Large companies such as Pfizer, Johnson & Johnson, Bayer, Hoffmann–La Roche, Novartis, GlaxoSmithKline, Sanofi-Aventis, AstraZeneca, Abbott Laboratories and Merck & Co employ nearly one million people, of which tens of thousands are pharmaceutical / healthcare contractors.
Recent surveys suggest that there are significant changes happening within the Pharmaceutical industry. When over 3,600 healthcare contractors were surveyed it revealed that the number of young doctors and nurses (aged between 18 and 29) working on a contract basis has increased by 90% since 2009.
So why do these healthcare companies choose to take on contract workers rather than full time employees? Well, contractors provide a flexible workforce without the additional expenses of pensions, holiday pay, sick pay or workers rights.
So what are the benefits of becoming a pharmaceutical contractor?
- Better daily pay rates
- Higher take home pay after tax
- Flexible working
- Opportunities to work abroad
- Be judged on ability rather than personality within the working environment
- Develop a diverse range of skills whilst being paid
As you can see there are many advantages to being a freelancer / contractors in the healthcare industry, both financially and personally. Once you have made the decision to contract and sourced your pharmaceutical job, you need to look at whether you want to work under an Umbrella Company or whether you want to look at setting up your own limited company.
Working through an umbrella company is one of the simplest options, letting someone else take away the day-to-day paperwork, tax returns & general burdens. Or you could look to open a Limited Company and be responsible for running your own business? See our comprehensive page on Umbrella Company vs Ltd Company for more details or alternatively give one of our advisors a call on 01206 591 000.
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