Areas of Growth in Biotech and Pharmaceuticals
The biotech and pharmaceutical industries are changing right now as these industries continue to grow rapidly. As biotech and pharmaceuticals become more sophisticated, companies are developing groundbreaking products that improve treatment and decrease side effects. Some of the most prominent areas of growth in pharma and biotech include analytics, business intelligence, cloud-based solutions, and clinical data. This growth will coincide with new opportunities for professionals looking for biotech and pharmaceutical careers. Here are some of the areas of growth in Biotech and Pharmaceuticals.
Analytics and Business Intelligence
One of the most prominent areas of growth right now is analytics and business intelligence. Biotech and pharma have become increasingly competitive. Analytics and business intelligence help companies to make better decisions, stay ahead of trends, identify new opportunities, and outperform competitors. The IT talent companies are looking for often have business or analytics skills in addition to technical skills.
Cloud-Based Solutions
To stay competitive, many companies are no longer running their own infrastructure. Instead, they are working with managed service providers, outsourcing key infrastructure to cut costs and improve efficiency. This trend has led to the growth of cloud-based solutions. Security is also a major concern in biotech and pharma. Companies don’t want to run their own data centers because of the security risks involved. They are using cloud-based technologies for everything from oracle and salesforce to analytics and business intelligence. Security is improved and they can find the talent needed to manage those resources.
Roles in High Demand
Several roles are in particularly high demand right now. These include chief data officers, master data management professionals, customer masters, data engineers, and data management within pharmaceuticals. Part of the reason these roles are in such high demand are the importance data plays in pharma and biotech. Businesses will need to find strategic ways to attract talent to these critical roles.
Clinical Data
Traditionally, data is separated into two categories—clinical and commercial. More and more, companies are combining the two in an effort to create economies of scale. The goal is to decrease long-term average costs by increasing the scale of production and increasing efficiency. As companies continue to combine clinical and commercial data, the role of data in pharmaceuticals and biotechnology will grow.
Developments in technology and research have spurred the growth of the biotech and pharmaceutical industries. Advancements have made it possible to make innovative pharmaceuticals that improve efficacy, while lowering side effects. Meanwhile, we’ve seen substantial growth in the areas of clinical data, cloud-based solutions, analytics, and business intelligence. This growth will increase the demand for talent, particularly in the area of data management.
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