Tuesday, February 24, 2009

Are Pharma Workers Feeling More Insecure Now?

Pharma staffers, despite working long hours in the wake of the shaky economy are beginning to express insecurity about their careers as a recent survey by the Pharmaceutical Manufacturing magazine found.

The press release reports that of the 400 readers worldwide who participated in the survey, 64% feared job security. While in 2008 this figure was 55.8%, and 42.7% in 2007.

It's a progressive trend that with each passing year the percentage of those expressing insecurity within the pharma drug industry has increased. And that experts think that the dwindling economy isn't the sole reason. In fact, the expression of job insecurity by pharma staffers is a result of dwindling product pipelines, blockbuster drug patent expirations, and the buzz created by the recent culminated & speculated mergers and acquisitions.

Further, pharma companies aren't laying off more now than a few years ago. However, new hiring has certainly taken a hit, and as is the case for most industries, a “wait-and-see attitude” is being adapted by pharma companies too.

Despite the prevailing insecurity, industry employees still find “Improving patients’ lives” as something that motivates and find meaning in their jobs. But they are also turned off by uncertainties about the future, job cuts and the fact that they're maintaining more than they're innovating.

Decreasing salaries too appear to be a concern to the workers from this domain of the
medical industry. Because the numbers reveal that in response to this year's study just 40.2% said they were drawing an annual pay package of $100,000 as against 47.3% in 2008. The biotech industry seems to be doing better, as biotech's turning out profits.

Nevertheless, Keeping up the spirits of the workforce has always been essential for running a company well, and it seem even truer during tough times. Perhaps the responsibility to keep staffers in good spirits lies on the shoulders of both the companies and the employees themselves – perhaps by maintaining a positive outlook, enhancing skills, or whatever works.

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