Overview: Healthcare relates to those companies who provide a health service, from primary physicians, to hospitals, to nursing homes. Large examples include Kaiser Permanente, Ascension Health, and HCA. Pharmaceuticals is the manufacturing of medicine from plant/chemical base to prevent disease.

Hiring Outlook and Trends:

  • Industry Employment Growth - Bureau of Labor Statistics

  • Increasingly Informed Patients — Consumers are more aware of their health status and appropriate diagnostic care. Many patients use the Internet to access websites such as WebMD to research diseases and symptoms, and join online communities to discuss health issues and concerns. With insurance companies limiting doctor office visits to as little as five minutes, many patients are now taking it upon themselves to increase their medical knowledge, unwilling to rely solely on the advice of hurried medical professionals.
  • Employment Continues to Rise — Despite a pending shortage of doctors and nurses in the coming decade, employment in the US health care sector increased over 20% in a recent 10-year period. Employment in the sector is expected to increase about 19% by 2024 (from 2014), with the strongest growth expected in healthcare support occupations, healthcare practitioners, and technical occupations.
  • Consolidation — Changing reimbursement practices and other reform measures have spurred unprecedented consolidation in the healthcare industry, altering the competitive landscape. Hospitals have been buying competitors, independent physician groups, and insurance companies, all to get a better handle on cost containment, patient care data, and revenue streams. Physicians are joining group practice organizations or affiliating with hospitals to gain efficiencies and reduce risk. Participation is growing in accountable care organizations (ACOs), which are networks of hospitals, physicians, and other providers that coordinate patient care.
  • Outsourcing Services — To lower operating costs, hospitals and clinics are increasingly outsourcing services to third-party providers. Food service, housekeeping, laundry, IT, pharmacy, inpatient care management, and ER services can be outsourced to independent contractors, boosting margins and increasing efficiencies.

What Employers are seeking:

  • Core CompetenciesFor most Big Pharma companies, their core competency is development research and regulatory know-how or sales and marketing. Some might suggest or claim specific therapeutic area focus or disease target expertise. For others, it could be acquisition prowess. Many Big Pharma companies are established based on their most recent product launch or pipeline drug accomplishment.
  • Skills and Experience MBA, BA/MS in healthcare, analytics, business, STEM, communications, sales, marketing. The modern pharmaceutical lab has plenty of high-tech equipment that scientists will need to get to grips with – but the traditional skills acquired during your first degree are paramount. Potential employees need to experience what happens when things don’t go to plan, scientists who can cope with huge amounts of data generated by computers in today’s pharma companies are highly desirable, analytics/numeracy is another vital basic skill. A pharmaceutical sales representative sells a technologically advanced product to highly intelligent physicians in a very professional environment. Enthusiasm for science is important! As it pertains to pharmaceutical sales, candidates with a healthcare or clinical background may have an edge. A strong record of accomplishments is also important. Other traits mentioned by experts as helpful in landing a job in this field are being organized, goal-driven, creative, polished, persuasive, motivated, energetic, trustworthy, willing to learn, aggressive, smart, ethical, confident, ambitious, positive, self-starting, patient, persistent, a problem-solver, a team player who also performs well independently, a good time-manager and ability toprioritize, and a personable great communicator. Additional desirable traits include good listening skills, integrity, negotiation skills, and presentation skills. You should have good physical stamina for the long hours and all the driving you will likely do, as well as carrying hefty sample cases. You may be required to travel and relocate.
  • Certifications / Technical Skills:
  • Certified Pharmaceutical Industry Professional (CPIP)
  • Biomedical Auditor – CBA
  • Manager of Quality/Organizational Excellence – CMQ/OE
  • Pharmaceutical GMP Professional
  • Quality Auditor – CQA
  • Six Sigma Black Belt – SSBB
  • Six Sigma Green Belt – SSGB

Sample Employers

  • Becton Dickson
  • DuPont
  • CareFirst
  • Kaiser Permanente

Sample Job Titles

  • Director Publications and Scientific Content
  • Director, Scientific Affairs
  • Field Support Scientist, Biopharma
  • Field Coordinator
  • Inside Sales Representative
  • Project Manager, Global Biologics Operations
  • Account Development Manager
  • Watson Health - Business Analyst
  • Healthcare Management Analyst, Junior
  • Health Operations Analyst

Geographic Distribution / Global opportunities (Top 10 Firms)

Company / Location / Recruit MBAs?
CVS Health / Woonsocket, RI / Y
McKesson / San Francisco, CA / Y
United Health Group / Minnetonka, MN / Y
AmerisourceBergen / Chesterbrook, PA / Y
Express Scripts / St. Louis, MO / N
Cardinal Health / Dublin, OH / Y
Walgreens / Deerfield, IL / Y
Johnson & Johnson / New Brunswick, NJ / Y
Anthem / Indianapolis, IN / Y
Aetna / Hartford, CT / Y

Resources

  • Center for Health Information & Decision Systems (CHIDS)
  • Supply Chain Management Center (SCMC)
  • Careers4Terps One-Page Industry Guide: Global Health -
  • Careers4Terps One-Page Industry Guide: Community Health -
  • Careers4Terps One-Page Industry Guide: Healthcare -
  • Careers4Terps One-Page Industry Guide: Personal Training -
  • Careers4Terps One-Page Industry Guide: Public Health -
  • Smith MBA Club - Healthcare Business Association -
  • American Health Care Association -
  • American Hospital Association -
  • International Biopharmaceutical Association Alliance -
  • The Pharmaceutical Research and Manufacturers of America, PhRMA -
  • Pharmafile
  • MultiBriefs
  • New Scientist
  • Livecareer.com
  • ISPE.org
  • ASQ.org

Hiring Timelines

  • The industry hires all year without a formal recruiting process. Programs identified for college programs typically follow the traditional fall/spring recruitment cycles.
  • College programs: Full time and internship recruiting takes place in September and October. Certain experiential and leadership programs recruit in the springtime during the months of February and March.

Compensation:

MBA: / $102,296.00
Source: US News, reported March 23, 2017
Entry-level: / $55k Source: