The Importance of Diversity, Equity, and Inclusion in the UK Life Science Manufacturing Sector

The UK life science manufacturing sector is a global innovation leader, driving advancements in pharmaceuticals, biotechnology, and medical devices that have the ultimate purpose of improving and saving lives. For the industry to be both sustainable and a success diversity, equity, and inclusion (DEI) in its talent strategy will be crucial. In this brief article, I’ll share some facts and figures, related articles and my thoughts through experience as an Executive Life Science Recruiter on the importance of DE&I in the future of the Life Science Sector. It is worth mentioning here that Page Executive are a well-recognised and award winning industry leader in this topic and we have a host of webinar discussions, direct partnership with organisations to support their DE&I journey (https://www.pageexecutive.com/diversity-equity-inclusion#accreditations).

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Firstly, we need to consider a couple of points and challenges specific to the UK Life Science Manufacturing & Leadership Sector.

?Economic Impact: My understanding that from research the UK pharmaceutical industry alone contributes over ￡30 billion annually to the economy and supports more than c500,000 jobs across the country. As one of the leading sub-sectors within life science manufacturing, pharmaceuticals rely on a diverse talent pool to drive innovation and maintain competitiveness in the global market.

?Workforce Diversity: Despite the sector's economic importance, there remains a notable lack of diversity within its workforce. According to a range of reports by the UK BioIndustry Association (BIA), ethnic minorities are significantly underrepresented, comprising of only 11% of the sector's workforce, compared to 15% across all UK industries. Similarly, women occupy only 39% of life science manufacturing roles, highlighting gender disparities that hinder the sector's ability to harness the full spectrum of talent and perspectives.

?Executive Study – So focusing on my line of work as an Executive I read again in one?recent study (https://www.intapeople.com/advice/5-female-life-science-leaders/) of 132 life sciences companies in the UK found that women make up only 14.8% of company boards and 21% of executive managers, while just 7.3% of board directors are from racial and ethnic minorities. Meanwhile, 41% of companies in the sector have all-male boards.

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The industry has been moving in a positive direction in recent years but as you can see from the above there is still plenty more to do! Below are some of the considerations and benefits of having a strong, market leading DE&I talent strategy.

?Elevate Innovation and Creativity: Diversity has been proven elevate innovation and creativity within organisations. I read from McKinsey & Company found that companies in the top quartile for gender diversity are 15% more likely to outperform their peers, while those in the top quartile for ethnic diversity are 35% more likely to do so. In short, Diverse teams are more creative and better problem-solvers. A great link for this https://hbr.org/2016/11/why-diverse-teams-are-smarter. A diverse workforce isn’t about colourful company photos. It’s a dynamic think tank where every perspective adds a new layer of innovation. Getting individuals from various backgrounds together not only helps businesses diversify but also helps them evolve, challenging conventions and creating innovative solutions in research, development, and manufacturing processes.

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Market Access and Consumer Insights: In an increasingly diverse global marketplace for talent, Life Science Manufacturing companies that reflect the demographics of their target consumers are better positioned to understand their needs. Specific to this sector by having a drive for diversity in their workforce, life science manufacturing firms could even gain valuable insights into diverse patient populations, improving the relevance and effectiveness of product! This is such an interesting angle!

?Talent Acquisition and Retention: This is an area I’m obviously hugely passionate about and work proactively with my clients to support and advise on their DE&I leadership strategy. Building a culture of inclusivity is essential for attracting and retaining top talent in the competitive life science manufacturing sector. 85% of employees say they’re more likely to stay with an employer that shows a high level of diversity and inclusion (https://builtin.com/diversity-inclusion/diversity-in-the-workplace-statistics). Companies that prioritise DEI initiatives not only enhance their employer brand but also create an environment where all employees feel valued, respected, and empowered to reach their full potential. DE&I is no longer a perk – it’s a promise that attracts the best in the business. On top of that,?diversity and inclusion initiatives can improve employee retention rates by up to 72%!!

?Supercharge Employee drive and performance Top-tier talent today seeks more than a hefty salary. They’re hunting for growth, purpose, and inclusivity. Performance skyrockets when everyone feels like a valued part of the business. According to a Deloitte report, 83% of millennials are actively engaged when they believe their organisation fosters an inclusive culture, compared to only 60% of millennials who are actively dis-engaged when their organisation does not foster such a culture.

Engaged and empowered employees aren’t just working for a paycheque; they’re committed stakeholders. The byproduct? Plummeting turnover rates and a tangible reduction in those hefty recruitment bills us Executive Recruiters bring!

?Regulatory Compliance and Corporate Responsibility: Beyond the economic and strategic benefits, fostering diversity, equity, and inclusion is also a matter of regulatory compliance and corporate responsibility. By embedding DEI principles into their policies and practices, companies can demonstrate their commitment to ethical conduct and social accountability. The skill set of regulatory and compliance leadership has a been a candidate short market space for some time. That brings me on to the next point..

?Tapping into hidden talent : Using the above example of the above Regulatory Affairs and Quality leadership roles are high demand, importance however are candidate short. In the absence of inclusive policies, the true talent pool though remains largely untapped. Hidden talent refers to individuals who, due to systemic biases or traditional hiring practices, might have yet to be considered by employers? What do we mean by this? This untapped talent pool includes but is not limited to, people with disabilities, those from marginalised communities, and individuals returning to the workforce after significant gaps. These candidates may offer a fresh and often unique perspective, challenging the status quo and driving innovation from angles employers might not have previously considered.

?Boosts financial performance & Mitigation of Risk: By having a DE&I strategy pre-empts risk by creating a culture of understanding, reducing potential conflicts and improving collaboration. It’s not, however just the right thing to do ethically - it’s commercially smart. Research doesn’t just suggest but underscores the correlation between DE&I and sterling financial performance. McKinsey & Company, ?has conducted several studies highlighting diversity's positive impact on business performance. Their reports, including?“Diversity Wins” series?and?“Delivering Through Diversity”?series found that?companies with diverse leadership teams tend to have higher financial returns?and are more likely to outperform their less diverse counterparts.

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I hope the above proves useful in your DE&I journey. Comments and thoughts are always really appreciated. If you would like to discuss any of the above and how Page Executive partner to support your DE&I journey please do reach out or to members of our DE&I committee (https://www.pageexecutive.com/diversity-equity-inclusion). Perhaps you are considering your next board or director and would like more information on the current candidate market too? Either way please contact me directly at [email protected] I’d love to hear from you.

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