How AI is Transforming Life Sciences

Which technology field is predicted to grow 42% annually over the next decade and will generate a large number of well-paid STEM jobs? That would be, of course, Generative AI (Artificial Intelligence), which is expected to become a $1.3 trillion market by 2032, according to Bloomberg.  

As AI transforms life sciences, employers must focus on a future-proof workforce across all industries. Generative AI and other forms of data-driven automation are transforming how work gets done, but in life sciences, these changes are likely to be especially dramatic in the near future as pharmaceutical and MedTech companies ramp up investments to disrupt the status quo. 

According to Deloitte, AI is transforming many functions in life sciences, from molecule discovery to clinical trials to marketing. New tools and data-driven intelligence will help companies shorten the path to commercialization and deliver diagnostics and life-saving therapies more quickly and effectively. Companies such as J&J are already applying AI to anonymized medical datasets, such as electronic health records or lab results, to understand the causes of diseases. In MedTech, the number of AI-powered products approved by the FDA reached an all-time high last year, with further strong growth anticipated in the years ahead.  

Excitement about AI’s contributions 

In the workplace, people will need to adapt to new ways of working and learning to ensure professional growth and success. While its full impact on the future of work in life sciences is still unclear, STEM professionals are more excited about the benefits than the threat AI may offer. SRG’s 2024 Global Talent Trends & Insights research, conducted with New Scientist magazine, found that workers are optimistic about AI’s potential to help them, with a majority (60%) saying they are more efficient today because of it. An even higher percentage (77%) believe they will be more so in the future.  

While some people continue to worry about AI taking over jobs, a majority (77%) of those we polled were confident their jobs were safe. Fewer (64%) are convinced that colleagues won’t be affected. Nevertheless, nearly half (46%) say they want to improve their AI/machine learning skills to future-proof their careers and earn bigger paychecks. 

Indeed, AI specialists are among the most sought-after professionals in the STEM labor market today. The 2024 Lorien Salary Survey found that among all workers surveyed globally, those working in AI received the most significant average pay increase (5%). This came despite the recent overall slowdown in tech sector hiring. AI engineers, machine learning engineers, and data scientists are among the roles enjoying sizable compensation packages amidst strong demand for their services. 

Talent scarcity poses challenges 

This demand comes as the global economy struggles to fill roles created by AI proliferation. According to Reuters, a hiring gap approaching 50% will occur this year, depriving many organizations of resources needed to advance their business agenda. The challenge is especially daunting in the life sciences sector, where specialized skills are even harder to find. Fields such as bioinformatics, health data science, and computational genomics require traditional AI expertise and an understanding of their application to pharmaceutical and medical device development. Learn more about emerging AI roles in Life Sciences.   

Furthermore, as more MedTech products become powered by AI, the STEM talent behind their development must possess regulatory insights and expertise to secure market approval from agencies such as the U.S. Food and Drug Administration. The regulatory landscape regarding AI continues to evolve, and life sciences professionals must stay informed about the latest developments. 

So how can employers in the sector attract scarce and specialized talent when many other industries are also competing for the same people? SRG’s 2024 Global Talent Trends & Insights report found that competitive pay and bonuses are not enough to motivate talent; other considerations are also important. For instance, just over 2 in 5 people worldwide say health and well-being are important to them, and more than one-third say they value generous parental leave benefits. 

Benefits of AI Skills in Life Sciences 

Access to learning and development is also a compelling benefit that STEM professionals value. In addition to learning more about how AI can help them to be more efficient, the talent we surveyed also desired training around soft skills such as cognitive thinking, interpersonal communication, and collaboration.  

Life Sciences and STEM companies should consider investing in formal training and microlearning to fulfill workforce ambitions. The success of life sciences organizations hinges on the effective deployment of AI tools and services to complement the skills workers bring to their jobs every day. By helping them adapt and unleash the power of innovation, better outcomes can be achieved more quickly and effectively.  

Like many other industries, the life sciences sector is undergoing tremendous transformation as a result of technology’s profound reach. Employers must focus on a strategy of acquiring specialized skills while building a future-proof workforce ready to embrace AI and other forms of automation. Doing so will accelerate the work of pharmaceutical, medical device, and biotech companies, ensuring far superior patient care in the future.