Mainland China’s multibillion dollar life sciences industry faces a talent challenge

Mastering and integrating new technologies from AI to Big Data is crucial to winning in mainland China’s multibillion dollar life sciences industry, but talent challenges pose a significant obstacle, according to leading global recruitment specialists Hays.

Mainland China’s life sciences industry has received more than US$100 billion in government funding and last year more than US$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.

Big Data and AI are a key focus area for life sciences companies as they look to analyse their rich sources of information, including everything from genomic sequences, molecular pathways and clinical trials to population and genetics data. Utilizing this data can provide crucial insights and create a powerful foothold into understanding how people get sick and how they can be helped, giving companies an important competitive advantage.

“New technologies are redefining how life sciences companies build their organizations and win in the market,” says Simon Lance, Managing Director for Hays in Greater China. “Talent will be a key differentiator in a skills-based economy, and the combination of machine intelligence with human skills and insight will allow companies to thrive.”

These new technologies are creating new roles in life sciences. Positions such as chief data officer can now be found in more and more organizations’ C-suites, while at lower levels there is strong demand for professionals with the skills and expertise to develop new technologies to analyse data, such as Data Manager and Head of Biometrics. Within the NGS (next-generation sequencing) industry Bioinformatics Scientists are in huge demand. Clinical Research and Development Experts are also highly sought after.

In addition to having hard skills and the appropriate academic background, candidates for these roles should also 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.

For candidates with the right profile, the rewards are enticing. Packages in mainland China’s life science industry are become increasingly attractive with stock options, school fees, tax deductions and other benefits all offered to both Chinese and foreigner candidates. Life sciences firms in mainland China are essentially on par with their peers in Europe and the U.S. in terms of attractiveness. A biostatistician with a PHD and the right experience could ask for at least a 15-20% salary increase when moving companies; candidates with skills in new technologies could expect offers 20-30% above what they are currently earning.

However, while demand for data, analytical, and AI expertise is increasing, there is a scarcity of talent. Like firms in many other industries, life sciences companies compete for the majority of data scientists and graduates with other technology companies or payers and providers. This is especially true in the mainland China market which is home to huge numbers of digital companies from fintech to ride sharing.

With a preference to recruit data specialists from other life sciences companies who are already familiar with the industry, there is a limited pool of such talent willing to move. The alternative, bringing in talent from other industries, provides the opportunity to bring in new insights but it is hard for life sciences companies to retain such professionals due to their operating models and talent structures. One example is for data scientists to be integrated across an organisation and not to be confined to an IT silo.

Apart from looking outside the organization for talent, life sciences companies are also upskilling their existing professionals. For example, clinical physicians and medical expert should develop a strong sense of data to draw insights from the data that will advance their understanding of diseases and drug development and disease. GNS healthcare talent should understand big-data analysis depending on the computational platforms that they are required to use. Bioinformatics Scientists must build up a track record in bioinformatics, applied mathematics, probabilistic and statistical inference.

“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 the talent perspective,” note Simon. “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.”