This sector includes companies that operate in the fields of Pharmaceuticals, Medical Devices, Healthcare, Biotechnology and the broader Life Sciences umbrella. While some of these companies have been experiencing a boom in recent years, others have been hit hard by lacklustre product pipelines, litigation and the rise of the generic drug manufacturers.
Due to a high level of industry regulation and the time needed to successfully test and launch a product, business planning, investment, and decision making is slow. Historically, this has resulted in a conservative and somewhat risk-averse HR function.
However, the landscape in this sector is changing radically, with both smaller and larger industry players needing to be agile in order to harness and commercialise new advances in sciences and products with greater speed. We are also seeing a much greater level of globalisation across many parts of this broad industry. Due to the complexity of the industry and its current and projected robust growth rate, major Pharmaceuticals and Healthcare organisations are seen as offering compelling Human Resources career options. Recently, many have been able to snap up some of the best HR talent in the market. The life sciences space remains an attractive area for HR talent who feel that companies in this space improve human health and well being. On the downside, it can be a volatile sector with much merger activity, particularly when patents end.