DISRUPTION: Could this be the best word to describe what the Life Sciences and Healthcare industries are going through today?
Both are experiencing a turbulent global transformation, and this is due to several factors:
1. An aging population causing increased demand for healthcare services.
2. Unsustainable costs of healthcare delivery.
3. Technological innovation is sky rocketing.
4. The arrival of competitors from outside the traditional Healthcare industry (most of them coming from the technology sector).
The future and growth of these industries will go through multiple transitions caused by innovation, mergers and acquisitions, the expansion into new geographical regions, the growth of artificial intelligence in medicine and the extensive use of hospital and pharmacy robotics together with elderly-care robots.
In 1960 healthcare accounted for less than 6% of the US GDP. By 2015 it has nearly tripled and now represents 18%. The growth is exponential.
McKinsey & Co predicts that healthcare spending in China will reach US$ 1 trillion by 2020 up from $350 billion today.
Even at that level, healthcare spending in China will be 1/3 of the US cost, only $1,000 per person compared to $8,915 per person in the US.
In order to continue to grow in this competitive and turbulent landscape, Healthcare and Life Sciences firms will require exceptional leaders and change managers, moving slowly away from technical experts that the industry traditionally has cultivated.
New career opportunities are also being created with the growth of positions such as, Chief Patient Officer, Chief Digital Officer, and Head of Payer Strategy as examples.
Healthcare jobs are predicted to grow at a much higher rate than all other jobs from now until 2024. Demand for Audiologists will grow 29% annually until 2024, Dentists at 18%, Genetic Counselors at 29% etc.
The Morgan Philips Healthcare Practice has an outstanding track record of recruiting senior professionals for a wide range of organizations in the Healthcare and Life Sciences sectors. As these industries experience rapid change we are partnering with different organizations worldwide identifying emerging trends and discovering new opportunities for both clients and candidates.
Sectors of expertise: Pharma, Biotech, Medical Device, Diagnostics, Hospital and Elderly Care.
GLOBAL PRESENCE – GLOBAL NETWORK – LOCAL PARTNERS
Morgan Philips Executive Search has a global presence. Within the Healthcare practice we have dedicated consultants in each of our offices. They are able to be your partner for both local and international hiring needs when you are seeking experts in this specialist sector.
MARKET SCREENING AND TALENT MAPPING
As part of our service offering we are often asked to screen the market even when our clients are not ready to hire. The idea is to provide support by benchmarking your current workforce against the best talent available on the market – even before your vacancy arises.
RESEARCH AND HIRING STRATEGIES
In response to the strong demand for talent in the Healthcare and Life Sciences industries, for each search assignment, we can offer and develop with you a specific and focused research and hiring strategy.
Leveraging the experience of our team and their extensive market knowledge combined with an innovative talent sourcing infrastructure, we have a proven track record of completing challenging assignments worldwide – from Management level up to Board Member positions, quickly and cost effectively.