In the 21st century, we’ve seen the biotechnology industry rapidly grow into one of the largest markets in the world.
At its core, biotechnology is technology that uses biological, cellular and biomolecular processes to develop products that improve our lives and planet. Some biotechnological breakthroughs include ethanol, virus vaccines and new pesticides that protect plants while minimizing environmental harm.
Individuals who work for — or invest in companies on — the NASDAQ Biotechnology Index have seen average returns of more than 15.5 percent between 2004 and 2014, more than twice the average returns generated by Standard and Poor’s 500 corporations during that same span.
Within the industry, there are many career opportunities available. Here’s a look at four biotechnology careers.
Biotechnology Program Manager
Biotechnology program managers lead teams of scientists and researchers as they work to discover biotechnological breakthroughs. They ensure operations are in compliance with development standards, as well as FDA and state regulatory requirements. They also participate in contract negotiations and supervise the operation’s staff and budget.
With a median salary of $110,029 per year, biotechnology program managers command one of the more lucrative salaries in this field. More than 25 percent of biotechnology project managers in the U.S. have four years’ or less experience, revealing the field’s job growth potential.
Sales Representative, Pharmaceuticals
Pharmaceutical sales representatives engage with individuals and companies to help bring in business to firms. They call on existing and potential clients to establish new accounts, implement brand strategies and make sales presentations to promote companies’ pharmaceutical products.
Many sales representatives have strong communication and rhetoric skills, both in person and over the phone. While this can be a physically and mentally demanding position, the national median salary is $74,928 per year, according to PayScale. The website also notes that account management skills are important for this position, as is prior work experience.
Operations Team Leader
Operations team leaders are responsible for supervising the activities of researchers, sales staff, marketers and others. They ensure that employees are executing their functions appropriately. Operations team leaders help secure safe work environments, maximize profitable growth, drive quality improvements and oversee day-to-day operations.
Operations team leaders earn a median annual salary of $62,089, with top earners making more than $100,000 per year.
Marketing Assistant, Pharmaceuticals
Pharmaceutical marketing assistants research advanced data and analytics at pharmaceutical companies. These marketing assistants typically work in data collection and analysis, researching cost factors and success rates for marketing campaigns. They also help coordinate existing campaigns by providing statistics for the marketing, sales and advertising teams.
The position serves as an entry point into the world of biotechnology careers and comes with a median annual salary of $36,207 per year.
Now is as good a time as ever to pursue a biotechnology career. According to a report from Grand View Research, the biotech market is expected to be worth $727.1 billion by 2025 as more companies invest money into research and developing new technologies and vaccines that will ultimately change the way we live. In 2016, Grand View Research estimated that the market size was $369.62 billion.
As the industry grows, salaries and job opportunities at companies should grow as well.
Work in Biotechnology
Pursuing a biotechnology career can be confusing, but Husson University can help students achieve their goals. Apply today for Husson’s fully online MBA in Biotechnology and Innovation, where students learn the business of biotechnology and how to advance in one of the world’s fastest growing industries. The program is enhanced by small class sizes with knowledgeable professors who care about their students’ success. At the same time, our fully online program offers students the flexibility to balance their studies with their professional responsibilities.
Through the online Biotechnology and Innovation MBA program, students will learn key leadership and problem-solving skills that will help them take the next step in their professional careers.