The past year saw a string of pipeline cuts and downsizing plans strike the biotech job market. Have layoffs spooked young professionals looking for a way into the industry, and does the employment landscape seem to be looking up this year?
Employment in the life sciences industry had hit a record 2.1 million jobs in the U.S. at the beginning of 2023, according to a report by CBRE. But this came after a decline in employment growth in 2022, owing to soaring interest rates and retreating investors.
And then, a contagion of layoffs took over the biotech sector last year. Now, the industry hopes to overcome the economic downturn and trudge ahead.
“I think the job market will fare slightly better than in 2023, but only by a small amount, taking two to three years to correct itself,” said Amber Penrose, founder of U.K.-based biotech recruitment firm Moxee Search. “Think back to 2020 and 2021, when we saw an influx of people entering the field. Now, as things return to ‘normal’ levels, the future seems a bit hazy.”
