How many jobs available in major pharmaceuticals
How many jobs available in major pharmaceuticals
The big pharma industry is full of big ideas, big money and, in terms of career paths, big opportunities. How many jobs available in major pharmaceuticals.
PHARMACEUTICAL INDUSTRY is a large economic and social presence that designs, manufactures and sells a virtual medicine cabinet full of prescription and non-prescription drugs. These Medicines Cures, treats and prevents a short range of conditions, ranging from cancer, high cholesterol and the common cold to diabetes, Alzheimer’s and allergies. Therefore Pharmaceuticals are more important in our lives.
Pharmaceutical workers and employers alike are changing the lives of millions of Americans and increasing the appeal of big pharma as a great career path.
The prospects for careers in pharmacy are excellent,” said Jesus Leal, director of biologics sales at SUN Pharma. In fact, sales in the US pharmaceutical market are on the rise, with an expected increase from an estimated $589 billion in 2022 to $765.9 billion in 2027.
As sales in the pharmaceutical industry increase, employment also increases, but it all depends on the role. For example, while pharmacy jobs are projected to grow by just 2% through 2031 according to the U.S. According to the Bureau of Labor Statistics (BLS), jobs for medical researchers are expected to grow by 17% over the same period.
Pharmaceutical manufacturing is one of the fastest growing sectors in the industry. In a 2021 report, the National Association of Manufacturers reported that pharmaceutical manufacturers employed an estimated 267,000 people in the United States. These employers include startups, mid-sized companies and enterprises.
According to the BLS, the number of jobs in the drug and pharmaceutical industry is expected to grow by 19% between 2019 and 2029. The agency attributes some of this growth to better pandemic preparedness and increased vaccine production.
What pharmaceutical jobs paid?
According to the BLS, the median annual salary in pharmaceuticals and drug manufacturing was $74,560 in 2021. That is well above the average annual salary of $58,260 for all occupations in the United States.
Different positions in the industry, however, varied the salary drastically. Example, as of May 2021, Pharmacy Technicians earns an average annual salary of $35,250 while Compliance Officers earn $82,510.
Highest paying jobs in large pharmaceutical Companies
Many positions in large pharmaceutical companies pay upwards of $100,000 per year. For example, the average base salary for a pharmaceutical scientist is $170,000 per year, with total compensation of $206,000, according to the American Association of Pharmaceutical Scientists. And pharmacists earn around $125,690 per year on average, with the top 10% earning more than $164,590.
Big pharma executives can bring in millions of dollars a year, says DynamiCoach founder Tom Cobin, a former pharmaceutical salesman and sales trainer who now coaches speaking and presentation skills. Types of Jobs in the pharmaceutical industry
The pharmaceutical industry offers a variety of career opportunities, from research and development (R&D), sales and marketing, to manufacturing and academia. Some of the most common drug roles are: researcher, Chemist, pharmacist, seller, Head of Clinical, Research project manager, production manager, quality manager, laboratory staff, delay responsible supply chain leader, Regulatory Affairs, Officer patent, attorney financial analyst.
Interestingly, as of the National Association of Manufacturers, nearly 30% of all pharmaceutical and pharmaceutical industry jobs are STEM (science, technology, engineering, and math) related.
Entry-level jobs in large pharmaceutical companies
Many entry-level pharmaceutical careers are junior versions of more advanced positions. They include:
o junior representative
o Junior Account Manager
o R&D staff
o Assistant Chemist
o lab assistant
o Pharmaceutical technician
o Assistant Scientist
o supply chain workers
o Junior Financial Analyst
“Most of the entry-level features are for sale,” explains Leal. “Distribution is a good start. From there you can advance to roles in marketing, training, field payments, etc. Other entry points are market research and sales activities.
Pros and cons of pharmaceutical careers
Of course, depending on the position, pharmaceutical careers have pros and cons that are worth considering when exploring this career path.
Advantages of the pharmaceutical career
Benefits of pharmaceuticals jobs are;
Low entry barrier
Not all jobs in the pharmaceutical industry require a PhD, and some will allow you to work without a college degree, especially if you want to work in pharmaceutical manufacturing.
It is estimated that nearly 47% of pharmacy and pharmaceutical industry jobs require only a high school diploma or GED, and just over 4% require no formal education.
People who work at big pharmaceutical companies have the potential to climb the corporate ladder, Cobin says.
“Talent with development potential can grow quickly, especially if they can move – first to headquarters and then to a geographic area as needed,” he says. “When an employee has gone through such a career path, the wealth of experience is broad and encouraged.”
Consequently Leal agrees that there is an “incredible growth opportunity for those who excel” in the pharmaceutical sector.
The National Association of Manufacturers points out that of about 7,000 rare diseases, only 5% have treatments available. Pharmaceutical manufacturers are therefore repeatedly called upon to research and develop drugs to treat these and many other diseases.
In many cases, people working in the pharmaceutical industry can earn a highly desirable and financially extremely rewarding salary along with benefits such as bonuses and stock options.
In addition, pharmaceutical workers can take pride in the fact that their work helps other people because they know that the prescription drugs they market and prescribe can improve and extend lives. “Feeling like you’re helping people in need make a living” makes pharmaceutical careers “incredibly satisfying,” notes Leal, who spent more than 30 years in the pharmaceutical industry developing a “cure” for hepatitis C.
Requirements for higher education
Although many jobs in the pharmaceutical industry do not require advanced education, the highest paying jobs often do. Therefore big pharma is a knowledge-based industry that requires a highly skilled workforce, meaning that higher-level jobs may require a bachelor’s degree and some may require an advanced degree. In fact, Cobin believes a bachelor’s degree is “necessary” for many pharmaceuticals.
In addition, the industry is highly regulated; meaning workers may face more barriers than other sectors. In fact, pharmaceuticals and pharmaceutical manufacturing are among the 10 most regulated industries in the United States.
Leal notes that the “great responsibility (it’s about your own health, after all)” can also add to the stress of a pharmaceutical job.
The rise of technology
The increasing use of technologies such as artificial intelligence (AI), machine learning and robotics could eliminate the need for some jobs in the pharmaceutical manufacturing industry now or in the future.
Fortunately, hiring for IT and AI jobs in the industry is increasing as robots replace some of the lower-end jobs in the pharmaceutical industry.
Conservative corporate culture
Progress can be slow for some pharmaceutical companies, especially large ones. For example, a 2022 report by Reuters Events and Graphite found that the industry’s “naturally risk-averse nature” blocks digital initiatives such as apps and websites. In this type of culture, projects take longer to reach the market, which may result in less positive effects than originally expected.