High demand for key skills in life science continuing in 2018
As we approach the end of the first quarter in 2018, statistics show Ireland continues in a positive downward trend with unemployment currently standing at 6%. In February 2016 it stood at 8.6%. This is a significant turnaround with a 30% improvement over the last 24 months.
CareerWise Recruitment vacancies have seen a steady growing demand within the Life Sciences industry with vacancies increasing by 31% measured against the same period in 2017.
These are mainly within the Medical Device, Pharma and Biotechs. It is expected this trend will continue with new and plant extensions in Regeneron, MSD (Cork & Dublin), Lilly, Takeda and of course new plants by Edwards Lifesciences and SK Biotek to name a few. This increase will mean a continued higher demand for key skills within Life science for the rest of 2018.
In a recent IDA survey 50% of life science clients describe their growth prospects in Ireland as excellent / very good.
What factors are driving this demand in life science?
- Aging population
- The rise of chronic diseases
- Vaccines drugs – Biotech – the majority of the top 10 pharma products by sales are biotech drugs treating, rheumatoid arthritis, Hepatitis C, Cancer. Sales estimated to increase from $289 Billion (2014) to $445 Billon in 2019.
- Expensive Treatments developed, which is leading to increased government pharma spend
- Demand for generic drugs
- Ireland is perfectly positioned as it has some of the key employers manufacturing in Ireland such as Genzyme, MSD, GSK, Zimmer, Depuy, VisionCare, Stryker, Depuy, BioMarin, Regenron & Alexion to name a few from the Life Science Sector.
- Ireland needs to maintain a model of significant investment in education in the life science disciplines
- Encourage more females into Life Science and Engineering
- Ireland needs to remain tax competitive within the European Union
- Encourage more of the Irish immigrants to return home
- Increase availability of affordable accommodation – key
- Encourage more school leavers to take up a trade
- Third level institutions both at CIT and University level targeting more courses in Life Science vacancies
- Focused approached (priority) to key subjects at secondary level such as Maths, Biology, Physics, Engineering etc ….
- Encouragement for students to take up science and Maths subjects at a higher level
- More Multinationals outside of the Dublin Region
- Improve personal tax – to make sure key resources remain in Ireland
The challenge now for companies is to be effective and efficient with their recruitment as companies are competing for the same limited talent.Lifesciences, mike morrissey