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Health Care/Biotechnology
The health-care industry is booming say industry analysts. It comprises approximately one-seventh of the U.S. economy, and competition among companies is fierce meaning that there are a number of positions in a diversity of practice areas for people like you. Words like immuno-assay and gene transfection may turn you on, or perhaps it's the humanitarian and service aspects that appeal to you, but whatever sparks your interest, it's your business knowledge and drive to succeed coupled with your ability to hone in on the finance and marketing issues at hand that will make you a valuable resource in this industry. Opportunities to prove yourself and to gain substantial responsibilities early on don't faze you because you are confident that you have the skills and resources to handle it.
Life in the Health Care/Biotechnology Industry:
A variety of opportunities exist in this industry. Jobs ranging from marketing to venture capital and finance are available, and companies desire someone with an interest in the health sciences that has the business skills and ability to help provide strategic direction for the company. Your ability to work in a deadline-driven detailed-oriented environment while maintaining your overall perspective on the market is essential. In this industry, the old adage, "You snooze, you lose" definitely applies. Lost time can cost your company billions of dollars in revenues. Drugs that are patented first, like the "Purple Pill," end up making the company a fortune, and allows them to gain even better financing to develop newer and better products. Like any other industry, what you do on a day-to-day basis varies depending on your specific job function, but from the moment you enter this industry, your ability to accurately and succinctly communicate complex ideas is essential.
In an industry that constantly evolves, you will to. Early on, you will work with CEOs, CFOs, and or vice presidents that can provide you the opportunity to gain substantial experience and networking time to accelerate your already fast-paced career track. Your knowledge will continue to expand beyond what you thought your gray matter was capable of handling. You will synthesize complex information on both the medical, pharmaceutical, and business fronts to formulate policies, procedures, and strategy that will help your institution to not only survive but to thrive in any economy. Your starting salary can begin anywhere from $50,000 and up in health care; $75,000 at pharmaceutical and device companies; and $150,000 at start-ups, and earlier biotech and device firms, plus stock options and bonuses. Typical hours range from 50 plus hours a week, more in consulting, and even more in the start-up companies.
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I need to have a medical degree to work in this industry.
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MBA AUTHORITY
While a medical degree or background definitely helps, it is not necessary. Jobs within certain sectors of the industry recruit more out of experience and business skills than actual medical/scientific knowledge. For instance, venture capitalists for the health care industry find experience in performing due diligence and evaluating business plans very marketable. Besides, once you hold a position within these organizations, you don't need a health-care degree to advance into the upper management positions, often you are just a few years away from a senior-level management position.
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My school does not have a health-care concentration, there is no way I can even get an interview at these companies, let alone a job.
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MBA AUTHORITY
Jobs in the Health Care/Biotechnology industry really do respond well to those with a proactive nature. Jobs that involve practice management look for people with aggressive, problem-solving personalities coupled with proven business skills and knowledge to provide real solutions.
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The health-care/biotechnology industry is a rather stodgy environment.
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MBA AUTHORITY
Culture changes in response to the people. For instance, a well-established "stodgy and secretive" California-based biotechnology company has Free Beer Fridays on the premises, and although this is minor, this is just to show that culture can change. With the advent of new medical devices, technologies, and drugs, and the continuing exponential growth of the geriatric population in the U.S., the need for better medical care and medicines to aid them in their health issues will translate into substantial and accelerated growth for this industry, and means more opportunities for non-stodgy people like you to enter this field.
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