As one of the fastest growing and largest industries in the world, the medical industry absorbs over 10% of the gross domestic product of most developed nations. The industry is highly fragmented, comprised of various sectors. They are namely pharmaceutical, medical equipment and supplies, biotechnology, healthcare services and the alternative medicine sector.
A wide range of services are offered by different kinds of hospitals, physicians, laboratories, pharmacies and nursing homes and the industry is also concerned with the research, development, production and supply of drugs, pharmaceutical products, chemicals and medical equipment.
The medical sector provides an enormous range of employment opportunities. As well as medical professionals, it also comprises IT professionals, sales and marketing professionals, public policy workers, medical writers, health insurance providers and clinical research lab workers.
The medical industry as a whole has very high growth rate and that is expected to increase in Australia with the ageing of the baby-boom population. If you have a job in the medical industry you can generally expect to make an impact through helping people, you will often work as part of a team and you may have access to healthcare benefits as well as receive a decent salary.
The Pharmaceutical Industry is comprised or organisations working on researching, developing, marketing and distributing medicines or drugs. The Biotechnology Industry is a research-intensive segment engaged in making a wide range of biotech products. The medical and dental instruments industry is involved in the development, production and supply of surgical and medical instruments and supplies.