The pharmaceutical industry’s immense importance as a global sector is inarguable. The industry is responsible for the research, development, production, and marketing of medication.
The industry touched a milestone in 2014 when total global revenues exceeded US$1 trillion for the first time ever. The US plays a leading role in the global pharmaceutical industry and is responsible for the majority portion of global revenues.
A career in the pharmaceutical industry is a worthwhile consideration for several reasons. Here’s a useful guide on why you should consider one.
Fantastic Job Variety
Considering how the pharmaceutical industry requires a wealth of knowledge, skills, and expertise, a one-size-fits-all career model doesn’t work. The good news is that this opens up a wide array of job paths that you can opt for. Here are some of the many departments you could consider joining, depending on your qualifications:
- Quality Control – Provides product manufacturing standards and conducts product testing.
- Quality Assurance – Ensures product development and manufacturing standards are adhered to.
- Operations – Maintains operational flow and proper functioning.
- Research & Development – Lab work; develops, tests, and improves medications.
- Product Manufacturing – Oversees and operates the machinery that manufactures the medications.
- Pharmacist – Provides insight, scientific assistance, and delivers products.
Amazing Pay and Benefits
With a wide variety of jobs comes a wide variety of pay and benefits. Careers in the pharmaceutical industry offer competitive wages. According to the US Bureau of Labor Statistics, the average annual wage for all occupations in the industry is $74,890. A large portion of jobs in the industry pays well above $100,000.
Here are some of the high-paying jobs in the industry.
- Computer and Information Research Scientists — $134,810
- Sales and Related Occupations — $82,440
- Financial Analysts and Advisors — $98,470
Positive Job Outlook
Healthcare is a perennial need; hence, the job outlook for careers in the pharmaceutical industry is promising. At the end of 2019, the pharmaceutical market worldwide was valued at US$ 1.25 trillion, and the market continues to grow at a significant rate.
As long as society needs healthcare, there will be opportunities in the pharmaceutical industry.
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