The three major industries that make up the medical industry are medical devices, pharmaceuticals, biotech, and hospitals and healthcare. Each industry has its own advantages and suits different needs.
For those who are more interested in the chemistry of science and enjoy learning about new diseases or staying up to date with treatment options, med technology research may be a good choice.
The United States was home to five of the top ten most successful pharmaceutical companies in 2014. Five of those ten were European-based. This means that pharma could be a good option if you want your career to expand overseas.
Biotechnology refers to the use of living systems or organisms to create or manufacture products.
Biopharmaceuticals can include vaccines, recombinant protein, blood products that are used therapeutically (such as IVIG), gene therapy, and cell therapy (for example, the upcoming stem cell therapies). There are many other biotech companies that are rising, challenging established pharmaceutical giants.
One-quarter of all new drugs are in clinical trials and awaiting approval by the U.S. Food and Drug Administration. OTC market growth will be driven primarily by an aging population, consumer trend towards self-medication, as well as the conversion of prescription drugs to OTC or non-prescription status.
Pharmaceuticals are a great career choice for those looking for a variety of products and interests. This is a growing industry that offers a wide range of products and services. This industry is open to people with backgrounds in research and development, product finance, product management, clinical engineering, sales, or even financial analysis.
It is a market that can be reached from all parts of the world. Biologics is a promising industry with promising growth and many drugs in clinical trials. Another segment that is growing is Generics, such as the Shire.