Let’s talk about the Life Sciences Industry. Are you a recent graduate entering the STEM job market for the first time? Or are you a mid-career professional considering a transition into biotech? The ‘life sciences industry’ is an area of rewarding career opportunities, offering many different avenues for career progression.
What is the Life Sciences Industry?
When most people think of the life sciences industry the first thing that comes to mind are the large pharmaceutical companies. These companies specialize in discovering and developing small molecule drugs.
The second most recognizable type of company within life sciences are the biotech companies. These companies focus on developing large molecule drugs partially derived from living organisms. While life science professionals often talk about pharma and biotech companies as distinct entities, there is often overlap between the two: many large pharmaceutical companies own a mixture of biotech and small molecule therapies.
In addition, there are research companies that focus on the development of medical devices – devices for consumers and healthcare professionals to address unmet medical needs (e.g. insulin pumps, baby incubators).
The last major chunk of life science companies are contract research organizations (CROs) and contract manufacturing organizations (CMOs). These companies act as vendors to large companies looking to outsource parts of their drug development and manufacturing to save on in-house resources, or respond to surges in demand. Since pharma and biotech companies are frequently looking to save and remain flexible, there is always a demand for CRO/CMO support.
Top Pharma Companies in 2022
In terms of annual revenue, size and profit, some of the biggest pharmaceutical companies in 2022 include:
Roche
AbbVie
Johnson & Johnson
Merck
Pfizer
BMS
Sanofi
Thanks to successful new drug launches, these companies grew over the past few years, and are predicted to continue their expansion in the foreseeable future.
For many large pharmaceuticals, Johnson & Johnson and Pfizer in particular, the COVID-19 pandemic led to further profit because these companies were able to invest in resources to develop new COVID-19 vaccines and scale to meet demand. A strength of large pharmaceutical companies is that they already have the financial backing in place to pivot their research program towards immediate healthcare demands, while small biotechs rely on success in a single therapeutic area. Although several medium-sized specialist biotech companies were also buoyed by the success of their COVID-19 vaccines, including Moderna with its RNA vaccine.
Successful Startups
Many biotech startups are concentrated around the Boston and San Francisco areas, though startups can be found across the country.
Currently, a profitable area for startups are rare diseases. Larger pharma companies are less likely to shoulder the risk of developing a rare disease treatment, but the biotechs often end up in partnership with or sold to a larger pharma company once their treatment reaches important clinical milestones.
While the choices available in the life sciences industry might seem overwhelming, considering several key aspects will help you narrow down your job search options. For instance, large pharmaceutical companies might offer more security, but more rigid job roles. While new hires at a start-up will need to be flexible and willing to assume more risk. However when they succeed there are greater equity opportunities available for employees at small companies.
The salary at a CRO might be less competitive than at a large pharmaceutical company, but the CRO is likely to offer more variety and a faster pace of work, as well as a less conservative company culture than at Big Pharma. Whatever your career priorities and goals, there will be a perfect position in the life sciences industry for you!
Many PhD life scientists who have determined that a tenure-track career is not for them usually set their sights on entry-level R&D jobs at pharmaceutical and biotechnology companies. While both pharmaceutical and biotechnology jobs are generally lumped together under the umbrella of “industrial careers” there are many differences between them.
Big Pharma: Is Bigger Always Better?
The pharmaceutical industry has been in existence for over 100 years and has successfully developed and commercialized thousands of products. Therefore, not surprisingly, big pharmaceutical companies are generally well-capitalized, multinational organizations that globally employ tens of thousands of people. Because of their large size and financial largesse, there are many advantages to working for a big pharmaceutical company.
First, big pharma companies usually offer high salaries, outstanding benefit packages and a variety of perks including flexible spending programs, onsite cafeterias and large annual bonuses. Second, because of their financial stability, R&D budgets at big pharmaceutical companies are generous and research need not be bootstrapped on being conducted using a shoestring budget. Also, as far as job security goes, it is unlikely that a big pharma company will ever go out of business because of bankruptcy! Finally, because of the large number and diversity of jobs at big pharma companies there are ample opportunities for career advancement or even career change
Despite the obvious pros with these companies, inevitably, the terms “large,” “bureaucratic” and “cumbersome” are typically used to describe the way big pharma companies operate. In general, organizational structure is rigid and inflexible, administrative rules and regulations are strictly enforced, collaboration is difficult and for some employees navigating internal politics can be extremely treacherous. Further, R&D projects are mandated by management and scientists have little flexibility in their day-to-day job duties and responsibilities are rigidly defined and adhered to according to job title. Finally decision-making is often painfully slow and multiple layers of management often impede the progress of research projects.
Biotech: “Take A Walk on the Wild Side”
Unlike the pharmaceutical industry, the biotechnology industry is only 50 years old. Yet, despite its youthfulness, the biotechnology industry has become a vibrant and essential sector of the American economy and is threatening to surpass the capabilities of many pharmaceutical companies.
There is general agreement among industry experts that the small size and entrepreneurial spirit of biotechnology companies enhances their scientific nimbleness, allows for quick decision-making (less bureaucracy) and tends to foster collaboration between employees.
Unlike big pharma companies, many biotechnology companies are often strapped for cash and funding ongoing research operations can be challenging. This forces biotechnology companies to hire fewer employees and exclusively focus on developing a single rather than multiple products at a time. Therefore, it should come as no surprise that biotechnology company employees frequently possess a wider range of skill sets and experiences than most pharmaceutical employees because it is likely that biotechnology employees (unlike pharmaceutical employees) will be asked to “wear many different hats” to scientifically advance a project.
Because of the smaller number of employees, the organizational structure of most biotechnology companies is less hierarchical and the culture at these companies is much more “relaxed” and less formal as compared with big pharma companies. Innovation is encouraged (and rewarded) at most biotechnology companies and collaboration between scientists is very common. This is in marked contrast with big pharma where so-called “silos” are prevalent, collaboration is nominal and innovation is difficult.
Despite the many “pros” associated with biotechnology jobs, there is a downside. First, starting salaries are lower and benefits packages are much less generous at biotechnology companies as compared with big pharma. Second, because the financial future for many biotechnology companies is uncertain, job security is an ongoing concern. Finally, unlike big pharma, opportunities for career advancement/change are restricted at most biotechnology companies because of lack of job diversity and financial resources.
Things to Consider with Industrial Careers
While there are obviously many differences between pharmaceutical and biotechnology jobs, the competition for industrial careers can be fierce. To that point, most jobseekers will not have the “luxury” of choosing between a biotechnology and pharmaceutical job to be gainfully employed!
Nevertheless, before beginning an industrial job search, it is important to determine whether big pharma or biotech is the best fit for you. For example, if you want financial security, don’t mind bureaucracy and are accustomed to a slower, more conservative research environment, a pharmaceutical company may be ideal for you. On the other hand, if money is not a high priority, innovation excites you and working in a fast-paced, rapidly changing environment is your thing then perhaps a job at a small biotechnology company may be a good fit for you!
As young scientists, we are often taught the academic notion of letting “your science speak for itself” and believing technical skills and research are our most important assets in obtaining a meaningful job. Indeed, when STEM professionals are hired into their first jobs those qualifications and strong technical competencies are important factors.
However, once they start at their new company, entry-level hires are often surprised when technical skills don’t seem as important in the eyes of management. They may also see colleagues with less skill in the laboratory climbing the promotion ladder faster, and perceive this as unfair.
It’s a disappointing and unfortunate truth that the promotion process is often unmeritocratic, and that climbing the ladder as a bench scientist requires self-advocacy and political skills as much as expertise and skill. The best way to make sense of this perceived unfairness is to understand that most individuals hired have cleared the minimum technical requirements needed to perform their job . Your organization doesn’t need STEM superstars: they need people who can get the work done. In that light, once you’re inside the company, your technical skills stop being the most important determinant of your value as an employer. Your soft skills and ability to work with others play an increasingly important role in levels of management and leadership.
How to Self-Advocate
Political (or more appropriately, interpersonal) skills aren’t disdainful or underhanded techniques to get ahead in the workplace. They demonstrate that you understand company culture and can act in a future management or leadership capacity. If people in management can’t get along with you as a colleague, why would they promote you to work alongside them?
Self-advocacy means highlighting your contribution to successful projects and documenting your achievements to leaders instead of hoping that you will get noticed.. The political side of the process means doing this is a way that doesn’t annoy those around you or take too much credit at the expense of others.
Self-promotion and interpersonal skills take time to develop and should be accomplished in a subtle, tasteful manner: it can be helpful to find a mentor outside your current company who can guide you through the process with a degree of separation from your chain of command. There are personal brand marketing gurus that can offer lots of insight on the topic of self advocating: Seth Godin, Tim Ferriss and Gary Vaynerchuk among others.
Although learning to proactively promote your accomplishments takes practice and requires trial and error, it is an indispensible tactic in moving on to positions of increasing responsibility. Even if you worry you don’t deserve to – it is a difficult trick to master, and one that becomes important as you grow into your new biotech career.
If you’re a recent STEM graduate in the Boston area, or plan to relocate to the Boston/Cambridge area, it can seem like the place is home to more biotech companies than you can count! The large number and variety of biotech, biopharma and pharma companies with sites in the greater Boston area can make your job search daunting. How do you decide which companies to apply to?
First things first, you should consider the general culture of the company you’d like to work for. The working environment within a new biotech start-up is very different from a multinational company with a hundred-year history, and will suit different types of scientists. It’s important to think about what environment helps you be most successful so you can apply to places that will have the right fit. Here’s a broad overview of the main types of biotech companies, and company names to look out for if you are looking for jobs in the Boston area.
Small Start-Up
If you have a thirst for excitement and enjoy a fast-paced work environment, then joining a biotech start-up will make a lot of sense. The advantages of working for a start-up is that you can take on multiple roles within the company and are expected to be a team player, you work in a small team where each person’s voice is heard, and you can play a pivotal role in getting your company and product off the ground.
Start-ups can be a stressful place to work, and there is long-term uncertainty whether the company will succeed or still be around in a few years. The atmosphere and work culture within the company could also change dramatically in a few short years given the rapid pace of start-up growth and maturation. If you thrive on challenges and do well in a shifting landscape, then a start-up environment will be perfect for you.
New Boston start-ups to keep on your radar: EQRX, Imuneering, Korro Bio, Omega Therapeutics
Mid-Sized
Mid-sized biotech companies retain most of the dynamism of start-ups, but with more stability. As an employee you won’t need to wear as many hats, your role within the company will be fairly specialized and unlikely to dramatically change over time. Although what constitutes a mid-sized biotech company is fairly loose, it usually means the company has products in late clinical development (phase II or III trials), or has already brought 1 or 2 products to market. The number of employees will be somewhere in the hundreds.
Mid-sized biotech companies that are still growing: Acceleron, Akouos, Alkermes, Epizyme, Fortress Biotech
Large
The large biotech companies employ hundreds to thousands of people and may have more than one location. There’s a broad portfolio of products for scientists to work on, and the company will have lots of approved products on the market. The larger the company, the more professional development and in-house training available to you, though you might also feel “silo-ed” within a large organisation where it’s impossible for you to know all your coworkers.
Some of the biggest biotech firms in the Boston area in 2021: Genentech, Moderna, Sanofi, Vertex Pharmaceutical
Multinational Pharma
These days, many traditional pharmaceutical companies also develop biologics. These companies are truly multinational – their total employee counts are in the hundreds of thousands, and they have offices around the globe. The culture at these companies is often more conservative and risk-averse than at smaller, agile biotech companies, although each location will likely have its own subculture, and it’s worth asking questions about how your department fits into the whole. If you prefer stability and processes that are already ironed out, then a large biopharma company may be the best place for you.
Big Pharma companies with offices in the Boston/Cambridge area: Abbvie, Biogen, Novartis, Takeda
Are you looking for your next STEM job but are unsure about navigating the job market? At Sci.bio, we’re experts in the Boston biotech landscape. Our recruiters have spent many years helping connect talent to opportunities. Reach out and schedule a conversation with us today.
Want job satisfaction? Look for a company that matches your size preferences
Do you belong in a sprawling corporate campus or in a small loft with a dog snoozing on the rug? Or maybe the open-plan wing of a tech hub?
Science grads searching for jobs in industry often focus on the salary and nature of the work, but ignoring the size (and thus style) of your prospective employer can thwart job satisfaction just as surely as an antiquated laboratory or paltry paycheck. Whether large, small, or somewhere in between, an organization that matches your “size profile” is a place where you’ll be happier, work more productively, and stay longer.
Sizable terms1
● Big pharma: household names with a large, multinational workforce
● Small pharma: mid-size companies (fewer than 500 employees) with a leaner operational model
● Biotech/medtech startup: Companies with small teams and (typically) small portfolios
Going big Many people feel a sense of pride at being attached to a large, well-respected organization. Statements like “I work at Vertex” or “I run a lab at Biogen” connote stability and competence, irrespective of your specific role. If you value status—and there’s nothing wrong with that—a large, well-respected organization will satisfy this craving.
It’s not just about dazzle, of course. A large pharma or biotech company gives you the greatest protection against changing market conditions—an important consideration if financial stability ranks high on your must-have list. Decades of experience means that processes have been worked out and standardized. Perhaps most important of all, a large employer offers multiple opportunities for vertical or lateral career changes. If you don’t click with one team, there’s every chance you’ll feel more at home in another department. Or country.
Some people thrive under pressure, while others do their best work in a stable environment. If you fall into the second camp, the stability of a larger organization can bring out your most productive and creative side.
And then there’s the water cooler. The Covid-19 pandemic has brought the social side of work into stark relief: some people don’t miss it at all, while others ache for the human contact. If you’re a people person, a larger organization guarantees a baseline of social interactions and may provide more structured opportunities for connecting with co-workers.
Small pond While lacking the status of a big name, a small company nurtures your self-confidence in different ways. Chances are that nobody else in the group has your expertise, so your opinions and suggestions carry more weight. Moving quickly as part of a small team gives you more opportunities to take chances and get recognized for your efforts. In brief, you can be a big fish in a small pond.
Smaller companies also tend to have more fluid boundaries. You’ll likely have more responsibility than outlined in your formal job description—an appealing prospect if you thrive on change. If asked to take on a project that falls outside your area of expertise or comfort zone—perhaps researching new suppliers or designing a patient registry—“that’s not part of my job description” won’t get you off the hook. Additionally, you stand a better chance of convincing a superior to let you run with an original idea and you’ll have less bureaucracy standing in your way when you take action.
On the downside, it is possible to outgrow a small company; the next career rung you seek may simply not exist yet, or the organization may lack the funds or structure to deliver the training you need to get to the next level. Also, some people find a fast-paced environment with an ever-shifting landscape more stressful than inspiring.
Sizing up the benefits Have a look at the table below.1 Don’t worry about what you “should” value—just pay attention to your instinctive reaction to each list. Which list speaks to you more? If you’re equally drawn to both, a mid-sized company may best meet your needs.
A caveat: such tools are a great start, but cannot substitute for an in-depth consultation with an experienced recruiter. As a biotech recruiting agency dealing with employers of all sizes, Sci.bio will be happy to walk you through the finer points as you weigh your next career move.
