ABOUT THIS EPISODE
Every physician has felt it before: You have a bad day or work is stressing you out, and you start imagining what life would be like if you were doing something else. Most of us shake it off after a good night's sleep, but what do you do if that feeling doesn't go away? You don't necessarily want to leave medicine with all the time you have invested in your education and training. And changing careers doesn't feel simple.
Fortunately, the pharmaceutical and biotech industries offer opportunities for you to use your clinical knowledge in a different kind of role. Dr. Nerissa Kreher, MD, MBA, advises physicians on how to make the shift from the grind of seeing patients and doing procedures to working in pharma or biotech.
Three different roles comprise the options for physicians looking to land biotech or pharma careers: medical affairs, clinical development, and drug safety or pharmacovigilance. Each role lends itself to different types of practitioners.
On this episode of the Prosperous Doc®, our host Shane Tenny, CFP® welcomes Dr. Kreher to discuss how she made the move from the patient room to research. For her, it all started with a pharma rep asking for her resume to pass back to their company. But she thinks there are plenty of other ways to break in.
“I’m a big fan of LinkedIn,” she says. “LinkedIn is a great place to not only network — which is critically important to making this transition [to clinical research] — but also to job search.”
Compensation for physicians transitioning to the pharma/biotech field starts in the mid-to-upper $200K range, with bonus opportunities and the potential for equity and options. But perhaps the greatest compensation of all for a tired physician? No call.
The number of hours physicians spend working on call or during weekends factors into their hourly rate, Dr. Kreher explains. “That’s something that they should translate as well, as compared to just thinking about that annual salary piece.
💡 Featured Guest 💡Name: Dr. Nerissa Kreher, MD, MBA
What she does: Dr. Kreher is the Chief Medical Officer (CMO) of a biotech company and a pediatric endocrinologist. Her move into the pharmaceutical industry occurred early in her career, and she has now accumulated more than 15 years of experience working in biotech and pharma.
Company: The Pharma IndustryMDCoach
Words of wisdom: “There’s a myth that there’s no stress in the pharma and biotech industry. The stress is still there, but it’s different stress.”
💰 On the Money 💰Top takeaways from this episode
- Physicians have three roles to choose from. Medical affairs involves presenting research findings to the public and with peers at conferences. Clinical development involves designing and executing clinical protocols and determining efficacy metrics. Finally, pharmacovigilance involves interpreting data related to drug safety.
- The schedule is more flexible. While working in pharma/biotech isn’t always an even 40 hours, there is no call. You might still expect occasional nights and weekends when meeting a deadline, but it’s much more flexible than a typical practicing physician position.
- Your skills will transfer. Even without a deep background in clinical research, the skills you bring to patient visits are the same ones you need in research. Dr. Kreher highlights leadership, humility, and communicating medical concepts in lay terms as the skills you’ll need to succeed.
- There’s money to be made in pharm/biotech. Procedural-based physicians may not see as much of a pay bump as non-procedural-based physicians. However, the compensation for pharma careers tends to start in the mid-to-high $200K range. There’s also an impressive bonus structure with opportunities to increase by 20% to 25%.
⚡ Prosperous Insights ⚡
[05:01] Scientific vs clinical research: Dr. Kreher draws the distinction between scientific research, which occurs in the lab, and clinical research, which occurs with actual human patients.
[08:51] Three different flavors: Typically, there are three roles that are common for physicians to move into when they transition from practice to pharma and biotech: medical affairs, clinical development, and drug safety. Dr. Kreher details the differences between the types.
[14:16] Fact vs fiction: Dr. Kreher’s coaching work dispels myths about how to work in the pharmaceutical industry. Physicians do not necessarily need a strong research background to land a position in biotech or pharma.
[15:12] It’s different stress: While a physician working in the pharmaceutical/biotech space might not be dealing with the grind of patient visits and EMR maintenance, they often have to adjust to communicating with professionals of different backgrounds than medical.
[18:53] All specialties have a place: Dr. Kreher believes that any physician specialty can find a home in pharma and biotech. It might seem that family or internal medicine wouldn’t have a place in research, but those clinicians are good fits for drug safety roles.
[21:30] Skills to display: The skills that are helpful in the pharma and biotech industry are the same as what you bring to any clinical position: leadership, humility, and the ability to translate complex concepts into lay terms.
[22:31] Compensation considerations: Non-procedural physicians will experience a greater increase in compensation, with base salaries in the mid-to-upper $200K range. There are also bonuses of 20% to 25%, plus equity options.
[23:22] What is ‘no call’ worth to you?: Physicians working in biotech and pharma careers don’t have to deal with call, and that has an opportunity cost. Even if the compensation is lower than what you might get as a procedural physician, not being on call is a major lifestyle bonus.
[24:55] Not ready to jump? Dabble: If you want a taste of what working in biotech and pharma is like, companies are often looking for clinicians to consult. This is particularly true for those who have established themselves as thought leaders in the field, something you can do with an active LinkedIn account.
💵 Financial Wellness Tip 💵Have you found that your income is near its peak potential, yet you’re still not sure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don’t have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
- Check out our Free Budgeting Guide for mid-career doctors!
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at shane@prosperousdoc.com or on Twitter.
Compliance code: CRN202608-4945833
