Life Sciences

What is the life sciences industry?

The life sciences industry is an umbrella term for companies that are dedicated to developing, producing and commercialising innovative treatments, diagnostic tools, medical devices, and equipment. Life sciences companies may include those operating in pharmaceuticals, biotechnology, medical devices, biomedical technologies, environmental sciences, cell biology and many others. Any aspect of science that has something to do with the research and improvement of human, plant and animal life can be defined as a subcategory of the life sciences industry.

What are the current opportunities and risks in the life sciences industry?

According to a 2020 Deloitte Global life sciences outlook article: “The Life Sciences sector is at an inflection point. To prepare for the future and remain relevant in the ever-evolving business landscape, biopharma and medtech organisations will be looking for new ways to create value and new metrics to make sense of today’s wealth of data.According to a 2020 Deloitte Global life sciences outlook article: “The Life Sciences sector is at an inflection point. To prepare for the future and remain relevant in the ever-evolving business landscape, biopharma and medtech organisations will be looking for new ways to create value and new metrics to make sense of today’s wealth of data.

As data-driven technologies provide biopharma and medtech organisations with treasure troves of information, and automation takes over some mundane tasks, new talent models are emerging based on purpose and meaning. The integration of artificial intelligence (AI) and machine learning approaches within life sciences is making drug discovery and development more innovative, timeeffective, and cost-effective.

Between 2019 and 2024, worldwide prescription drug sales are projected to have a positive compound annual growth rate (CAGR) of 6.9 percent with sales expected to reach US$1.18 trillion.”

What are the trends in numbers for the life sciences industry?

The Life Science sector had 5,649 companies, generating approximately £70.3 billion in turnover with 240,000+ jobs in the UK. Whilst in the US it had 16,733 companies, generating approximately $362 billon with 1.2 million+ jobs. In 2019, global deals made in the Life Science sector accounted for a total value of $467 billion.

What are the to 10 life sciences companies by revenue in 2020?

  1. Johnson & Johnson – $56.1bn
  2. Pfizer – $51.75bn
  3. Roche – $49.23bn
  4. Novartis – $47.45bn
  5. Merck & Co. – $46.84bn
  6. GlaxoSmithKline – $44.27bn
  7. Sanofi – $40.46bn
  8. AbbVie – $33.26bn
  9. Takeda – $30.52bn
  10. Shanghai Pharmaceuticals Holding – $26.69bn

What are the top 10 fastest growing companies in the life sciences in 2020?

  1. Inviate
  2. Mirati Therapeutics
  3. OWKIN
  4. 10X Genomics
  5. QED Therapeutics & bluebird bio
  6. Tempus
  7. Revance Therapeutics
  8. Precision BioSciences
  9. AveXis
  10. Relay Therapeutics

What skills and qualifications do I need to work in the life sciences industry?

The requirement of a degree depends on the job that you'd like to do. There is also an increasing appetite for non-degree routes through work experience and apprenticeships.

What Functions?

Research and Development

Research and Development (R&D) covers the initial search for new medicines to treat the disease, through to having a product ready to market.

Sub-functions:
Toxicology, Pharmacology, Regulatory Affairs, Chemistry, Clinical Studies (Clinical operations, Clinical pharmacology & drug metabolism and pharmacokinetics) Drug safety (Pharmacovigilance), Medical Writing, Patenting, Intellectual properties, Competitive intelligence Statistics, Archiving, Manufacturing and Supply chain.

Other Functions:



Business Development and Venture Funds





Commercial

Within the commercial side of a company there are a large number of people working towards promoting the medicines their company produces.

Sub-functions:
Medical Affairs, Health Economics, Healthcare communications, Medical information, Sales and marketing, Manufacturing and Supply chain.

Essential functions

As with all large organisations, pharmaceutical companies need an infrastructure to run them.


Sub-functions:
HR, IT, Finance, Legal, Training and Development.


What is it like to work in this industry?

What is a a day in the life? What are the progression routes like? What are the average salaries?

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