Industry Spotlight: Pharmaceutical Industry
Basic Information
What is the pharmaceutical industry?
Produces drugs and other products that help people and animals live healthier lives, recover from injuries, and fight illnesses
In the United States, it is the third most profitable industry in terms of percentage of revenues
Home to cutting-edge biological and chemical research, and offers opportunities for people across a wide spectrum of careers from scientists, physicians, and engineers to marketing and sales workers and human resources professionals
There are three main types of pharmaceutical companies:
Large companies, sometimes known as innovative pharmaceutical companies, produce chemically-derived drugs and have many approved drugs on the market.
Newer firms that often don’t have any approved drugs on the market, but that are involved in developing new drugs.
Generic drug manufacturers produce drugs developed by other manufacturers after the drug’s patent expires. Some generic companies also do original research and development to produce new drugs.
What kinds of pharmaceutical jobs are out there, and what do these roles entail?
Research and Development (R&D): These roles are more lab-based roles that are focused on drug discovery and identifying ways to improve medication. Some specific job titles under R&D are Scientist, Biochemist, Product Development Scientist, Biomedical Scientist
Clinical Trials: Careers under this category are focused on the process of clinical trials, a series of research studies performed in order to evaluate some form of medical, surgical, or behavioral treatment. Some specific job titles include Clinical Scientist, Epidemiologist, Clinical Research Associate, Pharmacology Specialist
Production: These roles are more about the systems involved in actually manufacturing products. Job titles here include Production Manager, Process Engineer, Process Technician, Chemical Process Technician
Careers in this industry come with many pros and cons, depending on what kind of a person you are.
PROS:
Financial Stability: Many pharmaceutical companies offer high pay and quality benefits.
Team Focus: This industry is filled with various careers that prioritize and reward teamwork, so it is a great industry to go into if you enjoy working with intellectually driven individuals.
Career Diversity: Because a variety of different roles are encompassed by the pharmaceutical industry, there are career opportunities for people of a variety of backgrounds and experiences.
Career Advancement Opportunities: Many pharmaceutical companies offer leadership development programs that allow you to learn more about and work towards advancing towards executive-level positions.
CONS:
Limited Job Security: Because this industry is constantly growing and businesses are constantly restructuring, merging, or closing, it can be difficult to maintain a job at one place for a long time. That being said, there are lots of opportunities to move around within the industry
Deadlines: In the drug development industry, time is incredibly valuable so the deadlines are often very demanding.
EXIT OPPORTUNITIES:
This industry is not typically one in which people use as a career step-stone, but rather, one that people spend more significant chunks of their lives working in. That being said, this is often an industry that serves as an exit opportunity for many individuals looking to switch out of consulting, finance, and more.
So how do I land a summer pharmaceutical internship or a full-time position?
Recruiting Process:
Many summer pharmaceutical internships are secured by applying directly on pharmaceutical companies’ websites. Unlike many other industries, there is not a strict industry standard for undergraduate recruiting. Many application deadlines are rolling, so be sure to apply early.
Some of the best ways to search for jobs and internships include:
Company websites
E.g. Allergan: http://www.allergan.com/careers/university
Social media
Industry and association job sites
Professional associations & networking
University recruiting programs
Allergan offers information on internships, fellowships, and co-ops: http://www.allergan.com/careers/university
Merck & Co. offers information about internships and co-ops: http://www.merck.com/careers/life-at-merck/students-and-graduates.html, and application tips: http://www.merck.com/careers/application-tips.html
Novartis offers information on career paths, salaries, and compensation plans; videos of workers discussing why the company is a great place to work; and information on the Novartis International Biotechnology Leadership Camp: http://www.novartis.com/careers
How should I best prepare for finding a job in this sector?
Do your research: Have a good idea of what your companies of interest do, why you are particularly interested in their missions/focuses, and how your experiences fit into their work. Be sure to read up on the company’s drugs and their profiles, pipelines, competitors, trials, etc.
Leverage your network: Finding a good fit for your background and experience in this industry is much easier when you are able to leverage a connection, such as an advisor, PI, or upperclassmen who have worked at your companies of interest. Asking past research advisors or fellow researchers to pass along your information or resume can be helpful in opening the door to opportunities. It may also be helpful to directly reach out to company scientists to learn more about what they do and whether or not it aligns with your interests.
TL;DR
The pharmaceutical industry is very rewarding for those who want to make a difference and is welcoming to a variety of skills and backgrounds. Because the undergraduate recruitment timeline is not standardized across the industry as rigorously as other industries, securing an internship in this industry often depends on students taking initiative to learn more about specific opportunities at various companies.