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Healthcare - Pharmaceutical

By Patricia Thomas

The pharmaceutical job market is healthy. While Big Pharma is under attack for its pricing and patent practices, it is the most profitable industry in the U.S, with an 18.5 percent return on revenue in 2001. Biotech, on the other hand, relies on the public and private funding markets to survive the long years until a product is approved for sale. Thanks to recent genomic breakthroughs and to the decline of e-commerce companies' attractiveness to investors, many (but certainly not all) young biotech companies were able to raise money during the past couple of years and are eagerly hiring. Others, not so successful, are tightening their employment belts or looking for a marriage of convenience with a moneyed partner. Insiders advise that you ascertain whether your prospective biotech employer has at least two years of funding, and preferably more, in the bank.

In demand are people with scientific backgrounds, particularly those with that rare combination of science and computer skills required for bioinformatics, as well as those who combine scientific training with managerial ability. Folks with BS or MS degrees in chemistry, molecular biology, genetics, biochemistry, computer science, and physics can find absorbing careers. However, a PhD is required if you want to advance beyond the level of research associate. Non-science undergrads can get a foot in the door in biotech manufacturing or pharma sales. MBAs who forgo the astronomical salaries of consulting and investment banking will find a more palatable work-life balance along with some of the best benefits packages around. MDs can find well-paying, engaging work that offers regular hours and is free of managed-care administrivia.

Above all, those who choose to work in this industry enjoy the very real satisfaction of knowing that they are laboring to produce drugs that could make a radical difference in the lives of thousands, even millions, of people.

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