How to Choose the Best Job Offer in the Growing Medical Communications Sector
The Covid-19 pandemic has shone a spotlight on the medical and pharmaceutical industries.
While the medical communications sector was growing pre-pandemic, the pandemic has accelerated this growth. With this fast growth, the need for talent has increased quickly too.
Medical communications agencies have many job openings and are looking for the best candidates to fill these positions as soon as possible. If you are one of these candidates, you may have received (or will receive) multiple job offers. If so, how do you effectively compare offers and choose the best fit?
In this blog we will offer tips on comparing job offers in the growing medical communications sector to help you make the right choice.
Overview of the Growing Medical Communications Industry
The medical communications industry has been around a long time and continues to be very healthy with consistent growth. On top of this sustained growth, the Covid-19 pandemic has seen medical communications and the whole medical and pharmaceutical industry brought to the forefront.
The pandemic has accelerated growth and the need for talent in the Medical Communications sector.
Increased Demand for Medical Information
Throughout the pandemic, there has been a high demand for scientific information.
Pharmaceutical companies conducting research and coming up with solutions to reduce the pandemic’s effects have relied on medical communications teams to share their findings. These teams have been tasked with quickly getting this information out to HCP’s and patients.
More Involved Patients
The pandemic has also seen an increase in the percentage of the general population that is interested in medical and health issues. More and more individuals are interested in health news and developments, especially relating to Covid-19.
Individuals are beginning to look more into their healthcare as well. This change requires pharmaceutical companies to put out more patient-centric messaging than ever before.
Changes in Views Towards Medical and Pharmaceutical Companies
Another noticeable trend is a change in views toward medical and especially pharmaceutical companies. Before the pandemic, big pharma was often looked down on by many. These companies were seen as only caring about profits that they acquired through consistently increasing drug prices, among other things.
However, big pharma and related services, like medical communications, are now applauded and in high demand. Pharma companies are credited with being a primary factor in ending the pandemic, which has led to increased respect for science and the pharmaceutical industry.
The Need for Medical Communications Talent
Due to this increased demand for industry news, demand for talent within the medical communications sector is growing dramatically. Companies cannot hire fast enough!
Covid has increased the need for branded and unbranded science, and with that comes an increased need for medical communications services. The need for talent in the industry was already growing but this trend was accelerated by the pandemic.
This increase in growth and the need for talent is not a blip either. These trends are definitely here to stay.
Jobs in the Medical Communications Sector
There are a variety of roles within the medical communications sector. The one that is best for you will depend on your skills and interests. Some common areas include scientific roles and client services roles.
A move into the medical communications field, on the scientific side, will require an advanced degree (PHD, PharmD or MD) the majority of the time. You will also need experience in creating a variety of materials. The amount of experience needed will vary depending on the level and area of medical communications.
On the account side, companies will look for agency or industry experience, and the amount of experience needed can again vary depending on the level of the position.
If you are looking to transition into the medical communications industry, it is an exceptional and exciting time to think about it. However, please be aware of the experience and educational degrees required.
More and more individuals are currently interested in health news and developments.
How to Choose the Best Medical Communications Job Offer
Due to the increased need for talent, if you have applied to medical communications roles and are qualified, you will likely end up with multiple offers.
While this sounds great, you will need to carefully consider each offer and choose the overall best fit for you.
If you are weighing a few offers, what do you need to address to make the right decision? The following are some of the main questions to ask when assessing each medical communications job offer.
1. Is the Company Growing?
When assessing job offers, look at where each company is in its growth cycle. Which is best for you will depend on the type of position you are looking for and what your growth plans are.
Taking an offer from a company that is growing quickly can be exciting. There will likely be a range of tasks to do and more positions to move into as you progress.
However, you risk getting overwhelmed with work. This is especially true if the company is growing at one rate and not hiring at a rate to match. For example, if the workload of the company doubles but they do not increase staff numbers.
If the company is earlier on in the growth cycle and is relatively new in the sector, this brings pros and cons. On the positive side, the team your work in will likely be smaller which makes teamwork and collaboration easier.
A flatter hierarchy will also allow you to take on tasks outside of what you are used to and collaborate more with other departments. There is often also more freedom and flexibility, and less micromanaging in these types of companies. Negatively, these types of companies will probably have fewer resources than those further along in the growth cycle.
On the other hand, a larger company that is further along in the growth cycle may offer less flexibility and opportunities for collaboration with a strict hierarchy in play. However, they will have secure resources and high-level employees you can learn from.
Company Growth Potential
You should look at each company you have an offer from and think about what growth could occur during your time there. What positions could be created that you could move into?
If a company is nearer the end of the growth cycle there may be fewer new positions being created and it is less likely that people in positions you want to move into will leave. This limited room to grow will likely mean you have to move to another company to get a promotion.
When considering offers, think about where each company is in the growth cycle and what potential there is for growth.
2. Do You See a Growth Path for Your Career?
The company may be growing quickly itself, but do you see yourself growing there? And at what pace do you see this growth occurring?
When comparing job offers, it is important to look at what other positions there are in the company that you could move into. This includes current positions and positions that may be created as the company and industry grow.
Try to find out how easy it is to move up in the company too. Are you looking for a place you can grow and stay long-term? If so, then you do not want to be accepting an offer from a company where moving up the ladder is difficult.
3. Do They Work in a Therapeutic That Interests You?
Like with many industries, medical communications covers a range of therapeutics and deliverables. When considering job offers, think about the therapeutic(s) each company is in.
Which are you most interested in? Which do you think will experience the most growth and have the most opportunities going forward?
One company on your list may check most of your boxes. However, if they are not involved in a therapeutic you are interested in, you may get bored quickly and lack job satisfaction. Think about what your priorities are in your next move, and evaluate each offer based on those priorities.
4. Is the Company a Good Cultural Fit?
When looking at any job, you need to consider cultural fit as well as things like salary, benefits and perks, and responsibilities.
Chances are, the basics of the jobs you are offered will be very similar. Therefore, looking at each company's culture is a great way to separate job offers and choose the best fit for you.
5. Is the Salary Offered in Line with Industry Averages?
A common factor to compare when choosing between job offerings is salary. You will want to start by making sure no salary being offered is too low. The offered salary should be at least in line with the industry average for your level of experience.
Along with making sure that the salary is at a level that matches your skills and experience, be wary of salaries that are very high and significantly out of line with averages.
A large jump in salary may seem like a great thing. However, if the salary offered is significantly higher than the industry average, taking this salary may mean that you will have to take a large pay cut when you are looking to make a job change in the future.
Again, a salary increase is natural with a job change but try to target an industry bandwidth and be aware of salaries that are far below or above the standard.
Along with the specifics of the job, think carefully about if it is a good culture fit for you.
6. How Does Geography Play into Salary?
If being offered a remote position, you may want to ask how your location affects salary. Some companies are now considering changing each employee’s salary based on where they are located when working remotely.
Other Tips for Choosing the Best Medical Communications Job Offer
Along with asking the above questions, keep the following in mind when deciding how to move forward after receiving multiple job offers.
Use a Trusted Source as a Sounding Board
When deciding between job offers, it can be a good idea to discuss with an acquaintance or other contact. Ideally, this will be someone with experience in the industry.
For example, you could discuss your options with an industry colleague who may know more about the companies offering you a position.
They may also have experience working in similar companies. Therefore, they will be able to give some pros and cons of accepting each offer that you would not have thought of.
Negotiating a Counter-Offer with Your Current Employer
Along with accepting one of the offers you have, you could use these offers to get more from your current job. Whether that be a promotion, more responsibilities or flexibility, or just a salary increase. Do be careful if doing this though!
If there is something you want from your current employer always ask for it without the threat of leaving. If they will not agree, that is the time to launch a job search.
However, if your employer does not want to give what you asked for upfront and you can get that somewhere else, it is best to take the new job offer where you are appreciated for your worth.
In Conclusion
Medical communications is an interesting and fast-growing sector. Due to this growth and the resulting need for new talent, the chance of getting multiple job offers is likely for qualified candidates.
Hopefully, by asking the above questions, you will be able to determine which offer is best for you and your career goals. Ultimately, determine which offer is best for your short and long term career goals and above all, be prepared!
Do you need some help comparing and negotiating medical communications job offers? Or are you looking for some help starting your search for a new job in the sector? Lynne Palmer can help! We have years of experience recruiting for this industry and can help in finding the perfect MedComms company for you. Get in touch to learn more about how we can help you grow your medical communications career.