European pharma, biotech and medical devices companies are at risk of losing three quarters of their best people in the next 12 months according to a new report published by Real.
The research, which featured insight from thousands of pharma, biotech and medical devices professionals across Belgium, France, Germany, the Netherlands, Switzerland and the UK, found that, although the vast majority of people are more confident in their job security than at any time in recent years, this confidence has led many to consider looking elsewhere.
It illustrates how global factors such as the patent cliff, legislation, outsourcing and the continued growth of the generics market has changed the global talent market and could impact on the future growth and competitiveness of companies across the whole of the supply chain.
One thing that should be of particular concern to European companies is that the report shows the pharma, biotech and medical devices industries are seeing a much more migratory workforce looking to take advantage of the growing career opportunities and increases in salaries brought about by competition from BRIC countries.
It highlights over half (55.3%) of those surveyed said they would consider moving to the Americas for their next job and two fifths (40.6%) said they would seriously consider moving to Asia; meaning many European companies could be the victim of serious skills shortages in the years ahead.
A revitalised war for talent
In addition to being Europe's most comprehensive salary report for pharma, biotech and medical devices, 'Spotlight on: Salaries, recruitment and retention' also examines the impact of flexible working, employee benefits system, bonuses and global mobility on the European market.
It shows how competition across pharma, biotech and medical devices has the potential to create a new war for talent; resulting in people being much more demanding in what they expect from their current or future employers.
"Our report shows that across Europe we're seeing a highly motivated and highly demanding talent pool emerging across pharma, biotech and medical devices," says Real's Gareth Rose.
"All of which is putting extra pressure on companies across the supply chain to deliver a compelling employee proposition. Those that do will continue to compete in the newly emerging war for talent. Those that don't are okay for the short term but looking longer term there's real potential for them to get left behind."