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Life science, the new trend of world economy

Life Science

Everybody is talking about it: life sciences are the new economy engine worldwide and they seem to gain more and more importance in the sector of job market. What is the life science?

The term refers to that part of natural science dealing with living organisms, now more than ever at the core of the continuous innovation investing the health compartment at technological level, in particular at the manufacturing level.

It is a sector under intense development – grown for importance and size during the pandemic – that has confirmed to be the more competitive, productive and dynamic in this moment of our economic history.

The companies concerned by life science

Which are the sectors and the companies concerned by life science? Certainly, all those operating in the frame of pharmaceutical industry. In particular, the sector most employing staff with a profile that is deeply rooted in life science (from the point of view of both training and professional experience) is the biotechnologies, where there is a high request at the level of research and development. However, the sector of pharmaceutical manufacturing is also widely interested in life science, in the manufacturing of active substances and intermediates as well as of “finished” drugs and medical gases.

Among the other industrial health sectors, life science finds its application also in the field of medical devices, currently at the top position in Italy in terms of investments.

Here, life science has been revolutionising the design of diagnostic and laboratory equipment, offering innovative solution in response to the new need of this sector. It is not by chance, then, if the sole medical device compartment is now worth more than 10 billion of market value in Italy, with a strong inclination toward exportation.

Life science in Italy, not only manufacturing

However, life science does not only apply to the manufacturing sector. On the contrary, they are very much requested in other spheres, such as marketing and services for the health sector, an area that is very developed in Italy.

In the field of health services, in fact, life science occupies a privileged position at the level of hospital services and health in general. This is a sector that – in the public as well as the private sphere – employs almost half million operators, for an economic value far above one hundred billion euros.

The field of marketing should not be underestimated, either: retail and wholesale commerce of drugs, medical devices and health products requires staff who is qualified in this sense and concentrate a wide share of investments by the sector’s companies.

Life science in consulting activities

The regulatory affairs sector is also continuously searching for profiles that are deeply rooted in life science: along with the classic regulatory experience, the evolution occurred in this sector is bringing back to the top some more technical knowledge, with figures who are capable to take care of scientific communication and information or perhaps with competence in the field of drug economy. The traditional training in the medicine and science requires today, in regulatory affairs, deeper knowledge to manage all areas, from dossier to clinical trials, to direct relations with all stakeholders of the health compartment.

The sector of life science is thus deeply involved in all area of the health sector, in the R&D as well as in manufacturing and services, in the marketing as well as in regulatory affairs. A growth that can make the difference for the development of our economy both at national and at global level.

Written by Maria Pia Felici

Foto di Michal Jarmoluk da Pixabay