The great resignation has not affected pharma because the jobs within the industry pay very well and most positions and employees like the benefit of having a steady job with good money. However, some pharma companies are having problems filling open positions, and when they do, they often find it wasn’t a good fit. Here are some things to consider to ensure you’re hiring good people.
Category Archive: Working in the industry
At first, the opportunity to join a small biotech startup sounds excellent. Smaller staff usually means less bureaucracy and being on the ground floor of a potentially financially rewarding career. But there are risks.
According to a STAT analysis of hundreds of financial filings, the CEOs of approximately 300 health care companies collectively took home more than $4.5 billion in 2021. Regeneron Pharmaceuticals CEO Leonard Schleifer represented 10% of that total on his own, pulling in an astounding $453 million. Sometimes there are no words.
To address the “retention” problem, pharma companies are paying employees exorbitant salaries. The problem with that system is that people do whatever they need to to “hold onto” their high-paying jobs and become employees who are content not to excel. This is NOT what pharma needs.
I’ve been working with various pharma and biotech companies with my consulting group for over ten years. Some things have changed, but a lot has not. Here’s what I have learned during that time.
Before most drugs are launched, much time and effort are spent developing marketing plans and getting approval. However, given the rapid changes in the market and the realization that too many tactics are more hype than reality, fixed marketing plans are a waste of time.
I’ve seen some new energy and thinking taking root in some big pharma companies. Still, I’m also seeing some recycled executives show up at other companies when they should have been removed permanently from the industry.
The pharma industry’s reputation continues to slip from a pandemic halo-high of 62% in February 2021 to now when fewer than half, just 47%, of people have a favorable view of the industry, according to the Harris Poll’s latest survey. (Source: Endpoints News) Does anyone believe that pharma cares?