Consulting - Pharmaceutical and Health Care

When most people think of the health care industry, most think of doctors, nurses, and sick people. But what many people forget is that health care is a business, just like any other industry. And just like any other business, health care employers, hospitals, insurance companies, and pharmaceutical companies sometimes need a little help with their bottom line.

That’s where health care and pharmaceutical consultants come in. Their job is to advise these health care companies about the newest technologies and cost-saving strategies to help them achieve maximum profits. Health care consultants can work independently or in a consulting firm. There are both large firms with specific health care practices and smaller boutique firms that solely specialize in health care consulting. The top health care consulting firms in 2009, according to Vault's 2009 Consulting Firms Ratings are McKinsey & Company, ZS Associates, The Boston Consulting Group, Bain & Company, and IMS Health. 

Health care consultants should have a bachelor's in business management, economics, or life sciences. Some higher level positions require nursing or M.D. degrees or several years of health care/ biopharmaceutical consulting experience. Average salaries for health care consultants range from the high $60s to mid $70s, while biopharmaceutical consultants can bring in salaries in the $80s.

In light of the economic recession of 2009, the news isn’t all that bad. Health care is still a growth industry as the baby boomers are aging. Also, as affordable health care was a big plank in Pres. Obama’s campaign, you can count on the fact that health care will get a front and center evaluation in the next four years. Health care companies will need consultants more than ever in the years to come to sort out the best ways to transform any changes the new administration makes into workable and profitable strategies for the future.