Both the STEM and business industries are ever-evolving and dynamic. Within these fields are various careers that can combine skills from both business practices and innovative scientific discoveries. Careers that integrate the best of the two concentrations fall under the distinction of business and science.
This blog offers insight into what business and science is, how it impacts the greater world of commerce and science, and what sorts of jobs are available to those who pursue a degree in business and science.
What is Business and Science?
Business and science is the intersection of production and innovation. By combining STEM skills such as engineering and mathematical processing with medical procedures and devices, business and science builds a healthier and more technologically advanced future.
All the jobs within this field seek to improve the experiences of everyone along the supply chain, from doctors to patients, professors to payors, and everyone in between. While some jobs may look more like traditional business jobs, and others may look more STEM-centered, the complexity of business and science integrates the two niches together to create more impactful careers.
Without business and science, it would be harder for pharmacists to receive the medications they need to dispense to patients, as breakdowns in the supply chain due to poor planning could affect their inventory. The lack of scientific discovery can also affect businesses, as data analytics and mathematical processes are a crucial part of many organizations and companies. For instance, if a healthcare organization lacks efficient data management, patient records could get lost or mixed up, leading to improper care and harm. Medical device factories need accurate mathematical processes in order to create the correct amount of each product, with the right dimensions and specifications.
Want to know more about Business and Science?
Without business and science, the healthcare and life science industries would cease to function. But what are some of the specific roles one can have in this field?
What are Some Business and Science Jobs?
There are jobs in various industries and concentrations throughout the world of business and science. Here are just a few business science careers:
Competitive Intelligence Analyst
Competitive intelligence analysts help companies and healthcare facilities screen, facilitate, automate, and streamline the data collection process. Through their work, doctors and CEOs receive the data they need faster, and data threats can be addressed quickly. Analysts gather data from clients, organize it, and report back to the client on their findings so that improvements can be implemented over time.
These analysts keep the data flow smooth through various touchpoints, leading to more efficient corporations and healthcare systems.
Competitive intelligence analysts can expect to make around $70,693 a year.
Bioprocessing Scientist
Bioprocessing scientists work with living cells and their parts to produce biofuels and therapeutic products. This profession encompasses broad biological knowledge while emphasizing molecular biology, chemical engineering, and manufacturing.
One of the main goals of bioprocessing science is the development of new, more affordable pharmaceuticals. Scientists in this field also aim to make the processes required to produce pharmaceutical products more efficient. Through their work, healthcare professionals and those working on the logistical side of medicine development have the best tools possible to accomplish their goals.
Bioprocessing scientists can anticipate a salary of around $118,235.
Financial Professional
The title “financial professional” encompasses many roles and career opportunities. People in this industry may work with smaller businesses or large corporations. They help their clients with financial decisions, like capital budgeting, financing, payout policies, and risk management. Financial professionals may also work as intermediaries in financial institutions, facilitating transactions or mergers.
With the rapid growth in the biotechnology industry, there is a great need for skilled financial professionals in the life science and healthcare industries. Individuals in roles that incorporate scientific study need a general understanding of the pillars of STEM and a thorough knowledge of the niche corners of their industry’s inner workings.
Financial professionals can make a range of salaries, anywhere from $88,342-$155,000 depending on their position.
Medical Affairs Professional
Medical affairs professionals help plan medical publications while also assisting with in-house medical information collection. They often work with medical devices, gene therapies, drug information, and other facets of the healthcare industry.
These professionals help take a new treatment from the lab to the patient, guiding it through approval boards and logistic steps along the way. Medical affairs professionals must know about new drugs and how they interact with other medicines on the market. They must effectively communicate this critical information to all parties involved in the production process. The work of medical affairs professionals impacts patients and doctors, as well as other caretakers, medical students, and everyone along the path of medical care.
Medical affairs professionals can make around $186,354 in their roles.
Do You Need a Master’s in Business and Science?
To make the most impact in the business and science industry, you should pursue a master of business and science degree. Investing in this education equips you with the same deep skillsets that a business or master of science degree would, and qualifies you for positions that need more expertise than only an MBA can provide. Having a more advanced degree can also secure you a higher-paying job, job security, and the opportunity for promotions.
Making money is not at the heart of business and science, however. The main goal is to improve medical care and scientific advancements for everyone by implementing best business practices to establish and develop scientific methods.
Keck Graduate Institute: Master of Business and Science
At Keck Graduate Institute (KGI), we offer a dynamic Master of Business and Science (MBS). Our degree will hone your life science skills and help to develop your business know-how, leading to you becoming an influential member of both the corporate and STEM worlds.
Our courses empower students to develop depth in an area that closely aligns with a specific industry career path. You’ll be taught by dedicated and knowledgeable faculty and graduate with unmatched industry connections and the prestige that only comes from a degree from Keck Graduate Institute.
In addition to comprehensive courses, all MBS students participate in a paid summer internship and a year-long industry capstone project, giving them real-world business experiences and impactful connections with industry leaders.
Read more about what you can do with a Master of Business and Science from Keck Graduate Institute in our MBS Guide: Impact Biotechnology and Bioscience: KGI’s Business and Science Degree
You can also request more information from us directly or explore our blog for more on the developing field of business and science.
