The world of clinical trials is constantly evolving, and with the rise of new technologies and innovative approaches, the demand for skilled staff has never been higher. As we move along 2023, it is clear that the supply and demand for clinical trial staffing are undergoing significant changes, with a growing emphasis on contract staff opportunities. In this blog, we will explore the key trends shaping the industry and examine the reasons behind the rise of contract staff.
The pharmaceutical industry has seen rapid growth in recent years, driven by advances in technology and increased demand for new and innovative drugs. As a result, the clinical trials market has grown to $ 49.8 billion, with an estimated value of $78.3 billion in 2030. This growth has put pressure on CROs and sponsors to increase their capacity, resulting in an increased demand for contract staff.
The War for Talent
The clinical trials industry is facing a talent shortage, with a growing number of positions becoming vacant and the pool of skilled professionals becoming increasingly limited. This has resulted in a war for talent, with CROs and sponsors competing for the same pool of highly skilled clinical research professionals. This competition has driven up salaries and created a high demand for contract staff.
Turnover at CROs and Sponsors
The clinical trials industry is a high-pressure environment, with tight timelines, high stakes, and intense scrutiny. As a result, turnover rates are high, with many experienced staff members leaving their positions to pursue other opportunities. This constant pull for experienced staff members from sites has created a need for contract staff, as CROs and sponsors struggle to keep up with the pace of demand.
Impact on Clinical Trial Timelines
The rise in contract staff opportunities within clinical trials has had a significant impact on clinical trial timelines. With a shortage of experienced staff members, sites are struggling to keep up with the pace of demand, resulting in slower trial timelines and increased costs. This can put trial results at risk, as longer trial timelines can lead to decreased patient engagement and increased rates of dropout.
The increased demand for contract staff has led to increased salaries, which has driven up the overall cost of clinical trials. This, in turn, has increased the cost of new drugs, as the cost of clinical trials is typically passed on to the consumer. This has created a challenge for both CROs and sponsors, who must balance the need for experienced staff members with the need to keep costs low.
This growth of the clinical trials market is being driven by a range of factors, including an increase in the prevalence of chronic diseases, the rise of precision medicine, and the growing demand for innovative treatments. As a result, clinical trial staffing has become a critical component of the industry, with a need for skilled professionals to conduct trials and ensure the accuracy of results.
However, despite the growing demand for staff, there are significant challenges facing the industry. These include a shortage of qualified personnel, increasing competition for talent, and the need to balance cost and quality.
Considering the above-mentioned market trends that have increased the demand for contract staffing in clinical trials, it is important to note the benefits that come with this staffing solution.
One of the main drivers behind the rise of contract staff opportunities in clinical trials is the need for flexibility. Many organisations require staff for specific projects or periods of time and are unable to commit to long-term employment contracts. Contract staff offer the ability to hire on a short-term basis, providing organisations with the flexibility they need to manage staffing demands. This also enables companies to scale up or down their workforce according to changing needs, reducing the risk of overstaffing or underutilisation.
In addition to flexibility, contract staff also offer a range of other benefits. For example, they are often highly specialised in a particular area, providing organisations with access to niche skills and expertise. This can be particularly valuable in clinical trials, where a range of different skills and backgrounds are required. Furthermore, contract staff are typically self-motivated and able to work independently, reducing the need for extensive management and training.
From a financial perspective, contract staff can also be more cost-effective than permanent employees. Companies can avoid the costs associated with recruitment, training, and benefits, and can also reduce the risk of redundancy or downsizing. This can be particularly important in an industry as competitive as clinical trials, where cost management is critical to success.
So, what does this mean for the future of clinical trial staffing? According to a report by GlobalData, the use of contract staff in clinical trials is set to increase significantly over the coming years. The report predicts that the number of contract workers in the pharmaceutical industry will increase at a compound annual growth rate (CAGR) of 5%.
The rise of contract staff opportunities in clinical trials is also creating new opportunities for professionals in the industry. For example, contract work can provide a gateway to new experiences and skill sets, as well as exposure to a range of different organisations and projects. This can be particularly valuable for those looking to develop their careers and broaden their horizons.
The clinical trial staffing industry is undergoing a significant transformation. As the demand for qualified personnel increases, organisations are turning to contract staffing solutions to meet their needs. The rise of contract staffing opportunities within the industry is set to continue, providing both employers and employees with greater flexibility and cost savings.
If you're looking for skilled and experienced contract staff for your clinical trial project, get in touch with our team at Aspire Life Sciences. We specialise in providing top-quality personnel to help you meet your goals and timelines. Contact us today to find out more.