While the US continues to be the primary influence in the global Life Sciences industry, there are signs that this supremacy is wavering, as both Chinese companies and the government ramp up investment in an attempt to make Mainland China the world market leader.
This expenditure is seen most prominently in the research and development of precision medicine and biologics, thanks to a formidable capacity in genome sequencing, access to millions of patients and the promise of solid governmental support, and this is leading to many local biotech and pharmaceutical companies launching R&D and medical teams in this area. This challenge to the dominance of the multinational corporations is “likely to continue even more dramatically,” according to Simon Lance, Manager Director for Hays Greater China as local pharma companies show high levels of commitment to expanding their Mainland China market over the coming year.
In order to help Chinese companies realise this growth, they are seeking out candidates with the following skills sets.
- R&D clinical operations.
- Drug development.
- Drug pipeline support.
Precision medicine is not the only area of growth in the Mainland China Life Sciences industry but there are also increased advancements in drugs development in the biosimilar and generic market. This robustness in the market, as well as increased competition, means that it is a good time for candidates who are looking to change position.
“It’s an extremely talent short market right now,” says Simon. “There are many clinical development sponsors, including multinational companies, and right now the candidates are in short supply. On the other hand, domestic companies are more competitive as they have set their sights on competing on a global scale, so they are fighting hard to attract staff with the right skills.”
“The competition between employers to secure the best talent is formidable, and employers can easily lose out, with candidates the clear winners.”
To combat this, companies are looking to various ways of recruiting the candidates that they need.
“For the hiring of fresh or young professionals, employers are sparing no effort in branding investment as they initiate campus affairs. We have also seen traditional tactics being challenged and innovated with online rebranding strategies being implemented, the promotion of internal training systems and offering flexible working conditions,” says Simon.
“And of course financial packages are very strong, with candidates in the growth areas such as clinical R&D commanding 20 per cent increases as standard.”
As the market expands rapidly, Simon expects to see this situation continue for the next three to five years.
As well as junior-level candidates, there is a high demand for those in the mid- to senior levels – those in contact with the key opinion makers at top hospitals or government authorities - who are expected to operate across regions and functions dealing with multiple stakeholders.
“Companies are seeking out people with exemplary communication skills and those who can be accountable to impact,” explains Simon. “Not just people who are working solely within their own remit but can volunteer to take more responsibility above and beyond their roles.”
For these higher positions, decision makers international experience is highly recommended, and firms are increasingly turning to candidates from abroad or Chinese nationals living overseas.
“Candidates with an overseas R&D background, especially in the top U.S. institutes and multinational companies are really in high demand. Candidates with this international expertise paired with bilingual language skills who are willing to return to Mainland China are being sought out. This is a quite recent development, but we expect it to continue.”
An overview of what other trends have been observed in Mainland China’s Life Sciences sector can be viewed below.
- Governmental implementation of a national health service is boosting investment in the Life Sciences sector, giving it even greater scope for expansion in future.
- Major pharmaceutical players have been utilising internal training and upskilling methods more than ever before.• This upskilling is being implemented, not just at junior and mid-level, but also for senior employees.• Candidates over the last 24 months have become more socially engaged in networking events or conferences, with the DIA event for medical affairs and RDPAC being most active.
- As a result of this networking, we have noticed a deepening of candidate understanding for company culture and strategy.
- Work life balance and career progression have become increasingly popular requirements for candidates over the last few years, with candidates less inclined to look solely to salary as a deciding factor when approaching a position.
- Singapore and Indonesia are playing important roles in market research. This is likely to bring more expatriates to Mainland China in the coming year as the Asian market becomes increasingly attractive.
To view the full Inside Story of Life Sciences in Mainland China, please click here.
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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 Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2017 the Group employed 10,000 staff operating from 250 offices in 33 countries across 20 specialisms. For the year ended 30 June 2017:
– the Group reported net fees of £954.6 million and operating profit (pre-exceptional items) of £211.5 million;
– the Group placed around 70,000 candidates into permanent jobs and around 240,000 people into temporary assignments;
– 24% of Group net fees were generated in Asia Pacific, 49% in Continental Europe & RoW (CERoW) and 27% in the United Kingdom & Ireland;
– the temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees;
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA.