Competition for AI talent is about to get fierce as companies across biopharma, and every other sector, begin to deploy machine learning in house. Right now, biotechs are aiming to fill their talent needs through academic collaborations and appealing to mission-driven AI specialists, but long-term solutions are needed to meet a demand that could reach as high as tens of thousands of new employees over the next decade.
Biopharma’s biggest competitors for AI talent are tech companies like Google parent Alphabet Inc. (NASDAQ:GOOG) and Facebook Inc. (NASDAQ:FB), which can offer more attractive financial packages to AI post-docs.
Biotechs that have embedded AI in the core of their businesses are feeling the pinch first. These companies, which focus on things like AI-driven target or compound discovery, are taking several strategies to lure data scientists to the sector, including tie-ups with academic programs that expose Ph.D students to AI-driven drug discovery early on, or targeting people that have an inherent interest in healthcare.
Considering the need for AI-related data scientists across all sectors is widely expected to grow exponentially over the coming 10-15 years, these strategies alone are unlikely to keep pace.
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