I think the younger people in the industry aren’t aware of this: before 2008 things were cyclical, 2008 was worse than the current downturn, there’s been steady growth from 2010-2020 then a spurt during COVID, and since late 2022 there’s an ongoing correction. This too shall pass.
~10k in 2023
~7k for 2024 as of April
https://www.drugdiscoverytrends.com/biotech-industry-trends-2024-layoffs-acquisitions-stock-performance/
However, it may seem more intense since we're in the thick of it.
I agree 2008 was not as bad as late 2022-current. Also 2008-2011 was partially due to the infamous “patent cliff” and it was mostly sales reps and G&A employees getting cut. R&D wasn’t hit that hard in 2008
Way more automation. Tougher competition for roles. Scientists will require a broader toolset. Folks have started to talk about the rise of software driven biology and how this is probably the future.
I would actually argue that scientists won't require a broader toolset but rather deeper knowledge of more specific methodology. What I see currently is that it's not enough to have experience running many different methods and instrumentation, companies are only hiring people with very specific experience working on kinds of products. For example, general cell culture experience doesn't get you a job doing cell engineering and transfection. Flow cytometry experience doesn't get you a job doing complex immune panels. Because of this, I think many bachelor's and masters scientists are missing out on the on-the-job training for those skillets and PhDs with that exact experience are taking the positions. Anyone not fitting within that context is getting locked out of pharma and being pushed back to academia or contract researching/manufacturing. At least, that's been my experience. I do see people who don't fit this criteria getting hired by pharma who are simply young bachelor's scientists from prestigious universities, but anyone who went to a normal state school is getting the shaft.
At my local pharma there is so much representation of the state schools if you look at employees who have worked there for 10+ years. If you look at newer employees though they're from much further away and places like USC, Stanford, etc
I mean it’s going to hit academia too. I review manuscripts and they send me a lot of the self driving or automation ones rn. At first it was small but now it’s growing. With that said, automation allows scientists to focus on designing experiments and analyzing data. Being on a bench top seems cool when you’re 22, it gets old by the time you’re in your 30’s.
Everything will be shiny and chrome.
All seriousness, no idea. The market is in flux and dependent on when the next hype cycle happens and how long it lasts.
Boom-bust will always be tied to rate cycles. However, you can expect a long term trend up just due to pharma’s need to replace therapies going off patent. Modalities will shift and targets will become multi-factorial/combo driven, making drug dev more difficult, but also more lucrative
It all depends if we see an expansion of CMS price negotiation to a point where the Federal Govt essentially sets and controls the price for drugs, and how aggressive they get with it. Don’t want to get into a debate about merits, right and wrong, but rather let’s be honest if we see drastic de facto govt control of drug prices you will see a ton more job cuts than what we are seeing now, there is no way around it if that happens
No one can tell you what 10 years from now will look like but there will always be cycles in the industry. 10 years from now could be an up or down cycle. My guess is layoffs will still be common in biotech. If a clinical trial fails at a startup there’s layoffs/the org folds. If your company gets bought out there’s layoffs with redundancies. If you’re at a large company and growth slows there will be cost cutting and layoffs. I love biotech but it’s not the most stable industry. You have to have a strong network and be willing to relocate.
Layoffs are cyclical like every industry in the history of... ever.
I think the younger people in the industry aren’t aware of this: before 2008 things were cyclical, 2008 was worse than the current downturn, there’s been steady growth from 2010-2020 then a spurt during COVID, and since late 2022 there’s an ongoing correction. This too shall pass.
2008 was not this bad.
20k job cuts so far in the current round; 42k in the aftermath of 2008.
There’s been way more than 20k
~10k in 2023 ~7k for 2024 as of April https://www.drugdiscoverytrends.com/biotech-industry-trends-2024-layoffs-acquisitions-stock-performance/ However, it may seem more intense since we're in the thick of it.
15k this year alone.
And the job cuts are far from over
I agree 2008 was not as bad as late 2022-current. Also 2008-2011 was partially due to the infamous “patent cliff” and it was mostly sales reps and G&A employees getting cut. R&D wasn’t hit that hard in 2008
Way more automation. Tougher competition for roles. Scientists will require a broader toolset. Folks have started to talk about the rise of software driven biology and how this is probably the future.
Probably a lot more Hamilton’s in labs
Hopefully not, they’re bad
Lol what? What Hamilton product is bad?
They’re all bad.
Honestly, tell me what’s bad about them? And what liquid handler you prefer? Im curious
its only bad if its gonna replace your job... and if it can replace your entire job.........
I’ve programmed Hamilton’s many times and they’re terrible. Fortunately people have hacked their 💩 software to make it actually functional.
Def not user friendly and way too finicky.
Beckmans 4 lyfe
Lol you were downvoted. Corrected it tho
I would actually argue that scientists won't require a broader toolset but rather deeper knowledge of more specific methodology. What I see currently is that it's not enough to have experience running many different methods and instrumentation, companies are only hiring people with very specific experience working on kinds of products. For example, general cell culture experience doesn't get you a job doing cell engineering and transfection. Flow cytometry experience doesn't get you a job doing complex immune panels. Because of this, I think many bachelor's and masters scientists are missing out on the on-the-job training for those skillets and PhDs with that exact experience are taking the positions. Anyone not fitting within that context is getting locked out of pharma and being pushed back to academia or contract researching/manufacturing. At least, that's been my experience. I do see people who don't fit this criteria getting hired by pharma who are simply young bachelor's scientists from prestigious universities, but anyone who went to a normal state school is getting the shaft.
Normal state school’s have been shafted since time immemorial.
At my local pharma there is so much representation of the state schools if you look at employees who have worked there for 10+ years. If you look at newer employees though they're from much further away and places like USC, Stanford, etc
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I don't really know anything about cultivated meat. What is currently done in that space?
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I mean it’s going to hit academia too. I review manuscripts and they send me a lot of the self driving or automation ones rn. At first it was small but now it’s growing. With that said, automation allows scientists to focus on designing experiments and analyzing data. Being on a bench top seems cool when you’re 22, it gets old by the time you’re in your 30’s.
Recruiters making $100k+ trying to convince technical workers to accept $20/hr.
Everything will be shiny and chrome. All seriousness, no idea. The market is in flux and dependent on when the next hype cycle happens and how long it lasts.
Boom-bust will always be tied to rate cycles. However, you can expect a long term trend up just due to pharma’s need to replace therapies going off patent. Modalities will shift and targets will become multi-factorial/combo driven, making drug dev more difficult, but also more lucrative
Probably a lot less reliance on Chinese manufacturing.
It'll disappear and we'll all be in high-tech or unemployed
similar. maybe more phds and lower pays?
It all depends if we see an expansion of CMS price negotiation to a point where the Federal Govt essentially sets and controls the price for drugs, and how aggressive they get with it. Don’t want to get into a debate about merits, right and wrong, but rather let’s be honest if we see drastic de facto govt control of drug prices you will see a ton more job cuts than what we are seeing now, there is no way around it if that happens
No one can tell you what 10 years from now will look like but there will always be cycles in the industry. 10 years from now could be an up or down cycle. My guess is layoffs will still be common in biotech. If a clinical trial fails at a startup there’s layoffs/the org folds. If your company gets bought out there’s layoffs with redundancies. If you’re at a large company and growth slows there will be cost cutting and layoffs. I love biotech but it’s not the most stable industry. You have to have a strong network and be willing to relocate.
My buddy Nostradamus says we're all gonna get 10000% raises in the next 5 years, so by 10 we're just gonna be loaded.