Our latest life science Industry Analytics Report is produced using independent data from our exclusive partnership with Vacancysoft, the UK's leading provider of labour market data and analytics.
Corporate Services sit at the heart of the front line in the life science space as many of the functions determine the management of the business, be it Tech, Finance, HR, Sales & Marketing, Supply Chain, Procurement, Manufacturing and Legal. When you think of really stapling down key industry knowledge and a shift in market patterns, you evidently see companies realising the importance of modernizing their corporate services functions. From this, it becomes transparent on how we can accelerate growth through back-office transformation. Mass key trends shaping up the life sciences sector include increasing pricing pressures and the acceleration of AI to not only bridge gaps but to expedite drug discovery, cost reduction and revenue uplift.
In the tech space alone, our market research has shown us that AI is starting to profoundly reshape organisations and markets. In terms of calculations, the future of life sciences will likely be shaped by tech-enabled connectivity. Real time life science leaders globally are always thinking of ways to be more efficient. Market analysis showed that 95% of UK Executives agree leveraging AI agent ecosystems will be a significant opportunity for their organisations in the next 3 years, whilst some leaders already have this in place. When you think of AI, for many this enables faster innovation and exceeds a lot of businesses expectations to accelerate a wider purpose not just profitable margins. For supply chains specifically, there is an increased focus. Many reasonings behind this involve the vulnerabilities exposed by Covid – which in turn has led to a renewed emphasis on optimising supply chains. When you consider vulnerabilities on a global scale, you can see Canada being a real-time market player and making heavy waves in terms of investment strategies to be better prepared for future pandemics.
From a growing recognition perspective, it’s apparent how these core functions drive agility and productivity, capitalising on new opportunities throughout many businesses. For many companies in the life science sector, this transformation is crucial more than ever. Many organisations face unique challenges from navigating complex processes, to managing unpredictable situations and complying with regulations on a global scale. With mass impacts on a global scale, we have a seen dramatic shifts in the market. In the UK alone, these functions contracted in terms of vacancies in 2023, with a drop of 32.2%. However, 2024 has seen a turnaround, with vacancies increasing by 9.5% so far. Especially now, looking ahead, with venture capital and private equity activity increasing, the expectation is for the industry to continue to expand in size and employment. The Life Sciences sector in the UK experienced a decline in vacancies during the COVID-19 pandemic but has largely recovered in 2024. While some areas and professions within the Life Sciences sector continue to face challenges, other areas and roles are showing signs of recovery and growth opportunities.
Charlie Lachacz - Director
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