The Expanding Biotech Sector in Hong Kong and Its Singular Problems

Hong Kong’s biotech industry is in the midst of something exciting, with progression developing so fast and a great number of people available to initiate the advances in the sector. However, as is the case with biotechs all over the world, the Hong Kong biotech industry is confronted with quite a few challenges—both specific and general—that it must cope with to meet its ambitious goals for the future. Be it the lengthy permission process for newly developed drugs or the stubborn shortage of qualified personnel, the biotech sector continues to show a relentless thirst for change. Alongside, difficulties such as obtaining enough funding and putting a focus on compliance are not only present in biotech but elsewhere too in Hong Kong.

The Varied Challenges and Common Industry Challenges

A damper that is purely for the biotech industry is the strict regulatory framework that comes attached to the drug approval processes. Such a barrier incurs a huge time and money cost for firms, thus might delay the introduction of the new products to the market. Furthermore, hiring experts in biotechnology from the already low talent pool is the other roadblock on the industry front. In a large backdrop, lack of financial resources and adhering to rules are common challenges faced by both biotech and other industries in Hong Kong. Even if the businesses have different demands from the industry, they still need to handle these mutual problems to prosper.

HCM: Implementing Solutions to Biotech’s Readily Needs

As per the rapidly evolving complexity of people and operations’ management in biotechnology projects, the adoption of a reliable HCM (Human Capital Management) System has become essential. These types of systems can cut back the talent acquisition hurdle by automating the recruitment process and managing employee data timely and correctly. Additionally, they provide solutions to the regulation compliance through which all the processes are done according to the standards that have been set. Indeed, HCM systems give a plan for payroll management, the long service payment is structured, all which are vital to keeping the liquidity in the biotech firms. In addition, an HCM system aids in the performance appraisals processes, which are, in turn, a huge factor in building and retaining top talents.

Leading a Successful HCM Implementation

Applying an HCM or HRMS software in a Hong Kong-based biotech firm requires implanting well-organized rules for success. Defining aims and pinpointing the key requirements directly aligns the implementation process to the firm’s strategic plan. Moreover, opting for a flexible HR system that comes with tailor-made choices will make sure no problems arise while dealing with the multidisciplinary features of the industry. To embrace training and continued support ought to be given as they are the main guarantees of getting people use the system and keeping its features in operation for long.

The aiM18 HCM System: Found Tailor-Made Solutions for Biotech

Multiable’s aiM18 HCM system integrates fine solutions with the unique demands of the biotech industry in Hong Kong. Here are 5 features that are to transform the operations of biotechs:

• Rule-based Workflow Engine: Enhanced Efficiency with automated processes tailored to unique organizational needs.

• Fully Customized Payroll Formula: Boosted Accuracy, allowing fine-tuning specific to biotech firms.

• Intelligent Roster Planning: Optimal Resource Allocation aligned with precise firm and regulatory requirements.

• Unlimited Appraisal Forms: Targeted Development through flexibility in assessing and improving workforce performance.

• ISO:27001 Certification: Guaranteed Security that protects sensitive employee data and strengthens compliance.

Navigating Compliance with E-MPF in Hong Kong

The aiM18 HCM system doesn’t just stop at conventional functionality—it’s e-MPF approved, ensuring seamless integration with regulatory frameworks in Hong Kong. Supporting MPF and IRD-compliant documents, the system ensures that all payroll and compliance needs are met with the utmost precision, fortifying a firm’s operational trustworthiness.

Bridging the Gap towards Biotech Industry Success

What is Multiable HCM?

Multiable HCM is a cloud-native HCM (aka HRMS, HRIS or HR system). With over 6,000 customers, Multiable HCM gains positive feedbacks from customer across different sectors, from manufacturers, distributors, retailers, service providers to NGOs. The renowned no-code approach saves customer a big sum of customization costs and countless hours of implementation man-days.

What is LAIDFU (Let AI Do for You)?

LAIDFU is an AI tool for enterprise to build their own AI agents to perform various business AI tasks.

Proprietary EKP (Enterprise Knowledge Partitioning) technology eases CEO’s concern about trade secret leakage which often occurs in most AI agents / chatbots in the market.

EKP removes the hurdle of business AI adoption by most companies in using sensitive corporate data.

Powered by no-code approach, deployment of LAIDFU incurs far less developers (and development costs) in comparison with other AI tools.

LAIDFU empowers business, with or without an HCM system in place.