January was awash with reviews of 2022, new year resolutions, not to mention doom and gloom predictions for 2023.
Here’s my unashamedly positive assessment of thoughts from CPHI, JP Morgan, Advanced Therapies Week, and the future.
Thoughts from 2022 – Don’t look back. It’s gone. Focus on the future. Onwards and upwards.
The Market – Headwinds this, finance that. I’ve lived through 4 recessions and worked through 3 (yes, I’m that old). The consistent theme from each – an abundance of opportunity. A view supported by the CPHI annual survey with a broadly positive narrative about the future for our industry.
Despite the headwind’s rhetoric:
- Big Pharma are investing more than $200b in research and development this year.
- PwC expect US M&A activity in 2023 to resemble previous years, with deal value reaching $275b across all subsectors.
- Need for scale in 2023 will prove great stimulus for the outsourcing services sector, with PE dry powder at the ready.
Morale of the story? Be agile, prepare to pivot if you need to, get creative and innovate. The opportunity is there.
The sum of the parts – incredible science and ground-breaking technology is one thing, but the magic dust in our industry are the people and relationships that make it all happen.
Amazing collaboration and partnerships unlock potential, fuel ambition, and deliver incredible results.
The outsourcing sector has enjoyed impressive growth in recent years, with incredible partnerships being forged to address capacity constraints, workforce dynamics and need for capabilities.
Contract services remain in high demand, and with increasing need for biologics and advancements in CGT, I expect (and encourage!) this collaboration theme to continue in 2023.
Skills – More than 80% of the companies surveyed by CPHI, believed worker shortages would continue for the next 3 years. With demand for contract services remaining incredibly high, Companies in the sector have got to prioritise their talent requirements.
Rather than focus on the issue, this is an opportunity for Companies to create real differentiation and competitive advantage.
Having a culture, EVP (employee value proposition) and talent framework that attracts, retains, and develops talent will create a very real opportunity for competitive advantage.
2023 won’t be easy, but when is it ever? But what I encourage is shine a light on the positives, see the opportunity and get after it.
On that note, I’m excited to be heading to DCAT in March and can’t wait to speak to friends about continued collaborations and meet new people about partnerships for the future. Feel free to click on my schedule and book some time for positive conversation only!!!