Fact to the Future Report
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Key themes from the report
Successful advancements and breakthroughs continue to shape modern medicine, but despite this there appears to be a growing sense of unease among industry professionals. The primary concern lies in the inconsistent and often inadequate funding that hampers the development of groundbreaking treatments and technologies. Professionals dedicated to advancing pharmaceutical science are finding it increasingly challenging to secure the resources necessary to drive innovation. Consequently, this lack of confidence is not only delaying progress but is also deterring talented individuals from pursuing long-term careers within the industry.
Pharma specialists highlighted the high cost of R&D as the top challenge
Keeping pace with technological advancements, and concerns around drug pricing and market access were also noted as key challenged faced.
Industry specialists count innovation and technological advancements as a top reason for joining or remaining in the industry
If the funding situation continues, the industry runs the risk of losing out on more talent not just regionally but also globally. When asked, Pharmaceutical specialists stated the top four motivators for working in the Life Sciences industry as:
I see the current funding challenges as a unique opportunity for companies to innovate their talent acquisition and retention strategies. While the lack of funding is undeniably a significant hurdle, it also compels organisations to think creatively and invest in developing a robust, future-focused workforce. By emphasising the potential for impactful work and career growth, companies can attract professionals who are eager to drive innovation. This period of financial constraint can be a powerful catalyst for building a resilient and dedicated team to lead the industry into its next era of advancement.
Kerrianne MacMullin
Global Sponsor Life Sciences