Biotechnology is a diverse and rapidly evolving field that offers numerous career opportunities, with many in-demand jobs currently in the field. You may be interested in a career in biotechnology, but first you may be wondering what the pros and cons of working in this industry are. After all, this may influence your final decision on whether or not to follow this particular career path.
In this article, we list the main pros and cons of a career in biotechnology to help you decide if this industry is right for you.
Benefits of choosing a career in biotechnology
Meaningful impact
Not surprisingly, biotechnology is at the forefront of scientific innovation, which means professionals working in the industry have the opportunity to make a major contribution to society as they often work on cutting-edge research and development, ultimately contributing to advances not only in healthcare, but also in areas such as agriculture and sustainability.
“Many people find working in biotech rewarding because it directly impacts people’s health and quality of life, while also helping to address global challenges like disease outbreaks and climate change,” said Stella Vnuk, founder of Oral Bio Life, who began her career at Merck and is now focused on building biotech startups.
Amy Reichert, chief innovation officer at PurMinds Neuropharma, also noted that biotech companies often operate on a global scale, which means they need to collaborate with researchers, medical experts and organizations around the world: “This creates opportunities for our experts to work on international projects and contribute to solving global health problems.”
Ultimately, whether you work in a lab, an office, or a sales position in biotech, you will play a role in helping people live healthier, happier lives.
Competitive salary
Salary is always an important factor when choosing a career path, and fortunately, biotechnology companies typically offer high wages that reflect the specialized skills and knowledge needed to work in the industry.
“Careers in biotech typically offer competitive salaries and benefits, especially for those with a PhD. Starting salaries in biotech are often higher than those for postdoctoral positions,” says Reichert. “Furthermore, biotech companies understand that they need to not only attract top talent, but also retain talented employees. Typically, they achieve this through the granting of stock or shares in the company, fostering a sense of ownership among employees. They also offer generous bonus schemes (often 12%-30% of annual salary) to reward staff for their hard work, dedication and skill.”
Jared Auclair, director of Northeastern University’s Biotechnology and Bioinformatics Program, commented in a blog on the university’s website that “the average starting salary for our students with a master’s degree is [between] $75,000 to $85,000 a year… I expect it will go up a bit, but overall it’s a pretty good amount for a first job.”
Career Opportunities
For many people, a priority when choosing a career path is having the opportunity to advance within their field. Luckily, the biotechnology industry offers plenty of opportunities for career advancement.
“The biotech industry is expanding rapidly, offering ample opportunities for career advancement and the ability to apply your skills in many different types of companies, including CNS. [central nervous system] in oncology,” Reichert said.
Additionally, with the right education and experience, many companies offer leadership development programs that can prepare you for promotion to management or executive roles.
Collaborative Environment
Vnook says another benefit of the biotech industry is the many opportunities to work as part of a team: “Biotech often fosters a collaborative culture, with multidisciplinary teams working together to solve problems, creating a dynamic, supportive workplace.”
Plus, the field is filled with smart, motivated people, so every day at work is not only intellectually fulfilling, but also a great opportunity to meet new, like-minded people.
So if you’re passionate about working with others to solve complex problems, a career in biotechnology might be right for you purely for that reason.
Disadvantages of choosing a career in biotechnology
Regulatory Hurdles
Biotechnology products often require approval from regulatory agencies such as the U.S. Food and Drug Administration (FDA), and complying with these regulations can be extremely challenging and often requires significant resources and expertise.
Vnook explained: “Biotech products and innovations are subject to rigorous regulatory approval processes that are lengthy, costly and fraught with uncertainty, delaying time to market and increasing the risk of failure.”
Additionally, the regulatory environment is constantly changing, requiring you and your organization to devote time and effort to staying up to date with the latest regulations and requirements.
Risk of failure
Speaking of the risk of failure, that’s another downside to working in the field: “Biotech research and development involves a high level of uncertainty, and many projects never make it to commercialization despite investing significant time and resources,” Vnuk said.
Reichert agreed that project failure rates are often high, especially in drug discovery and clinical trials, adding, “It can be disappointing to invest significant time and resources into a project that ultimately fails, and being ‘fired’ from your role can be emotionally tough.”
Financial instability
Although a career in biotechnology can offer a competitive salary, financial instability can be a major concern when considering whether to enter the industry. This issue has become extremely salient recently, as the economic downturn of the past few years has led to multiple layoffs, budget cuts, and even bankruptcies.
“Biotech start-ups and SMEs often face financial challenges, including limited funding, cash flow issues and reliance on outside investors, which can lead to job instability and uncertainty,” Vnook said.
Biotech work also relies heavily on technology, which is constantly expanding, meaning that you or your company may become obsolete. For example, artificial intelligence (AI) is being widely adopted by many companies in the industry. Gideon Ho, co-founder and CEO of HistoIndex, told Labiotech in a previous interview that those who use AI will “definitely” replace those who don’t. “It’s the natural evolution of things. If you have a new tool and you don’t use it, you’re basically making yourself obsolete. If it’s a good tool, you need to use it and embrace it to remain relevant to the industry.”
High competition
Another potential drawback to pursuing a career in biotechnology is that it can be very difficult to break into the field at first, as it is highly competitive.
Vnook explained: “The biotech industry is highly competitive, with many companies competing for funding, talent and market share, requiring them to innovate quickly and differentiate themselves from their competitors.”
However, this is true for many skilled professions and as long as you have the right qualifications and experience, and know how to hone your CV and interview skills, there’s no reason why you shouldn’t have a chance of securing a job in your field.
Is a career in biotechnology right for you?
If you’re still not sure if a career in biotech is right for you after considering the pros and cons, Labiotech asked Reichelt and Vnook to offer some more advice on the subject.
According to Reichert, jobs in biotech are well suited to people who are passionate about both science and the application of science to real-world problems. She said: “People who will be successful in these roles will be very rigorous, curious and analytical. Teamwork is also very important, so ‘soft’ skills like the ability to communicate complex information clearly and interpersonal skills are also essential.”
Vnuk agrees that passion is essential in determining if a career in biotech is right for you. “Maintain your passion for the field and your sense of purpose to contribute to meaningful advancements and innovations that benefit patients,” she says. “I’ve had to learn how to embrace challenges as opportunities for growth and remain flexible to learn new things and adapt to change. As with any industry, you need to be open to tackling new problems, exploring uncharted territory, and pushing the boundaries of your knowledge and skills.”
“I am passionate about the evolution of healthcare, and many times, when I need to be patient and persistent, I have reminded myself of the important impact biotechnology will have on human health, the environment and the people waiting for these new treatments.”
