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Talent shortage in Singapore biotech to grow almost 30% in next 10 years: SGInnovate

THE shortage of biotech talent in Singapore is set to widen by 29.2 per cent over the next decade as the sector expands, according to a report released by deep tech investor SGInnovate on Monday (Dec 19). 

Authored by global strategy firm LEK Consulting, the report forecasts that the number of biotech companies in Singapore will grow by over 61.5 per cent between 2022 and 2032, from 52 to 84. 

The number of clinical-phase companies is expected to more than double to 36 in the next 10 years, while those in the commercial phase are expected to grow from three to nine. The number of pre-clinical companies, which has grown rapidly since 2012, is expected to stand at 39 in 2032.

Biotech startups are a key engine of innovation, as global pharma companies pursue a strategy of acquiring, co-developing with or licensing therapeutics from smaller biotech companies. While the outlook for Singapore as a biotech hub is positive, talent is a key constraint. 

The shortage in the number of personnel is set to grow 30 per cent, from 154 in 2022 to 199 in 2032, the report predicts. Key roles facing the shortage include research and development, production, regulatory affairs and business management.

Table with 5 columns and 5 rows. Currently displaying rows 1 to 5.
Company phasePre-clinicalClinical
Year2022203220222032
C-suite/board2018036
Manager70522850
Junior2061637

It is mainly biotech companies in the clinical stage that are set to face shortages, across junior, manager and C-suite roles. The gap is most critical at the C-suite level, with the need for professionals that can support business management activities such as fundraising and business direction.

Managers who drive vendor and third-party engagement would also be in shortage.

In contrast, the talent gap is expected to narrow for pre-clinical companies, as research professionals flock to these companies for hands-on industry experience with these early-stage players, the report said.

To address the talent crunch, the report recommends that biotech companies accelerate career progression for experienced juniors reaching managerial level, through rotations and secondments. Incentives could also be provided for talent to relocate from overseas.

Meanwhile, biotech companies should be incentivised to conduct their phase II and III clinical trials locally, to allow professionals to gain experience with industry-level operations. Phase II trials involve testing a drug in a larger group, while phase III trials compare the safety and efficacy to existing treatments, before commercialisation. 

“Singapore can also position itself as a facilitating hub for trials in the Asia-Pacific region, especially for local and overseas biotech companies that target this market,” the report said. 

It also suggested that pre-clinical research organisations could be set up in Singapore, to provide professionals with opportunities to manage the outsourcing of experiments in pre-clinical settings.

SGInnovate will work with industry stakeholders to support biotech talent development based on the report’s insights, said Juliana Lim, the organisation’s executive director for talent. 

“While the talent gap remains a perennial issue for biotech companies globally, the demand for expertise in these areas presents an opportunity for researchers and academia to gain industry exposure,” she added.

Source: The Business Times. Link Here.

January 03, 2023