The Pharmaceutical Industry: SOLID AND EXPANDING

By Bruce, Calvin E. | Diversity Employers, October 1998 | Go to article overview

The Pharmaceutical Industry: SOLID AND EXPANDING


Bruce, Calvin E., Diversity Employers


The Impact of the Industry

The pharmaceutical industry is a mainstay of the American economy, showing signs of unabated growth among all its sectors as we move into the twenty-first century. "By the year 2000, the value of the pharmaceutical marketplace is expected to exceed $379 billion," mentions Sharon Shelton, senior human resources associate with Eli Lilly & Company in Atlanta. "The industry is experiencing dramatic global growth that is creating opportunities to save and improve people's lives around the world."

Shelton attributes this explosive growth to "a new era in marketing, where past practices are no longer adequate." She explains the industry impact in this way: "In the past, pharmaceutical companies viewed 'the customer'--from a marketing standpoint--solely as the physician. However, today, increased advertising initiatives, managed care influence, and national attention to increasing health care costs are causing the consumer to be more educated and interested in their health care. This is causing an expansion in the industry's customer base. Our customers now include physicians, as well as patients, insurance companies, the government, buying groups, etc."

A similar perspective is provided by Dan Guaglianone, director of Corporate College Relations with Abbott Laboratories. He comments "the pharmaceutical industry is strong and vibrant. Health care products and services continue to be in high demand in most parts of the world as people live longer, emerging economies gain more resources, and medical technology and diagnostic equipment allow earlier detection and treatment of health problems. By working in this industry, you can use your individual talents and experience to help contribute to society and the quality of people's lives, which is extremely satisfying."

The impact of the industry can be viewed another way. Jeffrey Trewhitt, spokesman for the Pharmaceutical Research and Manufacturers of America, remarks, "It would be foolish not to consider job opportunities in the research-based pharmaceutical and biotechnology industries, considering there are literally hundreds of small to large companies researching and developing new medicines in this country." These companies are located across the country. However, they are concentrated in and around Cambridge, Ma.; the Philadelphia--New York--New Jersey corridor; San Diego; the San Francisco Bay area; in and around Seattle; Research Triangle Park, NC; and the Chicago and Los Angeles areas.

"Pharmaceutical and biotechnology firms employ several hundred thousand professionals in the United States, Trewhitt states. "Employment possibilities range from sales representatives to government lobbyists to staff lawyers to economists to administrative executives to public affairs specialists, and to different types of scientists." These views underscore pharmaceuticals as offering the kind of industry stability, geographical representation, and employment options that are attractive to career-minded young professionals who want to make the most of their education. Not only is pharmaceuticals a "hot" industry; the companies that make it up have enviable name recognition as well.

Brand Name Companies Instant name recognition and media attention add an aura of prestige to prominent pharmaceutical manufacturers. Consistently named among the top pharmaceutical firms are these: Abbott Laboratories, Boehringer Ingelheim, Bristol-Meyers, Dupont Pharmaceutical, Eli Lilly and Company, Genentech, Glaxo Wellcome, Hoechst Marion Roussel, Hoffmann-La Roche, Johnson & Johnson, Merck and Company, Parke-Davis, Pfizer, SmithKline Beecham, Squibb, Warner-Lambert, Wyeth-Ayers, Pharmacia & Upjohn, and Searle. Their products are virtual household names. Whenever you buy antibiotics, cardiovascular agents, diabetes products, aspirin, ointments for cuts and bruises, bandages, rubbing alcohol, personal hygiene products, etc. …

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The Pharmaceutical Industry: SOLID AND EXPANDING
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