According to the latest data from The Association of Professional Staffing Companies (APSCo), pharmaceutical sales professional is the fastest growing job role post referendum.
While overall job vacancies dipped by 1% between March and August 2016 compared to January and June, demand for professional and managerial sales professionals within pharma soared by 52% over the same period. This suggests that home-grown multinationals, such as GlaxoSmithKline and AstraZeneca, are taking steps to protect profits following the depreciation of the pound by capitalising on the subsequent increased demand from overseas buyers. The data is based on job vacancies advertised on employer web sites in England and Wales.
Reflecting on the data, Ann Swain, Chief Executive at APSCo, commented;
“In the run up to the referendum it was widely assumed that the pharmaceutical sector would suffer disproportionally if the UK left the EU due to not only cuts in EU funding but also potential barriers to overseas trade.”
“This data suggests that UK based pharma and life sciences firms are safeguarding against Brexit-associated risks by bolstering their business development teams. While profit margins per unit will have been hit as the pound cascaded against the dollar, firms are recognising that current conditions are opportune for increasing the volume of overseas deals. UK business is adaptable and innovative and UK pharma looks to be riding the waves through targeted recruitment initiatives.”