The numbers are sobering for an industry used to strong growth. So far, more than 53,000 pharmaceutical jobs have been eliminated in 2009, according to Challenger, Gray and Christmas, an outplacement firm. Pfizer has said it will cut 19,000 jobs due to its merger with Wyeth and Merck plans to sever ties with 16,000 employees as a result of its merger with Schering-Plough.

Despite the broad-based losses, however, demand for life science executives continues, says the Association of Executive Search Consultants. The recession’s strong impact on executive recruiting in other industries is not spilling over into the life sciences, which is experiencing moderate activity levels, the group says. In fact, an AESC study among 70 of its members conducted in May 2009 finds that pharmaceuticals, medical devices, and hospitals and health systems have seen either the same amount or more executive search activity in the first half of this year compared to Q4 2008.

Survey respondents say the areas within the life sciences sector displaying the greatest talent shortages are biotechnology and hospital/health systems. According to participants, 56% of searches have been for director-level department heads, while 38% have been for chief executive officers and 28% for research directors. Respondents also say they have seen a high level of executive mobility in the pharma sector, possibly due to increased merger and acquisition activity.

“Healthcare seems to be somewhat recession-proof,” says AESC president Peter Felix. “And while some of the big pharmaceutical companies have been affected by the downturn, they are still offering a good amount of mobility to sales and other executives.”

The prognosis for the life sciences appears to be a healthy one. A companion survey among senior executive members of BlueSteps.com, the career management service of the AESC, reveals that executives perceive the life sciences sector as offering the best long-term career opportunities in the current economic climate.

In fact, Forbes.com reports that Ken Shubin Stein, head of investment fund Spencer Capital Management, believes strongly that healthcare firms are poised to hire for the foreseeable future. And no matter what happens on the healthcare reform front, he says he believes large pharmaceutical firms will remain a critical component in how the overall system operates. Shubin Stein suggests that despite recent cuts, those looking to go where the jobs will be should consider pharma giants like Johnson & Johnson, Pfizer and GlaxoSmithKline.

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