Pharma/Medical/Biotech Sectors Yield Diverse Career Opportunities
By Marji McClure
Fifty-nine billion dollars in federal funding to the healthcare industry
coupled with the rising interest in wellness and preventative
treatment will yield a vast array of executive career opportunities, and
similar factors are driving interest in the pharmaceutical/medical/
biotechnology space.
ExecuNet’s annual Executive Job Market Intelligence Report identified
this trio of industries as the third highest growth sector, as reported by
search firm survey respondents in both 2008 and 2009, and they have consistently
landed on the list of top five growth industries in previous years.
Embryonic stem cell research, which re-entered the national spotlight
in March when President Obama removed restrictions on federal funding
for such research, is just one pharma/med/biotech space where opportunity
is poised to thrive. “The whole medical industry is always changing,
and it’s a growing area because people want to live longer,” says Stephen
Viscusi, CEO of New York-based search firm The Viscusi Group.
“More overall growth is definitely on the horizon, as government
plans to funnel more funding into research and healthcare,” says Mike
Tansey, CEO of onTargetjobs, the parent company of niche job boards
that serve a variety of industries, including pharma and biotech.
“I see this growth more as a reflection
of the overall improvement of the US
economy,” adds Megan Driscoll,
president of Massachusetts-based search
firm PharmaLogics Recruiting. “It has
always been my contention that bio/
pharma is the last to feel the effects of
a downturn and the first to recover. This
was certainly the case in the downturn of
2002, and it is proving to be true again.”
Overall, being involved in cutting
edge medicine and technology can be
a very fulfilling career move for many
executives, and the timing may be just
right for some to make the switch.
Skills Needed to Succeed
While there can be great fulfillment in a
career in the medical, pharmaceutical and
biotechnology fields because of the potential
to improve the overall quality of life,
transitioning into a career in these sectors
can be as challenging as the issues facing
these industries. Executives need to be
sure they’re comfortable in such a climate.
“We are in an era of fundamental
changes. Between patent expirations,
transforming companies (mergers), political
pressures to reorganize healthcare and
the current economic turmoil, there is
a lot that executives have to deal with,”
says Yanis Saradjian, director of consulting
at Cutting Edge Information. Because
of this, executives need to bring adaptability
and flexibility to the table in order
to succeed, notes Saradjian.
Mike Anderson, president of the
Presbyterian Health Foundation (PHF)
Research Park in Oklahoma City, which
houses 50 tenants and has funded more
than $100 million in grants to bioscience
research and programs, says the qualifications
for CEOs as outlined by the 35
biotech- and science-based companies in
the Research Park include knowledge of
the science and the reflective communicate
skills, and fundraising (especially for Angel
round, early state, pre-clinical and Phase
I stages of the science company’s growth).
Among the educational requirements
Anderson says are necessary to work in
these industries are specialized MBA
credentials in entrepreneurial skills,
a PhD in a pertinent science field or
substantial scientific knowledge.
Saradjian agrees that it can be difficult
to transition into these industries without
a scientific or medical background,
although he adds that most skills are
transferable, but “the learning curve will
vary.” For instance, “someone managing
the finances of a non-pharma company
will have less of a learning curve to manage
the finances of a pharma company,
but another who oversees the manufacturing
operations of a mechanical company
will have a harder time proving his or her
skills to a pharma recruiter looking to hire
a plant manager,” notes Saradjian.
But just as in other industries,
these also require the leadership and
management skills necessary to lead
organizations through their current
challenges and any future ones. “Strong
leadership skills are needed by executives
in this environment, but they have to
manage with a finish line in mind to be
able to achieve their goals,” says Ned
Hansen, an executive senior partner in
the pharmaceuticals division at executive
recruiting firm Lucas Group. “They need
to be nimble and ready to adapt to a
changing business dynamic.”
So even without that scientific background
and industry knowledge, your
general management skills could provide
a solid foundation to become a leader in
an organization within the pharma/
medical/biotech arena.
“All of these industries, other than
venture-backed startups that tend to be
led by scientists, need executives with
traditional training,” says Tansey, noting
that many executives who have successfully
made the transition brought experience
from roles in the consumer products
industry or strategic consulting. Tansey
says one example is Jeffrey Kinder, the
CEO of Pfizer, whose previous leadership
experience was serving as president of
Partner Brands at McDonald’s, where
he was responsible for the Boston Market,
Pret a Manger and Chipotle Grill brands.
Where the Opportunities Are
Opportunities within the pharma/
medical/biotech sectors will continue
to change as drugs, medical advances
and technologies evolve at a rapid pace.
But experts say there are certainly areas
in which executives can focus on lending
their skills now.
Saradjian says that the aging population
and the Baby Boomer generation
will “lead the way.” He notes that some
areas within the medicine field will benefit
from demographics, such as medical
devices. High-tech manufacturing companies,
those who specialize in hip resurfacing
implants, knee implants and artificial
spinal discs are projected to experience
double-digit growth over the next several
years, according to Saradjian.
He also notes that it is difficult to
identify growth areas within the pharma/
biotech space even though many companies
have solid pipelines of potentially
successful drugs. “The one area that will
be most successful, in my opinion, are
companies that are doing research in the
orphan drugs and vaccines areas and
with drugs addressing obesity (diabetes),
neurodegenerative diseases and cancer,”
says Saradjian. “Another growth area,
although less ‘sexy,’ is the generics
industry, which is expected to grow
tremendously in the years to come.”
Tansey says that the medical device
sector can be the easiest one in which to
transition into for executives who possess
a technology or manufacturing background.
Some in-demand jobs, according to Hansen, in the biotech and pharma sectors include high-level management
positions in addition to positions in
such specialized roles as vice president
of reimbursement.
Hansen says he is seeing an increased
demand in sales general management and
other support functions in market research
“and even in marketing if the partner
company is launching something new.”
Viscusi adds that another area of opportunity
is pharmaceutical advertising.
An ExecuNet member seeking a
marketing director position within the
pharma industry read industry magazines
to learn about drugs that potential
employers were developing. She noticed
that one company was developing a drug
in an area in which it had very little
internal marketing experience. She
sent her CV to the head of that area,
explaining how her skills could fill the
void the company had. Six months later,
she received a job offer.
The best advice is to do your research
to find the areas that are yielding the
most growth and poised to continue to
do so. “Follow the science and the
research and development pipeline from
the basic scientific research that initiates
the intellectual capital that warrants
commercialization,” says Anderson.
“The primary engine of this innovative
science and entrepreneurial opportunity
in the US is found in the comprehensive
research universities and the research
institutions.”
Planning Your Transition
Hansen attributes growth within the
pharma and biotech industry to a
combination of acquisitions and product
development, and points to three mergers
— Pfizer/Wyeth, Roche/Genentech and
Merck/Schering Plough — as examples.
However, at the same time, these mergers
may contribute to making transitions
within these industries tougher than
moves to other industries.
“The real issue is that there are many
people out of work and still soon to be
out of work (Wyeth/Pfizer merger),” says
Driscoll. “So there are plenty of very
qualified folks with the right skill set in
the market, making it more difficult than
ever for a non bio/pharma executive to
inch in.”
“Executive-level positions within the
pharma and biotech arena are becoming
fewer and fewer as ‘consolidation’ takes
place,” adds Hansen. “With this, we see
very qualified executives vying for the
same roles.” Hansen says that he has
not seen many candidates working on a
transition into the pharma/biotech space
who don’t already have some industry
experience. “To transition into this
industry at this time is going to be hard,
not because people with less experience
cannot ‘do the job,’ but because of the
competition they will face for the role.”
He says that if a client company is considering
a few candidates, the organization
will typically favor those who already have
industry-specific experience. However, he
notes that some companies may deviate
from their traditional hiring practices “if a
candidate, without industry background,
but with very impressive business experience
and results, is able to highlight how
past experiences can be translated into
future successes for the client company.”
This makes it crucial for executives
to understand their unique value proposition
and be able to communicate it effectively
to recruiters and hiring managers.
“This is not different than positioning for
any executive level in another industry,”
says Tansey. “Professionals must demonstrate
a successful track record, and if they
are coming from outside the industry,
they must demonstrate accomplishments
that pertain to running a diverse set of
businesses.” Real world examples of
successes are very powerful, adds Hansen.
To create a smooth transition, certified
professional résumé writer JoAnn
Nix, CEO at A Great Résumé Service
Inc. says it’s important to research the target
industry to gain an understanding of
“the challenges the industry faces on a
national and global basis and the future
of the industry, the customer base and
business requirements.” Nix, whose
services are available to ExecuNet
members, also suggests identifying
key industry players and utilizing one’s
network to target those organizations.
Driscoll believes it’s best to seek
out opportunities within these industries
that don’t require specialized knowledge.
“I think candidates tend to try too hard
to explain how work they have done can
transition into technical bio/pharma
experience,” notes Driscoll. “My advice is
to stay clear of roles where it is obvious
that there is required technical knowledge;
there are too many other people
with qualifying experience on the market
to ever give a hiring manager a reason to
look at someone without it.” Driscoll suggests
that executives seeking to transition
into these sectors to look into functional
(not industry-specific) roles; the nontechnical
aspects of bio/pharma, such as
project management, accounting, business
development and human resources.
Yet, regardless of the challenges
executives (both with experience in these
sectors and without) can face in landing
a new position, recruiters agree that there
are certain opportunities to be uncovered;
and now is the time to begin seeking out
that new post.
“The whole life science industry is
in a rebound mode,” says Driscoll. “So
if you aren’t in bio/pharma or medical
device now, you should be looking at any
and all relevant positions in those areas.”
“Recruitment should increase during
the latter half of 2009 because companies
have decreased employee numbers in the
first half of the year and have now
announced their direction for the future,”
adds Hansen. “Because of these cuts,
there are positions now available or that
have been newly created, which is a positive
sign for people looking for jobs in
the industry.”
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