Pharmaceutical industry analysts advise companies on different aspects of the industry, such as marketing strategy, retail, business intelligence, and regulatory affairs. They require a bachelor’s degree and 3-5 years of relevant experience, with additional training often necessary. The industry is highly competitive, and analysts may be hired to conduct business intelligence research or focus on regulatory affairs. Opportunities exist worldwide.
A pharmaceutical industry analyst is an expert who strives to understand and advise companies on different aspects of the pharmaceutical industry. Analysts can be experts in pharmaceutical marketing strategy, retail, business intelligence and regulatory affairs. In the United States, most pharmaceutical jobs are clustered in the metropolitan areas of New Jersey, Connecticut and Pennsylvania. There are also many biotech jobs in California and North Carolina. Of course, there are opportunities all over the world for the competent analyst – from working in a global branch of a well-known company to advising a health-focused non-governmental organization in a third world country.
To begin training for this career, many people who study pharmacy or pharmaceuticals at university earn their bachelor’s degree. Many companies require additional training to become pharmaceutical industry analysts and individuals proceed to an advanced degree. Some choose to pursue a master’s or doctoral degree in a scientific discipline, and others pursue a doctorate in pharmacy (Pharm.D.)
Individuals must have 3-5 years of relevant experience in the pharmaceutical industry to be considered for a pharmaceutical analyst position. Whether working at one of the biggest biotech or pharmaceutical companies, or joining a small startup, industry experience is absolutely necessary to build authority in this field. From advising patients on the effects of certain medications to providing expert witness in an industry court case, the pharmaceutical industry analyst uses his expertise to make the case for his clients.
These professionals are sometimes hired by larger companies to conduct business intelligence research. The industry is highly competitive, with many new drugs being introduced each year. It is important for a pharmaceutical company to keep up with trends and the activities of its competitors. A pharmaceutical industry analyst in this role may be asked to collaborate with the market research team to provide hard data on the success or failure of the company’s current strategy. He or she may also be called upon to research the effectiveness of a potential merger or acquisition of a company.
A pharmaceutical industry analyst who focuses on regulatory affairs has one of the most lucrative pharmaceutical careers. The pharmaceutical industry is riddled with laws and regulations that must be strictly followed due to the sensitive nature of healthcare and drug use. People working in this discipline usually already hold a Pharm.D and are licensed pharmacists. They understand the laws surrounding the industry in their country and are well equipped for a career specializing in keeping the company up to date on all regulations.
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