divest their nonpharma concerns in favor of the leaner and more profitable drug

Divest their nonpharma concerns in favor of the

This preview shows page 16 - 17 out of 132 pages.

divest their nonpharma concerns in favor of the leaner and more profitable drug business. Bristol-Myers Squibb, for instance, sold Clairol, the number-one hair products company in the U.S., to Procter & Gamble in 2001. Biotech Despite the success of such biotech giants as Amgen and Genentech, a majority of biotech shops are still small enough for everyone to know everyone else’s name. But a growing number of companies are joining the elite group of biotech companies that have FDA-approved drugs on the market. Once a biotech company has reached the stage at which it has a product coming to market, its jobs expand from the primarily science-focused to include marketing, manufacturing, engineering, and sales. Culturally, biotech companies tend to have growing pains as they move from R&D to commercialization, but their organizations are likely to remain much leaner and flatter than those in Big Pharma. Although there are nearly 1,500 biotech companies in the U.S. (more than 300 of them publicly traded), with some 200,000 total employees, the biotech industry is significantly smaller than the pharma industry. Still, biotech is vibrant. According to Ernst & Young’s 21st annual report on the biotech sector, revenue for publicly traded companies in this sector increased to more than $70 billion worldwide in 2006, up more than $7 billion over the previous year’s total. Net income losses for publicly traded companies fell 37 percent in Europe and 44 percent in Canada. Net losses at publicly traded U.S. biotech companies likely would have fallen if not for one-time transactional charges in a record year of deal-making involving in the industry. Deal values soared, with alliances involving U.S. biotech companies increasing to a record $23 billion. Biotech companies tend to be located in geographical clusters, often near prominent research universities. The largest concentration of biotech companies is in California (mainly in and around the San Francisco Bay Area and San Diego), followed closely by Massachusetts. You’ll also find pockets in such far-flung regions as Washington, D.C.; Raleigh- Durham, North Carolina; and Boulder, Colorado. And biotech is increasingly international, with more companies opening in Europe and Asia. KEY JOBS FOR MBA S A note about salaries: At large pharmaceutical companies, people in management positions earn significant bonuses in cash and stock options. At many biotech companies, all employees receive stock options, which, if the company does well, can be lucrative. These bonuses are not reflected in the salary ranges below. Marketing Analyst/Associate Product Manager Job seekers without a background in science can find work on the marketing side in Big Pharma and large biotech companies. Marketing analysts are primarily responsible for coordinating and implementing campaigns for specific drugs, audiences, or both.
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