Report: Talent key differentiator for life sciences industry

Mastering and integrating new technologies from artificial intelligence to big data is crucial to winning in the Chinese mainland's multibillion dollar life sciences industry, but talent challenges pose a significant obstacle, according to a report released on Dec 12 by leading global recruitment specialists Hays.

China's life sciences industry has received more than $100 billion in government funding and last year more than $12 billion was invested into the local industry, according to ChinaBio Consulting.

In this vast market, there is intense competition between companies for market leadership, and organizations are scrambling to recruit and retain the right talent to make use of these technologies, according to Hays.

"New technologies are redefining how life sciences companies build their organizations and win in the market," says Simon Lance, managing director for Hays in China.

"Talent will be a key differentiator in a skill-based economy, and the combination of machine intelligence with human skills and insight will allow companies to thrive."

In addition to having hard skills and the appropriate academic background, candidates for these roles should have the mindset of using new technology and knowledge to develop new drugs. The ability to manage different types of experts on AI and big data projects is also needed, according to Lance.

"In this dynamic and competitive life sciences industry in mainland China, high profile candidates with solid innovative capacity and data skills are becoming a top priority from a talent perspective," said Lance.

"In order to develop to their full potential, companies must make themselves more attractive to high-quality and entrepreneurial-minded talent and build talent structures that engage and retain them."