Innovative ideas, good money, and big career prospects can all be found in the major pharmaceutical sector.
The pharmaceutical industry develops, produces, and distributes a virtual medical cabinet full of prescription and over-the-counter medications. It is a significant economic and societal force. All kinds of illnesses, such as cancer, high cholesterol, colds, diabetes, Alzheimer’s disease, and allergies, are treated, prevented, and/or cured by these medications.
Both pharma workers and employers improve the lives of millions of Americans, which increases the appeal of major pharmaceuticals as a rewarding career path.
What is Major Pharmaceuticals?
For those passionate about medicine, a major pharmaceutical job is a fantastic choice. It offers outstanding compensation and benefits and several prospects for advancement.
There is something for everyone because there are numerous specializations within the sector. There is a position for you in large pharmaceuticals, whether your interests are research, production, or sales.
How Many Jobs Are There in the Big Pharma Industry?
Depending on the function, hiring in the pharmaceutical sector should increase along with income. For instance, the U.S. Bureau of Labor Statistics (BLS) predicts that positions for medical scientists should grow by 17% during the same period. In contrast, jobs for pharmacists are only expected to increase by 2% through 2031.
One of the industry’s sectors with the fastest growth in pharmaceutical production. The National Association of Firms predicted pharmaceutical manufacturers would employ 267,000 people in the United States in a report from 2021. These employers range from small businesses to large multinationals.
According to the BLS, employment in manufacturing pharmaceuticals and medicines is expected to increase by 19% between 2019 and 2029. The agency credits greater pandemic preparedness and vaccine manufacture for a portion of this growth.
Salary in the Pharmaceutical Industry
The average annual salary in the pharmaceutical and medical device manufacturing sector in 2021 was $74,560, according to the BLS. That is significantly more than the average yearly salary of $58,260 for all U.S. occupations.
The sector has a wide variety of roles, though. Thus the remuneration varies greatly. For instance, on average, compliance officers earn $82,510 annually, compared to pharmacy technicians’ $35,250.
Best-Paying Careers in the Big Pharma
Many jobs at large pharmaceutical companies pay more than $100,000 annually. According to the American Association of Pharmaceutical Scientists, the typical base wage for a pharmaceutical scientist is $170,000 annually, with total compensation topping $206,000. The top 10% of pharmacists earn more than $164,590 annually, with the average salary being roughly $125,690.
Tom Cobin, the creator of DynamiCoach and a former pharmaceutical sales representative and sales trainer who now provides public speaking and presentation skills coaching, claims that senior executives at major pharmaceutical corporations can earn millions of dollars annually.
Top 5 Pharmaceutical Jobs and Salary
The list features a number of the most promising pharmaceutical careers. Anyone can have a prosperous career in pharmaceuticals with the appropriate knowledge and expertise. Therefore, look over the list of highest-paying positions below if you’re interested in pursuing a career in this area.
- Registered Nurse (RN) – $65,000+ annually
Registered nurses are experts in pathology, disease processes, treatment methods, and anatomy and physiology. RNs order tests, prepare medications, educate patients and families, assess patients’ illnesses, arrange treatments, and dress wounds.
- Clinical Laboratory Scientist: $55,000 and above
Clinical laboratory researchers examine blood and urine samples for various drugs. To identify certain substances in these samples, they may employ chemical reagents.
- Pharmacist: $100K+ per year
Providing patients with safe medication is the pharmacist’s responsibility. A pharmacist makes ensuring that prescriptions are written properly and safely administers drugs. Additionally, pharmacists collaborate closely with doctors and nurses to provide counselling services and track patients’ development.
- Optometrist: $50K+ annually
Slit lamps are optical devices that optometrists use to examine the eyes and identify conditions like glaucoma, macular degeneration, cataracts, and other eye illnesses.
- Dental assistant $53K+ per year
When performing routine procedures and surgeries, dental assistants support the dentist. They do dental cleanings, X-rays, and anaesthesia.
Is Major Pharmaceuticals a Good Career Path in 2022?
Yes, working in the pharmaceutical industry is an excellent career choice. On the one hand, the sector provides competitive pay and stable employment. The compensation is one of the largest benefits of working for a large pharmaceutical company.
Some of the highest-paying jobs in the nation are those in pharmaceutical sales. A pharmaceutical sales professional makes an annual compensation of over $100,000. Additionally, exceptional performers may make considerably more money than that.