Every consulting job focuses on transforming their client business models to reap visible benefits. From identifying the core challenges to optimizing the available opportunities, consulting is a 360-degree profession focusing on every aspect of any business to bring sustainable change.
However, when it comes to life science consultants, it needs exceptional dedication to serve. The job profile brings in hectic work schedules, intense working hours, lots of travel but it also rewards in the form of high salaries and dignified job titles.
If you are looking for a thrilling career in life science consulting, this article is for you!
What is life science consulting?
Life Science consulting services revolve around providing services in reimbursement systems, governmental regulations, and market dynamics related to the healthcare field such as biotechnological products, medical devices, pharmaceuticals, etc.
The scope of these services includes:
- Guiding their clients through various diligence processes such as the potential acquisition of a company or certain assets with an emphasis on informed decision making. It involves investigating such specific businesses with certain standards before signing any contract
- Developing detailed strategic plans about the internal restructuring of the client’s business with the reallocation of resources. It includes the identification of divisions that need dis-investments and the divisions requiring higher resource employment
- Identifying the key competencies of the client’s business by recognizing the areas, which can be cost-efficient with outsourcing
- Undertaking in-depth marketing analysis to ensure optimization with their procurement process
- Suggesting all the avenues and aspects leading to the growth of their client’s business
How to get into life science consulting?
Anyone having a background in Science such as biomedical sciences, bioengineering, nutrition, epidemiology, toxicology can seek a career in life science consulting. As the role of a life science consultant is diverse, companies nowadays hire people with an educational background in business and management, and law.
However, people with academic knowledge in science-related fields are more acquainted with the complex logic of biological and technological processes.
Here are some of the recommended qualifications for people aspiring as life science consultants:
- Bachelor’s degree in Science (relevant consultancy field).
- Having sound knowledge about commercial operating models.
- Relevant experience in marketing enablement or supporting sales.
- Relevant experience in Pharma focusing on commercial operations – field sales, patient engagement, etc.
The analytical prerequisite for becoming a life science consultant is almost similar to being a consultant in any field. You must possess a strong academic background with excellent interpersonal skills. The relevant professional benchmarks pave your way to success
What do life science consultants do?
The major role of any life science consultant is to advise on the wide range of issues that indirectly or directly impact the lives of millions. A consultant is responsible for bringing in fresh objectivity, specific expertise, and a new perspective to the given issue to understand its various dimensions.
Here are some of the skills required by an expert life science consultant to make a brilliant breakthrough:
- Networking abilities.
- Quantitative and analytical reasoning.
- Ability to multitask.
- Project management.
- Excellent interpersonal communication skills.
- Researching skills.
How much does a life science consultant make?
The average annual pay for life science consultants is estimated at $90,000 per year. Like other consulting careers, it is a prospering career if you have a knack for your subject and good analytical skills.
However, as a consultant in any other field fetches you an average salary of USD$60,000 per year, becoming a life science consultant fetches you 1.5 times this salary.
Referring to biotech consultants, it has been estimated that the top biotech consultant can make as high as USD$170,000 per year with nearly 30% earning over USD$113,000 per year.
Is life science a good career?
With endless opportunities, life science is one of the prospering career options that bring you self-esteem, high job satisfaction, and tangible outputs. If you dream to make a difference in the life of millions with breakthrough technology in healthcare, this is an ideal opportunity for you.
Clinical associates, biochemists, bioinformaticians, computational biologists, industrial pharmacists, and biomedical scientists are some of the promising careers under life science that you can opt for.
And if you have an interest in a specific field with a relevant educational background as well as professional experience, a life science consultant is a promising opportunity worth exploring.
What are the advantages of Life Science consulting as a career?
As being a life science consultant, you advise on a varied range of issues that directly or indirectly impact people’s lives. As you are working for an industry that is striving to improve the quality of life of the people around the state, country, nation, and even world, your role as a life science consultant is significant.
Here are some of the rewarding aspects of adopting Life Science as a career:
The work of life science consultants not only impacts their clients but also has a larger impact on the people around them. As Biopharma companies are working in a strict legislative environment, striving for corporate objectives such as minimizing investments and maximizing profits is a tough nut to crack.
However, the passion and devotion of the people working on the innovations with the virtue of improving lifestyles are emotion-driven. Working with the people who ‘care for’ is rewarding itself
Life science consultants make a huge impact by making valuable decisions if certain product development shall be pursued or not. Further, research is conducted about making the product unique in terms of already available products.
As resources available are always limited, linking innovation with investment in a meaningful way is significant. Major emphasis is laid on optimization revenue from an existing line of products to reinvest for future innovations.
As a life science consultant, you derive excellent job satisfaction in terms of your salary, job designation, and most importantly the impact you create on people’s life.
Working on the diseases which are taking a toll on hundreds of lives and working on ways to bring preventive therapies is motivating. The output of your work at healthcare is highly tangible.