Worldwide sales for the pharmaceutical industry are set to reach $1 Trillion by 2020, indicating a 5.1% increase in industry growth, according to the projections by 2015 Science Strategic Outlook. Therapeutic vaccines are presenting many new opportunities and specialty. The biologic drugs will represent about half of all industry sales.
This article should be of specific interest for individuals who own or are planning to start their own recruitment firm. Helping pharma companies find the best talent for their highly demanded roles can actually pay back huge profits.
Normally the recruitment firms charge candidates one month salary as their commission; so helping the best candidate getting placed on these highly paid and highly demanded jobs can boost your own business.
Following are the 5 highly paying roles in the industry and are much in demand as well:
1- Biotechnology Senior Research Scientist — Average Annual Salary: $98,527
Salary Outlook: New technologies are formulated by biotechnology senior research scientist. The biotechnology senior research scientist will also assess future applications of these technologies while proposing, planning and managing research and reporting the results. They will also participate in formulating research and working with staff. This task will require a special skill set, which will include bioinformatics, projection management and biotechnology. All these areas must be on a resume, if the applicant hopes to achieve a higher than average pay.
$160 K is an example of a higher than average salary, this is currently offered by Genentech, Inc. It is wise to note that those with more than 10 years in this position make close to 97 K each year, while those new to the industry can make closer to 90K. San Francisco is one place that pays this position a whole 12% higher than the national average.
2- Research Scientist — Average Annual Salary: $82,452
Salary Outlook: Research Scientist put together grant proposals soliciting external funding for research, they are also in charge of staying abreast with the most significant developments in their field. Positions for a research scientist working in a lab will require experience in lab procedures, organizing and executing experiments as well as performing the proper computer analyses when done.
For those interested in field work, the position you find will require classroom experience in field technique, observational studies and data collection. Candidates will want excellent analytical skills, precision attention to detail and lots of determination and patience. Then superior writing skill and the capacity to explain and presents findings for research reports, reviews and for inclusion in funding applications and bids.
Best positions in this field are currently being offered by Amazon.com, Genentech and IBM all of who pay higher than 120K on average. San Jose prefers their research scientists and offers higher than 50% than the national average. Higher paying positions will require individuals have skillsets that include data mining and collection, software development and data modelling or engineering design. Quanta has some really useful information about validation engineer career.
3- Pharmaceutical Field Sales Representative — Average Annual Salary: $71,981
Salary Outlook: Pharmaceutical sales representatives are in charge of selling the the technical products of a company to the proper customer bases. The position also requires that the individual attend special products training sessions where they will gain experience in the technical aspects of the products and solutions being offered.
The specialized sales reps prepare and collect records for future sales leads and keep track of the progress of accounts. Offering 106K on average, Actavis has some of the best paid positions. Based on the projections by PayScale data, sales reps can make as much as 97K after a decade or two on the job.
4- Pharmaceutical Outside Sales Representative — Average Annual Salary: $66,000
Salary Outlook — Pharmaceutical outside sales representatives may be required to travel but mostly make sales calls to potential or existing clients. Excellent social skills and experience with sales is an important requirement for this position, as responsibilities include monitoring competitor pricing, market conditions and product innovations.
On a national level, sales managers can make as much as 88K annually. Some of the best paying companies include ABC Supply, Paychex and Anixter which all pay between $60K to $70K each year. Higher paying skills include strategic sales, account management and technical sales. Around 25% of your income will be from commissions. New York and San Francisco are the two top paying cities and offer 20% higher than the national average of $51,068.
5- Pharmaceutical Financial Analyst — Average Annual Salary: $60,025
Salary Outlook: Pharmaceutical financial analysts develop future forecasts, evaluate future investments, and analyze financial data. They work to provide recommendations to a company’s management team by studying how stable certain businesses and stocks or bonds are. This skill set can be placed in various departments to minimize costs. This position often requires a bachelor’s degree in some field related to finance business or statistics. The Bank of America, and several other companies, offer payment higher than $60K to $70K. Higher paying skill include technical sales, account sales and cardiology.