.
Another significant factor that could be impacting senior hiring is the evolution of the life sciences sector in recent years. Advances in technology and a greater focus on personalized medicine have led to the development of innovative research tactics, new therapies, diagnostic tools, and medical approaches that are more targeted and effective than ever before. This has created a need for new skill sets, and many organizations are choosing to develop and cross-skill train their own employees instead of hiring externally, where skills deficits are already visible. Additionally, the global life science markets are correcting themselves. There was a surge in hiring during the pandemic years, and now it’s time for the vacancy spikes to settle. Roles are also changing slowly, which may lead to redundancy in traditional positions but opportunities in emerging roles.
In the meantime, we are seeing a shift in the types of roles that are in demand. There is a growing need for professionals with expertise in digital health, data analytics, and artificial intelligence. Companies are also placing a greater emphasis on diversity and inclusion, recognizing the importance of having a workforce that reflects the diverse communities they serve.
At Cpl life sciences, we are committed to staying ahead of these trends and providing our clients with the talent they need to succeed in this rapidly evolving industry. We are constantly monitoring the market and adapting our approach to ensure that we are meeting the changing needs of our clients.
Despite the challenges that the industry is facing, we remain optimistic about the future of life sciences. The pandemic has highlighted the critical role that this industry plays in our lives, and we believe that the demand for innovative solutions to healthcare challenges will only continue to grow in the years ahead.
For the full report click here
Yvette Cleland - CEO | Cpl UK