The Boom Of Workforce Mobility In Biotechnology
20 Sep 2022 | Sarah Huntridge, Business Development Manager
The biotech industry is growing fast. This includes the sector’s value and the number of biotech companies operating within it. This huge expansion includes several global organisations, creating increased need for talent mobility, and the support services required to implement international relocations and assignments.
The global size of the biotech market was valued at USD $1,023.93 billion in 2021. This is forecast to reach USD $3,879.52 by 2030 according to bio-itworld.com which defines the sector as: “An interdisciplinary field that uses living creatures, biological systems, or derivatives to improve or develop procedures and outcomes for the production of healthcare products and therapies.
“It has a significant impact on a variety of industries, including medical and pharmaceuticals, genomics, and food and chemical manufacturing. It can be used to address a wide range of issues, including health and well-being, food and energy security, and environmental protection.”
Much of this significant growth is influenced by high healthcare expenditure in recent years. Biotech is defined as an emerging industry thanks to its innovation and application of new technologies. Geekwire confirms that in the US alone, venture capital funding for the life sciences hit record highs for the 12 months ending in September 2021, reaching more than $30 billion.
The International Business Of Biotech
North America has the largest share of biotech companies (41%, 2021). However the Asia Pacific region is expected to expand at the fastest growth rate from 2022 to 2030, due to organisational expansion (such as Moderna) and future alliances (the strategic collaboration between Kiniksa Pharmaceuticals and Huadong Medicine, for example). The APAC region includes key relocation destinations such as Australia, Japan and Singapore.
Future Development Within Biotech
Technologies within the biotech industry are:
- Cell-based assay (vital experimental tools in life science research and biomanufacturing)
- Chromatography (a process for separating components of a mixture)
- DNA sequencing (determining the order of the four chemical building blocks - called "bases" - that make up the DNA molecule)
- Fermentation (the chemical breakdown of a substance by bacteria, yeasts, or other microorganism)
- Nanobiotechnology (a multidisciplinary field that covers a vast and diverse array of technologies coming from engineering, physics, chemistry and biology)
- PCR technology (polymerase chain reaction (PCR) is a technique used to "amplify" small segments of DNA)
- Tissue engineering and regeneration
Research by Omnicore shows that two biotech disciplines set to lead the growth of the sector:
- Molecular diagnostics - making the detection and monitoring of illnesses even more successful.
- Artificial intelligence – successfully applied within many industries but yet to be implemented widely within biotech.
The boom of the biotech industry will increase value, the number of organisations and employment within the sector. Fast growth within such a specialist field requires effective talent mobility to ensure key skills are available within the locations required. This is where global relocation companies can support biotech organisations … by developing efficient workforce mobility solutions with flexible services adapting to client requirements before, during and after arriving in new host countries. This support also applies to repatriation when international assignments end.
“With such a fast moving, global industry it’s important to know that your workforce mobility partner can support all your destinations and requirements,” says Louise Chilcott of BTR International. “We work very closely with our proven partners across the world. Importantly, they reflect BTR’s core values of customer care, tailored client solutions and responsiveness. This means that our clients receive the same great service at any global location.”
Are you working in the biotech industry?
Does your organisation offer international assignments?
Do you manage workforce mobility for your organisation?
The BTR team is here to help. Contact us for an initial, helpful discussion without obligation. Let’s make your organisation’s talent mobility programme grow and adapt seamlessly.