🩺 Health Skills #2

This week in the Healthcare Labor Market Trends, Third Harmonic Bio and Inventiva are cutting its workforce due to strategic shifts and financial challenges, focusing resources on core biotech projects. APhA launched a platform to address the pharmacy workforce shortage, aiming to improve recruitment, retention, and career development in the field. Mass General Brigham lays off hundreds of non-clinical staff to cut costs and focus on patient care amid financial challenges.

This week in healthcare upskilling and reskilling initiatives, The Digital Bridge Institute and SBTS Group launched a program aiming to create upto 50,000 jobs and upskill more than 5 million Nigerian youth by 2030, bridging the digital skills gap in healthcare and ICT sectors. The Australian government launched its first ad campaign to attract talent, inspire professionals, and promote career growth in primary healthcare, especially in rural areas. The Academy of Digital Health Sciences launched a program to equip pharmacists with digital skills, improving patient outcomes and pharmaceutical care.

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Healthcare Labor Market Trends

⚕️ Biotech firms slash workforces amid financial woes. Third Harmonic Bio and Inventiva, two biotechnology companies, have announced plans to reduce their workforces by 50% as part of cost-cutting measures due to financial pressures.

🚑 The American Pharmacists Association (APhA) launched HealthShifts, a new platform powered by Locumate that enhances pharmacy staffing and job opportunities nationwide. In collaboration with the California Pharmacists Association (CPhA), HealthShifts supports APhA’s 62,000+ members by addressing workforce shortages and fostering professional growth.

💊 Mass General Brigham to lay off hundreds of non-clinical employees. To mitigate a $250 million loss over two years, the health system is restructuring management to enhance frontline leadership access. Affected employees will receive severance and benefits. Despite diversification efforts, challenges such as capacity constraints and rising costs remain. Future investments will prioritize support staff, technology, AI, and research.

The Healthcare Sector Experienced an Increase in Average Wages

💵 Average weekly wages for employees of private organizations increased by 20.6% from $979 in February 2020 to $1,181 in January 2024, while healthcare employee average wages, always slightly higher, have risen 20.8%, from $1,038 before the pandemic to $1,254 in January 2024.

😷 Early in the pandemic, healthcare wages rose slower than overall wages due to the disproportionate loss of low-wage workers in other industries, artificially increasing the average salary.

📈 However, the increase in average wages does not necessarily mean higher pay for individual workers, as changes in workforce composition and inflation affect real earnings.

Upskilling/ Reskilling Intiatives

🧑‍⚕️ Nigeria’s Digital Bridge Institute (DBI) and US-based SBTS Group plan to create 50,000 jobs and train 5M youth by 2030. This initiative supports the Federal Government's National Digital Economy Policy and Strategy, aiming to bridge the country's digital skills gap and equip young people to compete globally in industries such as financial services, healthcare, entertainment, and ICT.

🧑‍🎓 Australia Launches First Campaign to Boost Healthcare Careers. The initiative aims to attract talent to roles like GPs, nurses, and allied health professionals by showcasing the impact, growth, and diverse opportunities in non-hospital settings, including aged care and Aboriginal health organizations.

💉 The Academy of Digital Health Sciences has launched a Digital Health Programme for Pharmacists. In partnership with Bombay College of Pharmacy and IIM Raipur, this initiative is designed to equip pharmacists with digital health skills, enabling them to enhance pharmaceutical care, optimize workflows, and improve patient outcomes.

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