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Big Pharma employment dropped by 3 percent in the decade 2003–2013, allaying fears that industry consolidation and restructuring would lead to significantly reduced headcounts and payrolls, a report by EP Vantage reveals.
Big Pharma employment dropped by 3 percent in the decade 2003–2013, allaying fears that industry consolidation and restructuring would lead to significantly reduced headcounts and payrolls, a report by EP Vantage reveals.
The report shows that when it comes to pharmaceutical industry jobs, Big Biotech and specialty drugmakers are growing in significance, more than offsetting the loss of jobs in Big Pharma.
Headcount more than doubled over the last decade at companies with market capitalizations of more than $30 billion, but who are not traditionally considered Big Pharma. Some of those gains were the result of acquisitions - such as Valeant - but groups like Novo Nordisk, Gilead Sciences and Regeneron have seen their staff double, triple, or even quadruple based primarily on organic growth, the report finds.
“Large drug makers like Gilead are now not only out performing big pharma, but are out hiring it,” said Lisa Urquhart, EP Vantage Editor. “With the focus still on cost cutting in big pharma, if you want a long-term career in the industry you might be better off with a smaller player.”
Among the report’s key findings: