As competition grows stronger, pricing pressure increases, and regulatory demands grow higher, it is becoming more necessary than ever for pharmaceutical companies to be able to definitively prove the value of their products to their stakeholders. That’s where HEOR – or Health Economics and Outcomes Research – comes in.
With the demand for HEOR professionals looking set to grow steadily, we’re taking a look at what you can expect from this lucrative industry.
What is HEOR?
Health economics and outcomes research takes an indepth look into both the clinical and financial outcomes of new medicines and technology. From researching current market demand to assessing the worth of a particular new product, HEOR workers are invaluable to pharmaceutical companies, who rely on this information to correctly understand and determine the value and potential of their products.
What Qualifications Would I Need?
As you might have guessed, HEOR professionals need to be highly-qualified, often in several multi-disciplinary areas. At the very least, it is recommended you take part in a health economics, public health, or statistics master’s, though most HEOR workers will often have a master’s, PhD, and a professional degree. You should also be able to demonstrate excellent project management and verbal and written communication skills.
As with most industries, the higher your level of qualification and the more skills you can offer, the higher the position you will be able to apply for and the greater the salary.
How Do I Get into the Industry?
Once you have gained the adequate qualifications, applying for a job in HEOR shouldn’t be any different to other industries. However, it is often recommended that you start in a consultancy role, as this will give you the best chance of progression.
What Will I Do on a Daily Basis?
The roles in HEOR are numerous and varied, and where you end up will depend on your unique skill set. If you are an excellent strategist, you might find yourself working as a Director of Health Outcomes, while statisticians and those with good project management skills will do well as Senior Health Economists.
What’s the Salary Like?
As with any job, the level of pay depends on your exact job description, location, and chosen organisation. However, the increased importance of HEOR and a lack of qualified applicants has led to a skills shortage that means many companies are willing to pay well for the right candidates. This means that it’s likely your salary will be highly competitive regardless of which HEOR path you choose.
If you’re interested in a career in Health Economics and Outcomes Research (HEOR), please speak to our specialist Life Sciences recruitment consultants or upload your CV to register.