08,May 2020
High paying jobs in Pharmaceutical Industry
The global pharmaceutical market is growing at the rate of 3-6% annually, offering a plethora of opportunities in various sectors. The Indian pharmaceutical industry is leading and it is expected that it grows to a $1 billion biopharma market as per a research and analytics report. Almost 20% billionaire of India earns their wealth from pharmaceuticals.
An individual with pharmaceutical education can enter into a variety of fields, including Drug Regulatory Affairs, Research & Development, Pharmacovigilance, and Clinical Research. All areas have excellent growth opportunities, although what matters are individual interest, aptitude, and location as well. If it comes to investment, Sales & Pharmaceutical Marketing is the most lucrative and high paying profession, a pharmacy graduate can take up.
Various Pharmacy degree programs in India
Pharmacists in countries like the United States, Japan and, other European countries are amongst the highest paid professionals. The states like Alaska offered annual mean wage in 2018 of $139,880 to a pharmacist followed by other states like California, Vermont, Maine, and Wisconsin. While this can be challenging and not that big in India as of now. Though, a pharmacy can be a massive source of income here also.
Indian pharmaceutical industry is growing rapidly and has become the largest provider of generic medicines. Low cost of production and R&D (Research and development) has boosted the efficiency of Indian pharmaceutical companies and provided a plenty of job opportunities from Manufacturer, Production chemists to Research analyst, Research scientist, all of which are highly paid professions.
A Biotechnology research scientist is another profession where knowledge of pharmacy or biotechnology is utilized. A bioscientist must possess skills related to bioinformatics and clinical research.This profession is in high demand across the World.
Clinical Research (CR) is another industry growing at a startling pace and offering a broad scope of employment opportunities for trained professionals. It involves the scientific analysis of the drug impact on the body and its associated adverse effects. It provides an exciting career option as a clinical research scientist, clinical research analyst. The prospects of this profession is more extensive in European countries. A CR associate generally has a pkg of three lakhs in India in the start of his career and grows eventually with experience.
Pharmacovigilance (PV) is also a career option with good perspective. A PV officer generally deals with the detection, assessment, and prevention of unwanted effects, adverse drug reactions, or any other possible medication errors, caused by the pharmaceutical products. India being the outsourcing core for PV services, has immense growth opportunities for employees in comparison to any other profession. A PV officer has an annual package of INR of 4.2 lakhs in India and $56,405 in the US.
There is no doubt that a pharmacist enjoy a high-paying position and a consistently stable career . However, the rapidly changing economic, trade , and intellectual property scenario on national and international front poses many challenges, which necessitate a shift in the approach of the pharmaceutical industry to move away from manufacturing to innovation and hunt for newer, better drugs to serve humanity. Research & Development; is one such niche. India is still in its infancy if we talk about research. But the policies of Make in India and Self startup has brought various career options where one can earn handsome depending on one’s intellect and other associated factors.
The pharmaceutical industry invested over $1.36 in R&D in the decade from 2007 to 2016 on a global scale and hopes it to rise till $181 billion by another two years. The US maintains the highest share of R&D expenditure and the UK is at next place to it. The big houses like Pfizer, Johnson & Johnson, Novartis, GSK have their most research laboratories in the US and European countries and offers top package there. Nevertheless, their allied plants and marketing of their research products in the Indian subcontinent offer a wide range of career choices in the pharmaceutical Industry.
The profession of Pharmacy is entitled the best-paying job for women in 2013 and India. The largest democracy, which focus on Women Empowerment, offers a lot of prospects for its female citizens. The pharmaceutical industry is accountable for the manufactuting, development and marketing of medications. The profession of pharmacy is different from others. It aims to serve society. The Pharmaceutical and Biotech sector is one of the more profitable segment in the global economy, offering high paying jobs and an ever-growing career.
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Author
Dr. Kumud Madan
(Associate Professor)