The biotech industry may have hit some stumbling blocks in recent years, but most experts agree that it will continue to grow. Ernst & Young’s 2011 Global Biotechnology Report reveals the industry hit record-breaking net profits in 2010 and saw funding rebound to pre-recession levels. The Bureau of Labor Statistics predicts the need for biochemists and biophysicists to grow 31% over the ten year period ending in 2020, and a 2011 report from Monster.com confirms that demand for biotech job candidates in every category is already increasing.
What Does it Take to Work in Biotech?
The complexity of the biotechnology industry requires a variety of highly skilled workers. According to the report from Monster.com, the hard skills most valued by employers are “biochemistry” and “biotechnology” with the most-valued soft skills “communication” and “problem solving.” From chemists and biological scientists to lab technicians and chemical engineers, the demand for biotechnology professionals with these skills remains strong. Of course, the desire to be a part of the biotech industry also remains intense, making the biotech job market very competitive. In addition to drawing life science professionals, the entrepreneurial nature of the industry is attractive to sales professionals – especially those who have grown tired of working in the more regimented environment of Big Pharma. This coupled with the fact that expiring patents and changing policies are threatening job security at many pharmaceutical companies means former pharma reps are among those lining up for biotech sales jobs.
Best Places to Work in Biotech
And just where are these reps hoping to find work? Last year, a MedReps.com survey asked over 200 healthcare sales job seekers to name their employer of choice. The survey was segmented by industry and also by size of company. For those seeking jobs with large biotech companies, Allergan, a multi-specialty healthcare company, was the employer of choice, followed by Amgen, and Genzyme. The following were also named among the top employers: Genentech Avanir Pharmaceuticals Johnson & Johnson Response Genetics LifeCell Elan Biogen Medimmune Vertex Optimer Bayer Candidates gave the following reasons for seeking out Allergan jobs: “Company culture, a positive work environment where employees are empowered to perform and rewarded for performance both financially and in recognition.” “Innovative workplace. Exciting technology. Good, proactive management.” “Position as market leader in every category they have products in.” Two of the biotech respondents nominated their current employers, Optimer and Avanir, as the Best Place to Work in Healthcare Sales.
About Optimer, the nominating employee had this to say: “Small company with a great corporate culture being developed. Great innovation and product pipeline. Focused on employees.” From the very small to the very large, the companies nominated for the title of the Best Place to Work in Biotech were all over the map. This perhaps reflects the wide variety of reasons that candidates may seek out jobs in the biotech industry. Those candidates who value the entrepreneurial side of the industry seek out small, start-ups where they can play a role in shaping the product itself and forming the sales team. Candidates who value stability may seek out a larger, more established biopharma company that offers more in the way of security.
Show Me the Money
One commonality among biotech job seekers was the importance placed on finding an employer with a competitive compensation and commission structure. More than half of all biotech respondents ranked this as the most important factor when choosing a biotech employer. A company that encourages employees to pursue work-life balance is also important. The least important factors were a company’s commitment to employee wellness, followed closely by its commitment to social responsibility. Candidates seeking jobs with biotech companies have reason to be hopeful that the industry will continue to grow in 2012. The 2011 report from Monster documents an 11% growth in biotech job postings during 2010, with the majority of new job postings coming from companies offering biotech research services (26%), medical equipment and supplies (23%), and pharmaceuticals and related manufacturing (17%). According to the data, 18% of all biotech job postings in 2010 fell into the sales/retail/business development category. While biotech was not immune to the effects of the global recession, all signs point to a speedy recovery for this exciting industry. Candidates can prepare themselves for biotech jobs by staying current on industry news and trends and keeping a results-oriented resume ready to submit to newly posted job opportunities. Biotech jobs are plentiful, and those candidates with the right skill sets are certain to find profitable futures in this growing industry.