As 2022 begins to wrap up, now is the time to start looking ahead to 2023, while reminiscing on the progress made this year.
At Bongene Search, 2022 brought us a host of new opportunities – we have continued to experience strong growth in our biopharma sector and launched our data science division, driven by the increasing clients’ needs.
While the year may have had turbulent moments, the biopharma and data science sectors have continued to thrive, with growth predicted well into 2023 and beyond!
Take a read below as we reflect on the events of 2022 and cast our eyes on the future with predictions for 2023.
Digital Transformation
The digital revolution is upon us and organizations that embrace it with open arms, harnessing its power to make data-driven decisions will likely come out on top.
Biopharma organizations are turning to data like never before to aid their drug development pipelines. At the start of 2022, Roche committed $12 billion to use Recursion’s AI-based operating system to advance therapies across 40 of their programs. This signaled the start of what was to come – 2022 was a record year for investment in AI within the sector.
Digital transformations have not only occurred on the development side but in the sales and marketing departments of biopharma organizations. Consumers and their expectations have changed – there is now seemingly no such thing as a traditional consumer or a traditional way to reach them.
Advances in harnessing data have meant that profiling and targeting customers is now expected – up to 52% of consumers now assume that any marketing material will be personalized. To deliver on these expectations and to remain competitive, biopharma organizations need to collect, store and interpret data at a rate never seen before.
Small Data
A recurring industry trend within data science has been Big Data and the machine learning (ML) algorithms that help us to analyze swathes of data to make better decision making.
In 2022, we saw companies shift away from focusing their sole efforts on Big Data – instead, many are now exploring the possibilities of Small Data.
The sheer scale of Big Data makes it virtually impossible to process remotely, and thus, there are a number of situations post-pandemic where Big Data is just not appropriate. This is where companies have seen the value in Small Data.
Organizations are able to harness the power of data remotely using tiny ML algorithms to facilitate more flexible working opportunities and to make use of their applications remotely.
The top talent is more concerned with flexible working arrangements than ever before and firms that can provide the most flexibility, particularly in roles that have seen a lack of this previously, will win the war for talent.
As we head into 2023 and the years beyond, up to 70% of organizations are looking at shifting their priorities toward Small Data.
Explainable AI Platforms
Whilst AI-driven data analytics has continued to gather steam, an issue that has plagued the sector is ‘explainability’.
As companies increase their reliance on data to make decisions, it is important that all stakeholders truly understand the data and where it is coming from. Explainable AI is the next generation of AI and will allow all employees, regardless of their proficiency in data analytics, to understand the models.
This will begin to increase the efficiency of data-driven decisions, whilst allowing decision-makers to be confident that decisions are transparent, accountable, and trustworthy.
Creating ‘explainability’ platforms will become a key part of data scientists’ job role in 2023. It is no longer enough to analyze data and present findings, they must inspire confidence in the rest of the organizations, particularly in risk-averse sectors such as healthcare.
Convergence
Digital transformers such as AI, the internet of things (IoT), cloud computing, and 5G have revolutionized their specific areas. However, they are currently working in silos. If combined effectively, they have the ability to push the limits of what was once thought possible.
in the coming year, organizations are likely to focus on combining these technologies to create an integrated system that optimizes both efficiency and impact.
The Persisting War for Talent
The top biopharma and data science professionals will remain in high demand through 2023.
The World Economic Forum is predicting that in 2023 data scientists and data analysts will be ranked the number one job role, whilst the US Bureau of Labor Statistics estimates by 2026 data science will create 11.5 million job openings. In biopharma, we are continuing to see hiring rise month on month, with the latest statistics showing that hiring in August was 2.81% higher than in July. Even the threat of an economic downturn is not cooling the war for talent in these sectors.
More organizations are beginning to understand the impact these professionals can have and are looking to bolster their teams. This is only adding to the already sky-high demand for the top talent. The number of qualified professionals has lagged far behind the demand for their experience and this trend is likely to persist for several years to come.
If you are looking to grow your team in these fields, don’t wait until the new year to start the process. At this time, the market becomes flooded with seemingly all of your competitors looking for their next hire too. Use the remaining few months of Q4 to start your growth plans in motion and get 2023 off to a flying start.
Whether you are looking for a partner on your next hire or would just like to understand more about the services we offer, the Bongene Search team can help! With years of experience within the biopharma, data science, and hi-tech sectors, we have built up a wide-reaching network and the ability to target 100% of the talent pool to find your perfect hire. Discover how we can partner with you by contacting a member of the team, today!
Email: diana.ji@bongenesearch.com
Phone: +1 888-317-595