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New Labour Market Intelligence Study Conducted by Life Sciences BC Shows B.C.'s Life Sciences Sector Faces 10-Fold Increase in Skilled Talent Gap
Tuesday, February 20, 2024Company Profile | Follow Company
Vancouver, BC, February 20, 2024--(T-Net)--A new labour market intelligence study conducted by Life Sciences BC shows a critical need for more skilled talent across British Columbia's life sciences sector.
The province's dynamic life sciences sector is the fastest growing in Canada and a source of high-quality jobs for British Columbians. The sector employs more than 28,000 people in approximately 1,800 companies and has been identified by the provincial government as a catalyst in providing British Columbians with an innovative, sustainable, and inclusive future.
The 2023 provincial Life Sciences and Biomanufacturing Strategy is aimed at positioning B.C. as a worldwide life sciences hub and focuses on talent as one if its key pillars.
The study, Fostering a Globally Competitive Life Sciences Ecosystem in B.C. , was funded through B.C.'s Ministry of Post-Secondary Education and Future Skills Sector Labour Market Partnership program and conducted with methodology and project support by KPMG. It provides detailed workforce information at a critical time for the growth of the sector.
"B.C.'s life sciences sector has experienced record growth in part because of the talented, high calibre people that are working and conducting research here in our province," says Brenda Bailey, Minister of Jobs, Economic Development and Innovation. "Our government is continuing to work with our partners, post-secondary institutions, research centres, and industry to ensure we have the highly skilled and qualified people needed to innovate and advance health care for British Columbians and the world."
Key findings from the study include a labour supply and demand forecast, which indicates a widening labour supply gap and is projected to grow 10-fold by 2027. Currently B.C.'s life sciences sector faces a labour shortage of approximately 500 people. By 2027 the projection is 5,500.
The study has also produced an up-to-date B.C. life sciences workforce profile; overall skills training assessment; and recommendations for sector-led strategies.
While B.C.'s life sciences employees make higher than average wages, there are growing skills training gaps, indicating a significant need for new skills across the sector. Key areas include leadership and management skills needed to scale and grow companies and knowledge of quality and regulatory affairs, clinical trials, and biomanufacturing.
"This is a pivotal moment for our sector to address the growing gap between the projected supply of skilled talent and what the market in British Columbia requires now and into the future," says Helen Sheridan, Chief Human Resources Officer, STEMCELL Technologies and a member of the LMI study governance committee. "All of us in B.C.'s life sciences community look forward to working with partners across industry, academia and government to develop the necessary talent required for our sector to thrive and continue advancing science for the benefit of all Canadians across the country."
"Extensive engagement with leaders throughout the life sciences sector has enabled us to identify existing and emerging challenges, while aligning on strategic objectives and recommendations to ensure that British Columbia can attract, develop, and retain the talent we need, with the skills our ecosystem requires to maintain record growth," says Wendy Hurlburt, President and CEO, Life Sciences BC, and executive lead of the project. "We thank the province for their ongoing support of our sector, and for funding this critical and timely labour market intelligence study to create a detailed understanding of our needs. We understand the work we need to do, and we look forward to the next step of immediately beginning to prioritize and implement the study's recommendations."
Seven recommendations are presented in the labour market study by sector stakeholders to address these challenges, including creating a talent council to speak as a single voice for sector needs, and enabling a responsive, best-in-class ecosystem that is focused on attracting, developing and retaining talent.
About Life Sciences British Columbia (LSBC)
Life Sciences British Columbia (LSBC) is a member-based not-for profit, industry association that advocates, supports, and represents B.C.'s life sciences community provincially, nationally, and globally. Through numerous initiatives LSBC plays a large role in facilitating investment and collaborations, increasing awareness of B.C. as a centre for excellence for life sciences, and shaping the trajectory of the sector.
The Sector Labour Market Partnerships program helps industry and employers understand and respond to labour market changes, and provides funding to organizations within an economic sector, region, or population, to develop projects that help respond to workforce challenges.
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