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So far, 2018 has been a fruitful year for the life science sector and the future looks promising. According to the report, EvaluatePharma® World Preview 2018, Outlook to 2024, the spending on pharmaceutical R&D is expected to continue to increase. In 2017, the total worldwide spending on pharmaceutical spending was $162 billion and it’s forecast to rise to $202 billion by 2024. However, we will have to be watchful regarding pressure imposed on the life science industry by external factors, such as: pricing challenges, a new geopolitical climate, and new regulatory guidelines. Each company within the sector is striving to adapt to these changes and challenges. Embracing changes and adopting new technologies and policies that will shape the future of the life science industry will be key to any organization’s success. The industry will also have to continue to deal with the threat of decreasing returns on R&D investments and increasing competition from biosimilars and generics. If you are a graduate student in the life science field and you are eager to pursue a career in industry, it is essential to be aware of current trends and upcoming changes in this sector.

Every week we scour the internet to find the best industry transition articles for PhDs, so you don't have to. We have two consultants independently search for the most informative articles on networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and for a top overall article each week. This week's best articles are here.

In the past few years, the global life science and healthcare industry has experienced significant changes brought about by technical breakthroughs such as CRISPR or implementation of artificial intelligence (AI). According to a report by the consulting firm, Deloitte, at the end of 2015 total global health care spending was US$ 7 trillion. This is expected to grow to US$ 8.7 trillion by 2020. Some of the key factors driving this noticeable growth include: increased life expectancy resulting in higher percentage of an aging population, growth in the healthcare market in emerging economies, and the introduction of more advanced medical technologies. This represents opportunities of growth as well as new challenges for major players in the life science sector.

Every week we scour the internet to find the best industry transition articles for PhDs, so you don't have to. We have two consultants independently search for the most informative articles on networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and for a top overall article each week. This week's best articles are here.

Every week we scour the internet to find the best industry transition articles for PhDs, so you don't have to. We have two consultants independently search for the most informative articles on networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and for a top overall article each week. This week's best articles are here.

Business.com reported that 22% of staff turnover occurs within the first 45 days. Just 45 days, and almost a quarter of the employees leave. Additionally, the Harvard Business Review reported that 33% of new hires look for jobs in the first 6 months. Bad onboarding makes people want to leave. But, good onboarding not only encourages employees to stay it actually makes them more productive. The Society for Human Resource Management reported that Strong onboarding processes improve new-hire retention by 82% and productivity by over 70%. Onboarding is incredibly important for finding success at a company. So, you need to be prepared to create a good onboarding experience for yourself, even if the company does not have a formal onboarding process.

Every week we scour the internet to find the best industry transition articles for PhDs, so you don't have to. We have two consultants independently search for the most informative articles on networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and for a top overall article each week. This week's best articles are here.

Your technical skills as a PhD might get you in the door for an interview or a phone screen, but it’s not enough to get you hired. To be the one candidate who gets hired, you must have a solid understanding of business. Business intelligence was on the top 20 list of in-demand skills (LinkedIn). When companies have a pool of talented job candidates, having a solid understanding of business can make you the top candidate. 41% of Chief Human Resources Officers cited business acumen as the most lacking skill when sourcing new talent (Consultancy UK). And, 65% of business leaders said that a lack of business acumen strongly inhibits the execution of company strategies (BTS). Bottom line, businesses need employees who are business savvy. If you develop strong commercial and business acumen, you can be a great asset to a company. Your PhD makes you a highly desirable candidate. And, a solid business understanding will put you right to the top of the list.

Companies want to hire PhDs. Some of the most highly sought after skills are things that PhDs excel at. PhDs are highly competent in a range of important industry-relevant skills, including ability to gather and interpret information, the ability to analyze data, ability to solve problems, ability to learn quickly, creativity/innovative thinking (PLOSone). Having these skills is a major advantage. But, the study wasn’t all positive. It also showed that PhDs are lacking in some of the key skills required to move into industry, especially at the management level. The skills gaps included: the ability to set a vision and goals, ability to work on a team, and ability to manage others, also known as leadership skills (PLOSone). And, in industry, these leadership skills matter. 35% of hiring managers rejected candidates because they lacked the required leadership skills (SHRM). So, how will you prove to the hiring manager that you have what it takes to bring great value to their organization?

Every week we scour the internet to find the best industry transition articles for PhDs, so you don't have to. We have two consultants independently search for the most informative articles on networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and for a top overall article each week. This week's best articles are here.

As an academic PhD, you have probably never even heard of an “earnings call”. But, as you transition into industry, it’s important that you become more well-versed in industry concepts — such as earnings calls, because industry needs employees who have good business acumen. 65% of business leaders said that a lack of business acumen strongly inhibits the execution of company strategies (BTS). If you develop strong commercial and business acumen, you can be a great asset to a company. And, listening to earnings calls is a great strategy to develop and improve your business acumen.

Every week we scour the internet to find the best industry transition articles for PhDs, so you don't have to. We have two consultants independently search for the most informative articles on networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and for a top overall article each week. This week's best articles are here.