HUGE DEMAND FOR TALENT IN CHINA’S BOOMING LIFE SCIENCES SECTOR

In July this year, China became the world’s first major economy to report positive economic growth following the COVID-19 outbreak. Aside from government fiscal stimulus packages that helped boost industry and infrastructure spending, China’s ability to rebound can also be attributed to its booming technology and life sciences sectors that have not only survived the crisis but may have even gained from it. Both multinational and domestic companies have recovered quickly and are actively hiring in the areas of R&D, medical affairs and product marketing. However, the ongoing talent shortage has resulted in many roles in the sector remaining hard to fill.

Favourable factors drive growth

These are some of the findings from The Inside Story of China, a monthly regional recruitment analysis undertaken by global recruitment expert Hays. Focusing on the Life Sciences sector, the analysis found that the bullish economic environment in China and increasing need for healthcare to support the ageing population played a large role in the success of the sector, along with the country’s ongoing R&D boom. China’s leading R&D innovation, particularly in the area of biotechnology, has also consistently drawn investors who are in turn feeding into the sector’s growth.

Another contributing factor has been the Chinese government’s efforts to implement healthcare reforms. Apart from investment into local startups and domestic companies, the government has been working on healthcare reforms in areas like oncology and rare disease which has been a driving force for hiring within domestic businesses. Ongoing changes in regulation have also spurred demand for candidates with regulatory experience and strong relationships with authorities like the CDA, CFDA and CDC.

The pandemic has also pushed many pharmaceutical manufacturers to explore business transformation by digitalising their processes or providing personalised patient support. This has required them to reassess patient needs and determine how to adjust their approach accordingly. This need for digitalisation and strategy review has creating a need for more senior and C-level hires.

Market remains talent short

But while the job market remains poised for growth, the market is currently talent short as many startups and domestic companies are looking for similar types of experienced candidates. The pandemic has also delayed some overseas returnee talent in the sector from making their way back to China. While local candidates are still highly preferred for their ability to match local language and operational preferences, a portion of opportunities remain open to international candidates with PHD qualifications, owing to the ongoing talent shortage and high demand for specialised skillsets.

Upstream Process Engineers, Clinical Project Managers and Clinical Affairs professionals are among the most in-demand roles, alongside Chief Medical Officers and Medical VPs who are being sought after to streamline R&D and strategy for life science businesses at this critical time.

Simon Lance, Managing Director of Hays Greater China commented, “The heated competition for talent in the Life Sciences sector has made it more important than ever for companies to build talent pipelines and make their hiring decisions wisely. As a start, I would encourage businesses to gain more insights into the market and maintain consistent talent engagement practices. We have also observed both MNC and domestic companies pushing to improve their learning and development platforms so they can develop their own new generation of leadership. This a positive trend in line with a global movement towards enhanced learning and development which will not only elevate a particular business but the talent market in China as a whole.”

To read the full Inside Story of Life Sciences in China, please click here

About Hays China

Hays Specialist Recruitment (Shanghai) Co. Ltd. is one of China's leading recruitment companies in recruiting qualified, professional and skilled people across a wide range of industries and professions.
Hays has been in China for over a decade with operational offices in Shanghai, Beijing, Suzhou, Guangzhou and Shenzhen. We boast a track record of success and growth, dealing in permanent positions across 14 different specialisms, including Accountancy & Finance, Banking & Financial Services, Digital Technology, Engineering, Finance Technology, Human Resources, Information Technology, Legal, Life Sciences, Marketing & Digital, Office Professionals, Procurement, Supply Chain and Sales. Hays China was named Best Workplace™ and Best Workplaces™ for Women in Greater China 2019, and recently ranked one of the the Best Workplaces™ in Asia by Great Place to Work®.

About Hays

Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2020 the Group employed c.10,400 staff operating from 266 offices in 33 countries across 20 specialisms. For the year ended 30 June 2020:

• the Group reported net fees of £996.2 million and operating profit (pre-exceptional items) of £135.0 million;
• the Group placed around 66,000 candidates into permanent jobs and around 235,000 people into temporary roles;
• 17% of Group net fees were generated in Australia & New Zealand, 26% in Germany, 23% in United Kingdom & Ireland and 34% in Rest of World (RoW);
• the temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees;
• IT is the group’s largest specialism, with 25% of net fees, while Accountancy & Finance (15%) and Construction & Property (12%), are the next largest
• Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA