A Life Sciences Work Force ‘Imbalance’
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe head of the state’s life sciences initiative says, now more than ever, the sector needs to be a "net importer" of talent. BioCrossroads Chief Executive Officer David Johnson says a new report shows one in every 10 private sector jobs in Indiana is tied to the life sciences and health care sector. Since 2001, Indiana has reported the nation’s highest job growth in the sector. In an interview with Inside INdiana Business Television, Johnson says talent is the key to continued growth.
Johnson says the sector has an imbalance in the work force demand versus the supply. "Despite our many fine universities, we just are not producing enough people to take those jobs. Coupled with the fact that we are facing, as many industries are, a lot of retirements on the horizon, and so you’re going to be replacing senior people perhaps with somewhat different jobs at the entry level. But lots of skills, lots of expertise needs to be replaced."
The study suggests other pressure for the talent pool include:
- changing demands in health care delivery
- rising use of information technology, boosting the need for more data sciences skills
- national competition for higher skilled health and life sciences occupations
The "Indiana’s Heath and Life Sciences Talent and Workforce: Developing Strategies to Compete in a Global Economy" report was compiled by TEConomy Partners with support from the Battelle Technology Partnership Practice. It says the sector includes a total of 265,000 jobs, paying an average annual salary of $70,000, higher than the state average.
Johnson says "as the most research and development-intensive sector of our economy, the growth of health and life sciences depends upon talent. These sectors are two of the most critical economic impact drivers in the state, so it is imperative that we bolster efforts to develop, upgrade, retain and attract talent with Indiana stakeholders in public-private partnerships involving the State, our universities, industry, and our philanthropic community."
Recommendations for addressing challenges include:
- ensuring a strong foundation of STEM skills for K-12
- fostering post-secondary health and life sciences talent generation
- upgrading the skills of Indiana’s incumbent health and life sciences workforce
- raising Indiana’s ability to attract and retain top health and life sciences talent inside and outside the state
You can connect to the full report by clicking here.