Medical technology and pharmaceutical industries are both essential to health, yet both industries are extremely different:
- Pharmaceuticals are chemical in nature and are designed to actively interact with the body’s metabolic or immune system. Pharmaceuticals either work or they do not. Effectiveness is relatively straightforward to prove. The pharmaceutical industry comprises of companies who research, develop, make and market medicines.
- Medical devices work only if they are used correctly. Their effectiveness relies on the skills and experience of the physician using them, the quality of the hospital/clinic, and many other factors.
Both Pharmaceutical and Medical Device companies employ people with a wide range of educational backgrounds. Here are 6 reasons why you should consider a move into this field:
1. These Industries are Stable and are Constantly Growing
Across the world, the pharmaceutical and medical device industry has shown growth and stability over many years. Even during the market crash, these companies could recover quickly from difficult conditions. This happened primarily because their revenue generation is constant and/or increasing every year.
2. Job satisfaction
Because of the constant growth and stability across both industries, the jobs are well paid and often come with additional benefits such as a joining bonus, a yearly bonus, pension plans, company shares etc. Holiday allowance and parental leave are normally good and there is often the option of flexible working hours.
In Ireland, people working in these industries earn approximately 30% more than the national average salary.
3. Research and Development
As previously mentioned, even in the most difficult of financial times, the pharmaceutical and medical device industries have maintained success. A good measure of this success is how much money is invested in Research and Development. Research and Development is the key to growth for any industry.
Pharma and Medical Device industries carry out more research than any other trades, offering employees the opportunity to be part of a team at the cutting edge of research into drugs that can change lives. Every year the pharma industries spends a huge amount of money in their Research and Development and which is a strong sign of their stability.
4. Rich Opportunities for Career Growth
Let’s take Ireland as an example: there is great scope for career growth within Ireland’s pharmaceutical and medical device sectors here.
Ireland is becoming the hub of Pharmaceutical and Medical Device industry. With so many companies operating within these industries in Ireland, there is a great possibility for career progress.
These companies are found in clusters and when you have such clusters of companies within a small geographic location like Ireland, you have an excellent opportunity to progress or grow your career level as there would be many companies close by that would be suitable for you.
5. Your Previous Work Experience is Welcomed
To begin your career within these industries, it is often unnecessary to have multiple years of experience. In turn, you don’t always need to have a science degree.
Pharma and Medical Device Industries are open to welcome your experience from other industries too. For example, your engineering, manufacturing or technical experience from other trades will be welcomed. For some companies, you might need to have additional industry-specific knowledge/information (rules and regulations) to get your first job within these industries.
6. The Future of the Pharmaceutical and Medical Device Industries
Whether it’s human beings, animals or other organisms, the world will always have a strong demand and need for medicine and medical equipment. In turn then, the Pharmaceutical and Medical Device Industry will always need skilled talent to keep up the constant demand.
This is an excellent industry for new graduates who are looking forward to pursuing a career in pharmaceutical or medical device sector. There are many vacancies and new job openings presently, with the largest demand for graduates in research and development, clinical trials and manufacturing.