Many U.S. industries are navigating fundamental change, disruption and employee dissatisfaction. Physicians working in clinical medicine in the healthcare system are among those whose salaries have continued to decrease and more than almost half of practicing physicians in the United States have reported plans to cut back on working hours, retire, take a non-clinical job, switch to “concierge” medicine, or take other steps that will further limit patient access (Physicians foundation, 2016).
For the past two decades, the U.S. was considered the world’s leading innovator in the life science industry, providing as much as 70 to 80 percent of global Research & Development funding (Deloitte, 2018). The life-sciences industry, which includes pharmaceuticals, biotechnology and medical-device manufacturing continues to expand. Life science professionals living in the U.S. and Canada are some of the highest paid out of scientists and life science professionals from other countries. Averages across different positions within the life science shows that industry professionals make more than other life scientists in the U.S., pulling in $125,936 per year, compared with the $86,021 of academics and $97, 525 of those in other sectors such as government (The Scientist, 2018).
Employment in U.S. life sciences has risen by 23.5 percent since 2001, outpacing the overall job-growth rate of 10.2 percent. The venture capital investment in the U.S. life-sciences industry is 53 percent greater today than 10 years ago (CBRE, 2018).
These data demonstrate the tremendous opportunity for physicians in nonclinical life science positions.
The Life Science positions:
In the life science industry, the demand for candidates is greater than medicine and academia. There is a need in the private sector for highly trained STEM workers, especially MDs and PhDs, which drives down the unemployment rate and drives high salaries.
An example of life science sectors/positions include:
- Contract Research Organization- clinical trials director
- Clinical Operations
- Medical Information
- Regulatory Affairs
- Medical Affairs- Research and Development
- Clinical directors, compliance officers, and program directors
- Healthcare Technology -healthcare informatics
- Health Insurance Medical Director
- Healthcare Business Analyst
- Medical editor
- Health/medical oversight board
- Healthcare/medical content author
- Government healthcare policies
- Grant writing
- Medical correspondent
- Medical entrepreneurship
Human capital is what keeps the wheels turning at life sciences companies, and it is vital to the continued growth for companies and can be the growth desired for physicians.