Is major pharmaceuticals a good career path? We know life is unpredictable. But with a pharmaceutical major, you can have a well-paying and stable career.
The pharmaceutical industry is booming. In 2020, the global pharmaceutical market was worth an estimated USD 1.2 trillion.
Is Major Pharmaceuticals A Good Career Path – Find Out
Pharma is a rapidly growing industry with immense career opportunities. A pharmaceutical degree can lead to many exciting and lucrative careers.
Someone with a pharmaceutical degree can work in several different areas in industry.
They could become a research and development scientist. Or they could be working on developing new drugs.
They could also be working in marketing or sales for a pharmaceutical company. The options are endless.
There is no doubt that a career in pharmaceuticals can be gratifying. Not only is the industry booming, but it is also very stable.
How Do Pharmaceuticals Operate?
Pharmaceutical companies are responsible for drug research, development, and marketing.
The research and development scientists are responsible for discovering new drugs.
They carry out experiments to test the safety and efficacy of new drugs. Once a new drug has been developed, it must be approved by the FDA before it can be marketed.
The marketing and sales teams promote the new drug to doctors and patients. They work to create awareness of the new drug and its benefits.
Why Is Pharmaceuticals A Growing Industry?
The pharmaceutical industry is growing for several reasons. Thus, this industry will never grow out of style.
1. Aging:
The first reason is that the global population is aging. People who live longer will need more medications to maintain their health.
Their need for prescription drugs will only grow as they age. Also, the senior population is the fastest-growing demographic in the world.
2. Lifestyle Diseases:
The second reason is that lifestyle diseases are on the rise. These are diseases that are caused by people’s lifestyles.
Obesity, diabetes, and heart disease are all examples of lifestyle diseases. As more people adopt unhealthy lifestyles, the demand for drugs to treat these diseases will increase.
3. New Diseases:
The third reason is that new diseases are constantly emerging. As our understanding of the human body grows, we can identify new conditions and develop drugs to treat them.
The Ebola virus is a recent example of a new disease. As our understanding of diseases grows, so does the pharmaceutical industry.
So no matter what the future holds, the pharmaceutical industry will meet our needs.
Is Pharmaceuticals Evolving Or Stagnant?
The pharmaceutical industry is constantly evolving. New drugs are being developed to treat new diseases.
And as our understanding of the human body grows, we identify new diseases. And we develop new treatments.
The industry is also evolving in how it markets and sells its products. Pharmaceutical companies are always looking for new ways to reach doctors and patients.
They use social media, online ads, and other techniques to reach target audiences.
The pharmaceutical industry is also evolving in how it conducts research. New technologies are being developed.
They allow scientists to conduct experiments more quickly and efficiently. Thus, it is clear that pharmaceutical is not a stagnant industry but one that is evolving.
What Are The Different Types Of Jobs In Pharmaceuticals?
There are many different types of jobs in pharmaceuticals. Here are just a few examples:
1. Research and Development Scientists:
These scientists are responsible for discovering new drugs. They carry out experiments to test the safety and efficacy of new medicines.
R&D scientists typically have a PhD in a scientific discipline. Such as chemistry, biology, or physics.
Or they may have a medical degree. However, their roles are specific to research and development.
And they are not involved in the actual production of drugs. Moreover, they work in the labs and carry out experiments.
They also write scientific papers to share their findings with the medical community.
These findings are then used to develop new treatments. Their average yearly salary is $84420, according to Payscale.
2. Regulatory Affairs Specialist:
The specialists ensure that new drugs comply with all the relevant regulations.
They work with the research and development team to ensure that new drugs are safe and effective.
Also, they advise on the best way to get new drugs approved by the relevant authorities.
They work with the marketing team to ensure that new drugs are correctly promoted.
And they work with the sales team to ensure that new drugs are legally and ethically sold.
Their average yearly salary is $71311, as per the Payscale study. To become a regulatory affairs specialist, you need a degree in a scientific discipline.
3. Quality Control Specialist:
The quality control team ensures that all drugs meet the required quality standards.
They perform tests on finished products to ensure they meet the required specifications.
They also conduct tests on raw materials and production processes.
Their ways of conducting these tests may vary according to the product type.
But they typically use analytical techniques such as chromatography and spectroscopy.
Their average yearly salary is $59,220, as per the Payscale study. To become a quality control specialist, you need a degree in a scientific discipline.
4. Production Manager:
The production manager is responsible for the manufacturing of drugs. They oversee the production process. Also, they ensure that all products are of the required quality.
They also ensure that the production process is safe and efficient.
And they work with the quality control team. They ensure that all products meet the required quality standards.
Moreover, the production manager also oversees the supply chain. They ensure that all raw materials and finished products get delivered to destination.
Their average yearly salary is $94747, as per the Payscale study. To become a production manager, you need a degree in engineering or management.
And while a degree in a scientific discipline is not essential, it can be helpful.
5. Sales Representative:
The sales team is responsible for promoting and selling drugs. They work with doctors and pharmacists. Also, they ensure that new drugs are correctly prescribed and marketed..
They also work with the marketing team to develop marketing strategies. And they work with the regulatory affairs team to ensure that new drugs are legal and ethical.
To become a sales representative, you need a degree in business or marketing.
And they associate with the medical field, but their primary focus is business.
The average yearly salary of a sales representative is $49,008, per the Payscale study.
The commissions and bonuses can make the total compensation much higher.
6. Drug Safety Scientist:
Drug safety scientists are responsible for monitoring the safety of drugs. They track adverse events and ensure that they are rightly reported.
They also carry out studies to assess the risk of adverse events. And they develop strategies to reduce the risk of adverse events.
Adverse events include side effects, allergic reactions, and overdoses.
Sometimes, they can also be due to errors in the manufacturing process. All in all, drug safety scientists play a vital role in ensuring the safety of drugs.
Their average yearly salary is $99,996, as per the Payscale study. To become a drug safety scientist, you typically need a degree in a scientific discipline.
7. Clinical Research:
The clinical research team is responsible for conducting clinical trials. Clinical trials are studies that assess the safety and efficacy of new drugs.
They work with the regulatory affairs team. They ensure that clinical trials are legally and ethically conducted.
And they work with the drug safety team to ensure that clinical trials are safe.
Moreover, they also work with the marketing team to develop marketing strategies. The role is different from a clinical research associate.
How? Well, a clinical research associate typically works for a contract research organization.
And they are responsible for the day-to-day management of clinical trials.
A clinical research scientist’s average yearly salary is $108,863 per Payscale study. To become a clinical research scientist, you need a degree in a scientific discipline.
8. Pharmaceuticals Consultant:
Pharmaceuticals consultants are experts in the field of pharmaceuticals. They provide advice to companies on various aspects of the pharmaceutical industry.
They also guide the best way to develop new drugs. And they also help companies with the regulatory process.
Although this is not a widely known career, it is significant. They have mastered their field and help out other companies with their expertise.
9. Laboratory Technician:
Laboratory technicians work in laboratories. They carry out tests on drugs and raw materials.
They also assist with the development of new drugs. And they help to ensure that the manufacturing process is running smoothly.
To become a laboratory technician, you need a degree in a scientific discipline.
The average salary of a laboratory technician is $19.32 per hour per a Payscale study.
Usually, laboratory technicians work regular hours. However, they may sometimes need to work overtime.
10. Pharmacist:
Pharmacists are experts in drugs. They dispense medications and provide information about them to patients.
They also advise doctors on the best way to use drugs. And they work with the regulatory affairs team to ensure that new drugs are legal and ethical.
To become a pharmacist, you typically need a degree in pharmacy. Pharmacy is a 4-year professional degree.
Pharmacists are not only required to have a degree but also to get licensed.
The yearly average salary of a pharmacist is $116,132 per Payscale study.
How To Get Started On Your Career Path In Pharmaceuticals:
Pharmaceuticals is a very vast field with many different types of jobs.
The best way to get started is to research the different types of jobs available.
Once you know what you want to do, here’s what to do:
1. Get A Degree In A Relevant Field:
The first step is to get a degree in a relevant field. You will need at least a bachelor’s degree for most pharmaceutical jobs.
However, you may need a master’s degree or even a PhD for some jobs.
Bachelor’s in Pharmacy, Chemistry, Biology, or another relevant field. Moreover, you can also consider online programs. Just make sure that the program is all accredited.
2. Get Experience:
The second step is to get experience. Many jobs in pharmaceuticals require at least a few years of experience.
The best way to get experience is to intern or work in a related field. For example, if you want to be a drug safety scientist, you could intern at a pharmaceutical company.
Or you could work as a laboratory technician. The goal is to get as much experience as possible.
3. Get Certified:
You must be well licensed to practice for some jobs, such as a pharmacist.
To become licensed, you need to pass a state examination. For other jobs, such as laboratory technicians, certification is not required.
However, it may help you to get a job. Certification can show employers that you have the necessary skills and knowledge.
4. Find A Job:
You can search for jobs on job boards or company websites. You can also contact pharmaceutical companies directly and inquire about open positions.
The best way to find a job is to network with people in the industry. Attend industry events and meet as many people as possible.
Networking can help you to find a job that is not advertised. Also, don’t forget to check out job listings in your local newspapers.
Pros On A Career In Pharmaceuticals:
Although it is a very challenging field, working in pharmaceuticals has perks.
Some of the pros of working in this industry include:
1. You Can Make A Lot Of Money:
In general, jobs in pharmaceuticals pay very well. The average yearly salary for a pharmacist is $125,690 per year, as per the Bureau of Labor Statistics.
That makes it one of the highest-paying jobs in the country. The pharmacist is not the only high-paying job in this industry.
Drug safety scientists and clinical research associates also have high salaries.
And while the salaries are high, the cost of living in many pharmaceutical hubs is also high. Such as New Jersey and Boston,
Some jobs, such as sales representatives, also offer bonuses and commissions. So, if you are good at your job, you can make even more money.
2. You Can Help People:
A pharmaceutical career is perfect if you are looking for a challenging job. You will be working on developing new drugs and treatments that can save lives.
You will also be working to ensure that existing drugs are safe and effective. So, if you are looking for a way to make a difference, this is it.
3. You Will Never Get Bored:
Jobs in pharmaceuticals are very challenging. You will never get bored at work.
There is always something new to learn and new challenges to face. And, if you are the kind of person who likes to solve problems, then you will love working in this field.
You will also have the opportunity to work with some of the best minds in the world. This is it if you are looking for an intellectually stimulating environment.
4. You Can Work In Many Different Areas:
The pharmaceutical industry is vast. There are many different types of jobs available.
It allows you to use your specific skills and knowledge. For example, if you want to be in science, you can work as a drug safety scientist.
Or, if you want to be in research, you can work as a clinical research associate.
Cons Of A Career In Pharmaceuticals:
Of course, working in pharmaceuticals is not all rainbows and butterflies. There are also some challenges that you will face.
Some of the cons of working in this industry include:
1. It Is A Highly Competitive Industry:
The pharmaceutical industry is very competitive. Many people with the same skills and qualifications vie for the same jobs.
So, it can be challenging to get your foot in the door. And, even if you get a job, you must work hard to keep it.
When jobs are scarce, companies are more likely to hire and fire employees. So, if you are looking for a stable career, this may not be the right industry.
However, this is a career where you can make a difference. If you are passionate about helping others, this is the perfect career.
2. It Is A Highly Regulated Industry:
The pharmaceutical industry is heavily regulated. This means that there are a lot of rules and regulations that you need to follow.
For example, you will need to get approval from the FDA. Only then can you start testing a new drug.
This can be a long and drawn-out process. So, if you are looking for a quick and easy job, this is not it.
3. It Is A High-Pressure Environment:
The pharmaceutical industry is a high-pressure environment. There are deadlines to meet and targets to achieve.
If you cannot handle this type of pressure, this is not the right industry for you.
However, if you are a go-getter and thrive under pressure, this is the perfect career.
4. It Requires A Lot Of Education And Training:
To work in the pharmaceutical industry, you need a lot of education and training.
You need to have a bachelor’s degree in science. And you also need to have a PhD or MD.
Without these qualifications, you will not be able to work in this field.
Final Word:
Is major pharmaceuticals a good career path? The answer is yes. This is the perfect industry for you if you are looking for a challenging and rewarding career.
You will never get bored and have the opportunity to make a difference. However, it is a highly competitive industry, and you will need a lot of education and training.
So, if you are up for the challenge, go for it!
Last Updated on 1 year by Shahzaib Arshad
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