The pharmaceutical industry is booming and shows no signs of stopping; according to Market research firm Evaluate Pharma, growth of the industry is expected to climb an average of 6.3% a year. The market is speculated to grow to $1.12 trillion globally by 2022, even with the events in the US and UK such as Brexit and other complications. Here are just a few of the interesting things going on in the pharmaceutical sector and why you should choose a pharmaceutical career:
- Excluding generics, prescription sales will rise 4.4% this year and will reach $1.006 trillion in 2022.
- Projections state that generic sales will rise to $115 billion in 2022, an increase from $73 billion in 2015.
- Roche may overtake Novartis among the global top performers by 2022: sales of $52.6 billion versus $52.5 billion, respectively.
- Pfizer is projected to drop to No. 3, with sales of $49.1 billion.
- The largest-selling global drug is projected to be Opdivo from Ono Pharma and BMS, a drug used to treat certain types of cancer. In 2015, the drug sold $1.119 billion; it is projected to reach sales of over $14.634 billion, overtaking AbbVie’s and Eisai’s Humira at $13.645 billion (2022).
Why Choose a Career in Pharmaceuticals?
Money talks. The pharmaceutical industry is one of the most profitable in the world and has many different jobs for multiple lines of work. The massive growth of this industry has led to higher paying jobs, benefits, and job security. For example, the total compensation for a standard US biopharmaceutical industry employee average $110,490. When compared to a national average across all other industries, $54,455 is less than half of an average biotech salary.
The pharmaceutical industry does not suffer from ups and downs. Even in difficult financial times, healthcare and medication will always be a priority. The medical device industry and pharmaceutical industry are essentially recession proof; while a depression may force families to cut leisure and frivolous spending, pharmaceuticals help people live healthy and stable lives, which is something that is worth more than money.
With rich opportunities for job growth and an R&D investment rate 5x higher than aerospace and defense, 4.5x higher than the chemical industry, and 2.5x higher than the software and computer services industry, the pharmaceutical industry may be the most stable and profitable career path currently.
Pharmaceutical Consulting Firm
Founded in 2007, Pharma Resource Group, Inc. (PRG) is committed to providing strategic and tactical consulting solutions for many industries in the life sciences sector. We have successfully leveraged our experience in the Nutraceutical, Pharmaceutical, OTC, and Biotech industries to provide employers with practical solutions to complex problems. We provide our clients with strategic and tactical solutions that are scientifically based and built upon three distinct characteristics: expertise, knowledge, and execution.