For life science graduates or established professionals looking to pursue careers in a growing industry, the pharmaceutical sector can offer a bright outlook. From international growth to competitive salaries, this industry can provide ambitious specialists with rewards to match their drive.
Here are 4 reasons why you should consider a career in the pharmaceutical industry:
Worldwide Growth
Simply put, the industry is expanding on a global level. According to a recent report by PwC, international revenue could reach $1.6 trillion by 2020, rising from $1.2 trillion in 2018, with an average year-on-year increase of 7.8% since 2011. The report attributes this positive prediction to numerous factors, one being scientific progress. Processing power, advances in genetics and genomics, and new data management tools all fall as examples under this scope of development. Trade liberalization and greater global demand for medicines have also helped in the steady growth of this industry, making the industry resilient in the age of economic uncertainty.
Stable but not Stagnant
Indeed, this resilience is in itself a reassuring motivator behind entering the pharmaceutical job market. Individuals seeking opportunities in this industry should take into account how much is being invested in pharmaceutical research and development in comparison to other sectors.
According to GetReskilled, pharmaceutical R&D investment is 5x higher than that in aerospace and defence and 2.5x higher than in software and computer services.
Another advantage of working in pharmaceutical is that, because of its surging impact on the global workforce, the vastness in which it spreads over the economy means that there is room for development and choice of working environments. Job seekers are not constrained to limited locations. Some of the biggest pharmaceutical industry hubs can be found all over the UK and Ireland, through to Germany, Switzerland and Holland, all the way over to the likes of Singapore.
Strong Salaries
The knowledge and competency required for the competitive pharmaceutical sector, along with its strong revenue, have naturally paved the way for higher salaries. According to recent market analysis by TotalJobs, the average UK-based pharmaceutical job pays £40,250 a year.
Fahd Rashid, FYTE UK’s Scientific Recruitment Specialist, observes that even for those starting out in their career, the pharmaceutical sector offers attractive salaries. “Entry level graduates tend to have an average salary of around £21,000 in their first year, compared to different industries where the entry usually starts around £18.5k-19k.”
Adapts to Different Backgrounds
Despite being a seemingly insular industry, the pharmaceutical sector can actually accommodate a variety of academic and professional backgrounds. Of course, those from a pharmacist background make strong candidates for pharmaceutical roles, but other industry professionals can also apply their knowledge base, such as engineering, chemistry, biology and manufacturing.
On the type of roles that adapt to a different background, Fahd suggests that the likes of QC Analyst and Analytical Laboratory Technician are the most flexible. “Employers tend to look for some sort of industry experience within the academic period where candidates have applied their knowledge from inside a lab to a commercial environment where the scale up in process is high. Some employers also offer to train the potentials to industry standard.”
For any pharmaceutial hiring needs, don’t hesitate to reach out to FYTE's Life Sciences recruitment specialist Fahd Rashid for his expertise and network.
If you are interested in entering pharmaceutical market roles, then please do not hesitate to send your CV to fahd.rashid@fyte.com or contact him on +44 141-227-9115.