The pharmaceutical industry began 2021 with a BANG! Very different from 2019 and 2020. There was excitement in the air—a VACCINE! Many pharma companies and vendors started to ramp up hiring in Q4 2020 in anticipation of filling positions that went dormant during the peak of the pandemic. Here is how I did on my pharmaceutical commercial analytics predictions for 2021 and what I am predicting for 2022..
Salaries in Commercial Analytics
Salaries have started to increase slightly depending on the geographic location of the position. Demand for commercial analytic professionals is also dependent on therapeutic expertise matching available open positions. Candidates who can opportunistically time their desire to change jobs to match position availability they are qualified for will have the most success.
Salaries by title have not changed dramatically from 2020 to 2021. Senior Analyst openings are at $90 – $100K, Managers can seek $110 – $155K, and Associate Directors go for $160 – $175K, with Directors at $175 – $225K and Senior Directors at $215 – $260K. Extra benefits include bonuses and long term incentives.
2021 Commercial Analytics Trends
- Needs Assessment – Pharma and consulting companies were very busy assessing their hiring needs based on current need and anticipated need as business began to open up from the depths of the pandemic.
- In Office, Hybrid or Fully Remote – Many companies were anticipating a Labor Day “back in office” but the Delta Variant put office openings on hold.
- Growth Areas – STILL in the data science, forecasting and brand analytic areas within commercial analytics.
- Big Data Analytics – Pharma and biotech start-ups are making big data analytics a driving force behind their success. Big data is driving decision making for clinical in phase II and phase III as well as in brand and sales teams. Commercial Analytics monitors the data and then recommends what to do from their analysis.
- The Educated Consumer – The pandemic has only increased the focus on educating the consumer/end-user to be more aware of drugs that are in the market place. This means pharma companies are marketing and educating both the end user as well as the HCP.
2021 Commercial Analytics Predictions – How did Eda do?
- Prediction: Scientific innovation will drive the industry. Good commercialization strategy will be key. Result: Clearly, pharma companies jumped right in when Covid hit with developing vaccines and utilizing existing therapies to manage the disease progression. Many new diagnostics have come to market as well.
- Prediction: Increased use of data for integration and prediction.
Result: Absolutely! Continued in-depth use of data is critical for every commercial analytics professional.
- Prediction: Data Science, machine learning and AI supporting marketing, brand and sales is THE growth area for commercial analytics.
Result: Yes! Centers of excellence now must utilize machine learning and AI to be competitive.
- Prediction: Innovation and transformation for patient education critical.
Result: Without a doubt digital analytics and marketing mix are becoming one of the strongest functions within commercial analytics to reach the end user.
2022 Commercial Analytics Predictions
2022 will definitely be a continuation of 2021. Growth in the commercial world will continue and beat out 2021 as the pandemic has become a way of life and resiliency is the essential.
- Ongoing Scientific Innovation – As in 2020 and 2021, the pharmaceutical industry is driven by scientific innovation. Pharma companies will need to be prepared for the commercialization strategy of their products especially since many launches were delayed because of the pandemic.
- Data – Now more than ever data is the name if the game. Data integration and effectively understanding the data will determine the marketing spend and the success of the launch. It will also guide the targeting for existing and prospective patients and HCPs.
- Job Opportunities – Data science, machine learning, and AI will be in the forefront supporting the marketing, brand and sales teams.
- Educated Consumers – Patients are more educated than ever before on their disease, thus innovation and transformation will be more relevant than ever before.
Do you agree with my 2022 predictions? Give me a call to discuss your fit and opportunities in the commercial analytics space. Smith Hanley Associates Commercial Analytics Executive Recruiter, Eda Zullo at firstname.lastname@example.org.