Financial Careers in the Life Sciences Industry

Financial Careers in the Life Sciences Industry

According to a recent report by Deloitte, the life sciences industry is worth over $2.8 trillion and continues to grow year-on-year. It’s a diverse and evolving sector that makes a critical contribution to the health and wellbeing of many people worldwide, but it’s not just about developing drugs and devices. Here we examine the financial career options available within the sector and see what an important role life science financiers play. 

Importance of Finance in the Life Sciences Industry

Alongside revolutionary technological developments in the life sciences industry, how the sector gets its funding is also undergoing significant change. Previously, growth was only available through mergers and acquisitions or traditional sources of finance. However, many life science organizations now look elsewhere for funding such as Public-Private Partnerships and Impact Investment. Life science recruiters are pivotal in identifying talent that can navigate these complex financing avenues.

Different Financial Careers within the Life Sciences Industry

While many people will be aware of the traditional research-based roles available within the life sciences industry, fewer know about the vital role that financial careers play. Just like non-science based organisations, life sciences specialists rely on the support of a flourishing and dependable business around them in order to achieve innovation and growth. Finance is just one such department, but even within that specialism there are wider opportunities. 

Financial Analysts in Biotechnology

Financial analysts are responsible for data gathering and organizing information to prepare forecasts and projections. They recommend investment opportunities, examine mergers and acquisitions prospects, evaluate financial markets and make forecasts based on modelling techniques, to assess risk. 

Finance Manager roles in Pharmaceutical companies

A finance manager oversees budgets, which can run into many millions of Euros, leads and manages projects, gathers information, monitors progress and identifies areas of potential risk, collaborates with stakeholders to ensure that project goals align with business objectives, and manages and leads a finance team. 

CFOs in Healthcare Technology and Medical Device Manufacturing

Chief Financial Officers (CFOs) are among the most senior members of a healthcare technology or medical device manufacturing board. They manage the financial actions that a company takes, track cash flow and plan financially to that they can analyze the company’s strengths and weaknesses. They’re also responsible for the management of the accounting and finance departments and take the lead on preparing financial reports to the highest of financial standards. 

Venture Capitalists in Life Sciences startups

According to Goldman Sachs, life sciences is now the largest healthcare industry sector and is expanding rapidly. Life science startups need investment to bring these essential developments to market. Venture capitalists enable new drugs, diagnostics, medical devices, tools and treatments to be developed as well as providing the startups with advice and information about how to bring the product to market.

Skills Required for a Financial Career in Life Sciences

In the Life Sciences Skills Report 2022-2030 by the Oxford-Cambridge Arc Universities Group, the Open University, and Whitecap Consulting the demand for finance specialists within the life sciences sector is set to rise by 66% by 2030, demonstrating its importance. As well as the customary skills required for a career in finance the life sciences sector also needs people who display a thorough understanding of the market, the prevailing world economic situation, political nuances, the expectations of patients, and the increasing importance of sustainability within the industry. 

How do Financial Professionals Contribute to Biotechnology Problem-Solving?

Financial professionals play a vital role in the present and future development of biotechnology problem-solving through their expertise in accounting as well as commercial development. This includes distribution, commercial contracts and inventory costs, and financial planning and reporting. It’s their role to support the entire function of the organisation, and to ease the problems scientists may encounter. 

The Role of Finance in Healthcare Technology and Medical Device Manufacturing

There is a huge variety of healthcare technologies and medical devices manufactured in Europe alone, supporting people to live longer and healthier lives. Without investment in R&D as well as innovative technologies to improve people’s quality of life many more people would suffer. Finance plays a vital role in this, bringing in funds for new developments and continued innovation.

Job Opportunities and Career Growth in Finance with in Life Sciences

Because of the rapid growth of the sector, and the amount of technological innovation that’s taking place, life sciences is going from strength to strength. To support that growth new talent is required throughout the industry, but especially within finance which is at the heart of every organization. 

In Conclusion

If you’re a recent financial graduate or you already have experience working within the financial industry and are looking to put your skills and expertise to use within a thriving and dynamic sector, a role within life sciences’ financial careers could be the challenge you’re looking for. Panda-int has a wide variety of exciting roles and specializes in connecting world-leading talent to world-changing organizations in the life science industry. For more information call us on +31 (0)20 2044 502, email us at or fill in the contact form here