European sector overview: pharmaceuticals and healthcare
Innovation is the lifeblood and the driving force of the pharmaceutical industry.
The spotlight is on the European pharmaceutical industry, which is finding itself at the centre of exciting new scientific developments and opportunities to influence the development and promotion of important medicines in Europe and in the developing world. This is the moment to be involved in this innovative and influential industry. Developing treatments for a range of medical conditions is essential for Europe’s standard of living. In addition, the pharmaceutical industry places great importance on aiding the developing world. The industry dedicates much of its time and money to HIV/AIDS research, for example, and providing medicines to the developing world at zero or almost no cost. While the world’s top ten pharmaceutical companies generate €150 billion annually, the pharmaceutical industry invests heavily in research and development (R&D) as products can be ten years in development before entering the market and each product costs on average €800,000 million. However, these large financial expenditures are investments for both the short-term and long-term future of Europe and the rest of the world.
Sector research and development
Innovation is the lifeblood and the driving force of the pharmaceuticals industry, as well as being key to any improvement in medical care. Multiple innovative research developments over the past couple of years have transformed the industry. Many do not realise that almost all medicines and vaccines that fight disease come from the pharmaceutical industry. For example, genetics is one fascinating area of research. The industry’s ever-increasing understanding of DNA sequences is the focus of new drug trials and advances in technology match this medical progress. The rise of biotechnology and our expanding knowledge of genetics have extended the possibilities of creating new solutions for treating and preventing diseases. Major achievements have been made in the treatment of previously life-threatening infectious diseases and childhood illnesses, some forms of cancer, nervous disorders, stomach ulcers, asthma, hypertension and AIDS, to name but a few. Consequently, people in Europe are living longer with a better quality of life than ever before, to a significant extent because of medicines and medical progress achieved in Europe.
Graduate opportunities
The pharmaceutical industry is more than just lab coats and test tubes. It offers career possibilities in many different sectors, such as patenting to safeguard the rights of your company’s discoveries. Job possibilities range from human resources and IT technicians to sales and marketing, as well as the possibility to interact with the EU, government officials and the media.
There are opportunities to specialise in many of the professions. For example, within HR you can specialise in recruitment or compensation. If you are interested in laboratory work, there are lots of different specialist openings available. The pharmaceuticals industry values your specialised skills that distinguish high-potential graduates from the rest.
Having work experience in your area of interest is very advantageous; therefore, pharmaceutical companies make internships readily available. Academic institutions, research institutes and pharmaceutical companies all recruit ambitious graduates with a scientific or medical background. Companies offer graduate schemes in areas such as synthetic organic chemistry and pharmacology. Some of the other positions may require a PhD and related work experience.
For a graduate interested in pursuing a successful career in one of the most innovative and successful
industries in the European Union, there is no better place than the pharmaceutical industry. It also brings substantial benefit and value for patients, and Europe’s society and economy.
Trends and progress
Undeniably, funding is paramount to Europe’s position in the pharmaceuticals marketplace, along with R&D and producing new medicines. Europe and the United States are current market leaders in manufacturing and R&D. But with Americans now using 55 per cent of the world’s total prescriptions, it is an increasingly profitable market for companies and there are fears that Europe could be sidelined. This is coupled with the ‘brain drain’ issue, as European doctors and scientists are being lured outside of Europe because of better research opportunities and funding. This hurts Europe’s R&D progress and its ability to distribute new medicines. The pharmaceutical industry knows that by making long-term investments in healthcare and research, Europe can prevent ‘brain drain’ and better secure the health of future generations. SMEs (small/medium-sized enterprises) remain a substantial part of Europe’s pharmaceuticals industry. The EC, through partnership with the pharmaceutical industry, encourages innovation by helping SMEs and start-up pharmaceutical businesses prosper.
In the news
- New health challenges facing Europe include rising levels of mental illness, obesity (particularly in children), microbial resistance and the appearance of new epidemics.
- Longer life expectancy in Europe is leading to a greater economic burden in the form of healthcare expenditure and social costs. The European Federation of Pharmaceutical Industries and Associations has stated that addressing this issue should be a priority.
- The European Commission has updated its international healthcare ‘white paper’. The new policies include a strategy to recognise the link between health and economic prosperity. The focus is on an ageing Europe and new health threats.
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