What skills are in demand in the life sciences industry?

Life sciences has proved to be a relatively buoyant market in 2016, as government healthcare policies, drug regulations, and merger and acquisitions contribute to hiring activity in the sector. The richness of a company’s product pipeline matched with the government’s healthcare policy is expected to have a major impact on hiring intentions in the upcoming quarter. In Hays’ latest July to September Quarterly Report, we have identified some key skills which will be in demand this quarter.

Regulatory affairs
Regulations in Hong Kong are only getting tighter, and this is set to spur hiring of regulatory affairs professionals as companies look to ensure smooth operations. Companies are increasingly cognisant of government healthcare policies and are looking for candidates with experience in handling regulatory affairs, particularly those who are able to move an organisation towards compliance.

Product specialists
Organisations developing new products will typically look to hire six months before a product launch, creating a need for a more flexible workforce. In the coming quarter, we are likely to see this drive steady hiring of permanent staff and increase the levels of temporary and contract staffing as many organisations position themselves for new product launches later in the year. Product/sales specialists with revenue-generating skills will be highly valued to maximise returns.

Clinical research associates
As many of the larger life science organisations continue outsourcing their clinical trials to Clinical Research Organisations (CRO), professionals with CRO-related experience, such as Clinical Research Associates, will likely be a hot area of hiring in the upcoming quarter as CROs increase headcount to cater to new business.

Moving forward
While permanent positions are still the preferred choice for many job seekers, we see more professionals becoming open to contract positions. As discovered in a web poll conducted by Hays earlier this year, 34 percent of 185 candidates surveyed in Hong Kong are now more open to temporary/contract work, signaling a more receptive attitude towards short-term or contract assignments.

As an increasing number of merger and acquisition activities continue to happen in the life sciences sector, consolidation of headcount for some senior commercial roles is expected, leading to more movement within the industry. Salaries are likely to remain static or decrease slightly at the senior end of the market, given the increased availability and mobility of the talent pool.

Hiring levels at the junior and middle levels, on the other hand, remain strong and this is reflected in the increasing number of roles requiring technical qualifications or life sciences-related degrees. If you possess a PhD or other relevant qualifications, you are likely to be in demand this quarter.