After a pandemic-fueled period of historic growth, the life science industry has found itself in a slump. Pharmaceutical commercial analytics 2023 hiring started the year slowly. Pharmaceutical companies weren’t sure if a recession was going to affect their industry the same as it did consumer industries. The impact on pricing due to the Inflation Reduction Act was also part of the slow hiring equation. Candidates were cautious in conducting a job search for fear that their new role may become a victim of last in, first out if there was a reorganization.
Yet, 86% of respondents to a CRB Group Horizons Report said they see a positive business growth outlook over the next three years. There is a belief in the industry that growth will come from the emergence of AI-driven tools capable of machine learning and predictive analysis. Investments in AI will be dominated in the areas of drug discovery and R&D, quality/regulatory and clinical manufacturing. By mid-year pharmaceutical commercial analytics 2023 saw candidate’s start to seriously look for new positions and opportunities start to open up.
Pharmaceutical Commercial Analytics 2023 Salaries
Senior Analyst, $100,000 – $110,000
Open positions for senior analysts were predominantly filled by consultants converting to permanent employment.
Manager, $110,000 – $155,000
Senior Manager, $140,000 – $175,000
Associate Director, $160,000 – $180,000
Most of the openings in pharmaceutical commercial analytics 2023 were in these mid-levels. In 2021 and late 2022 these roles were filled by consultants as companies postponed hiring due to the pandemic and expected recession. As the outlook started to look better at the end of 2023 companies wanted to fill these positions with full-time employees with industry experience.
Director, $190,000 – $225,000
Sr. Director, $215,000 – $260,000
Openings in 2023 for these positions were scarce. Leaders were sitting tight until the threat of a recession was resolved. When opportunities to move to this level did become available, it was a very competitive interview process.
High Demand Openings in 2023
This is the most consistent recruiting area for pharmaceutical commercial analytics 2023. All of the mid-level positions, Manager, Senior Manager and Associate Director, were in demand at the end of 2023. A forecaster’s understanding of the industry and hands-on analytic skills prove to be crucial and very marketable when tied to a specific therapeutic area. Working in forecasting provides an opportunity to be exposed to many areas of the company. This allows forecasters to move internally into a variety of analytical positions as their career develops.
Commercial Data Analytics/Data Scientist
Marketing mix, omnichannel analytics and predictive analytics experience are essential skills to be in demand for these positions. Hands-on skills with Python or R are highly desired and worth taking some time to expand your expertise in this area when possible.
Vendor/Consulting – Why?
The work-from-home flexibility created during the pandemic raised the interest in these types of positions. Instead of these positions being second choice to in-house big pharma or biotech company jobs, full-time positions in this area are in far greater demand.
Steve Sapetal, Principal at KPMG, says, “There’s just no way for life sciences companies to fully leverage technology to drive innovation if they’re not staying current on data management and data analytics.”