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A week after CBRE released a report showing that US biopharma employment grew by just 0.2% from June 2022, the Massachusetts Biotechnology Education Foundation announced slowing life sciences growth in Massachusetts. However, he also expressed optimism for the future.
While life sciences jobs in Massachusetts grew by just 2.5% in 2023 compared to an average annual growth of 7.8% from 2020 to 2022, jobs are expected to grow by 32% through 2033, according to the opinion report. of MassBioEd employment released Tuesday. Also note: The state’s life sciences employment grew 11.6% from 2021 to 2023, outpacing the national growth of 6.3% over the same period.
“Massachusetts continues to grow its life sciences industry, with each of the state’s key segments outperforming its national counterparts,” said the report, developed in collaboration with TEConomy Partners. “While employment trends point to slowing growth compared to levels seen both during and immediately after the pandemic, projected 10-year growth remains strong.”
To fuel this long-term growth, the MassBioEd report made recommendations for ways organizations and stakeholders in industry, academia, government, and other sectors can develop, attract, and retain top talent going forward.
Talent supply and demand trends
After growing nearly 46% from 2021 to 2022, Massachusetts life sciences job postings fell 33% from 2022 to 2023, a key signal of softening labor demand, according to the report. He also pointed out the recent cuts affecting the labor market.
Source: Massachusetts Life Sciences Employment Report 2024
However, there are requirements for employees.
“With more than 140,000 total life sciences jobs, the state continues to serve as a major global life sciences center employing a highly skilled, highly specialized scientific and technical workforce,” the report said.
That said, the report noted that the demand for life sciences talent exceeds the supply produced by the state’s educational institutions. For example, those institutions provide only 61% of the projected annual need for new graduates, who have degrees more closely related to the roles of life scientists, biotechnologists, and medical laboratory technicians.
Another pipeline challenge, according to the report, is that Massachusetts’ life sciences industry is competing with other states and local industries for talent, “reinforcing the need to remain consistent in retaining skilled talent and supporting ongoing development. of the life sciences workforce, despite concerns about the industry shrinking.”
Shifting professional requirements and skills
The report also found continued but slower growth in some segments of the workforce and shifts in areas of emphasis compared to recent years in key life sciences roles. For example:
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While science roles grew at an average annual rate of nearly 7% from 2020 to 2022, they grew by just 2.7% from 2022 to 2023.
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Although computing and IT roles grew at an average annual rate of 17.5% from 2020 to 2022, they only grew 4.7% from 2022 to 2023.
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Manufacturing roles grew at an average annual rate of 16.6% from 2020 to 2022, but grew by just 1.7% from 2022 to 2023.
On the other hand, some engineering occupations saw significant growth from 2021 to 2023, according to the report. For example, employment in mechanical engineering increased by 47%, and industrial engineering jobs increased by 43%.
Source: Massachusetts Life Sciences Employment Report 2024
The report also noted that for life sciences job postings, skills of increasing importance focused on manufacturing facilities management, regulatory affairs, quality control/quality assurance, and information privacy.
Recommendations for moving forward
To help key stakeholders develop a skilled, diverse, future-focused workforce that can meet the needs of Massachusetts’ life sciences industry, the report divided recommendations into three areas: building a talent pipeline , growing and retaining the workforce and expanding career opportunities and diversity. Suggestions included:
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For Industry and Workforce Program Stakeholders: Develop programs and incentives to better retain experienced, mid-career life sciences workers to ensure their experiential knowledge does not leave the workforce.
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For industry, workforce program, and government stakeholders: Accelerate efforts to invest in life sciences training programs in public institutions and in underserved communities to advance diversity, equity, and inclusion in the life sciences.
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For industry, higher education, and government stakeholders: Continue to invest in K-12 STEM education initiatives designed to engage underrepresented students in hands-on learning, excite students about STEM careers, and connect students to local colleges and employers to pursue their career interests.
When it comes to training and developing a skilled life sciences workforce, MassBioEd CEO Sunny Schwartz noted in a press release that the organization benefits from partnerships with internationally recognized higher education institutions. However, she added, they need to do more to attract STEM majors to the industry.
“Together, we need to increase the 19% of biology, chemistry and bioscience graduates who choose a career in the life sciences,” she said.
Angela Gabriel is content manager, life sciences careers, at BioSpace. You can contact her at angela.gabriel@biospace.com and follow her on LinkedIn.
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