The following is an excerpt from a BioSpace article originally published on October 2, 2024:
By addressing skill gaps, talent shortages and diversity, equity and inclusion, Massachusetts can improve talent recruitment and retention, further bolstering its life sciences ecosystem and industrywide impact, according to MassBio’s five-year strategic plan released today.
Developed with McKinsey & Company, the Vision 2030 plan aims to create hundreds more biopharma and life sciences jobs and add up to $1 billion to Massachusetts’ gross domestic product by the start of 2030. The job creations are noteworthy given findings from a MassBioEd employment outlook report released in June. It found that while the state’s life sciences jobs grew by just 2.5% in 2023 compared to a 7.8% annual average increase from 2020 to 2022, they’re expected to go up 32% by 2033.
In its Vision 2030 plan, MassBio identified four challenges the Massachusetts life sciences industry should address so it can best recruit and retain talent: skill gaps in an evolving industry, an entry-level talent shortage, a scarcity of executive talent and diversity, equity and inclusion.