The pharmaceutical industry presents several opportunities for cardiologists. Those with significant basic research background are well positioned in roles related to drug development and discovery. These roles range from molecule and target identification in preclinical research to later-stage clinical development and operations. Engagement with academia to provide a pipeline of newer drugs and discoveries in the field of cardiovascular and cardiorenal–metabolic disorders is also within the purview of research and development. On the other hand, cardiologists with hands-on clinical expertise and clinical study experience are better suited as therapeutic area leaders and medical affairs professionals and may be engaged with brand teams in product launch, market access and reimbursement, marketing communications and postmarket surveillance activities.1 This could involve a wide spectrum of responsibilities from clinical evidence generation including clinical studies, drug safety, implementation research, and interactions with regulatory bodies and medical communities at large.
For practising clinical cardiologists looking for side jobs, the pharmaceutical industry provides opportunities for speaking engagements to promote drugs based on your area of clinical expertise. Before taking any such lucrative speaking engagements, one must consider any conflicts of interest at their primary practice and public reporting requirements of industry-related income.
The field of insurance can be an attractive choice for cardiologists who wish to apply their medical knowledge into a healthcare payment system, aligning it with the fields of clinical decision making, macroeconomics, social medicine, risk management and ethics. The non-clinical skill sets that may be useful in creating this experience include population health management, claims experience in the healthcare system, understanding of reimbursement models and regulations, in addition to team building and leadership skills.
Cardiologists play several roles within the health insurance industry. Cardiac claims make up for the top three medical conditions.2 These claims are clinically complex and require in depth, evidence-based protocols to be followed. Cardiologists are instrumental in creating these protocols using jargon appropriate for both medical and non-medical personnel. Further, as insurance companies employ many people who are from a non-medical background, medical terminology training is a mandatory component of induction. With a growing need for a collaboration between payers and providers to offer value-based care models, insurance companies help shape clinical practice for their members, with a focus on primary and preventative care.
Insurance companies have clinical, operations and customer service teams. Collaboration with a diverse workforce adds to the industry experience, giving a unique insight into healthcare.
Health technology and devices are an integral part of practice in cardiology. However, leveraging this end user experience in the health technology industry requires different skill sets than clinical practice.
There are several key roles that the cardiologist can pivot to in established health technology companies. For early career cardiologists, there may be opportunities in clinical or medical affairs, working with teams in managing clinical evidence, regulatory and educational materials for internal and external stakeholders, clinical trials and product safety. These junior positions may provide the skill set for significant future growth opportunities. For more seasoned cardiologists with leadership, operational, research or society positions in their institutions, there may be opportunities to serve in executive leadership roles. Formal training in business, public health or management may be helpful in landing these roles. Physicians in consultant or advisory roles are more likely to develop a network and/or reputation to land these executive roles directly.
There has been significant growth in health technology startups, and they present a large opportunity for those with an entrepreneurial mindset. These roles do not follow the traditional corporate model. Physicians often take up multiple hats from clinical and medical affairs to strategic guidance to business development. These opportunities carry higher risk, but if successful, they may lead to exponential financial and professional growth. One way to engage with startups is to participate in regional/local investor groups or incubators and to consider free or paid advisory roles. It is critical to understand the company strategy, their business model and the prior success of the leadership team when selecting the right company. Cardiologists should have a clear understanding of their personal cash flow and ability to weather financial uncertainties.
Management consulting firms provide a stimulating environment for those with a problem-solving mindset. Given long training requirements for cardiologists, the traditional analysts’ roles are not the natural entry point. However, for early career cardiologists, there may be options to join the consulting hierarchy at mid-level. For those with subject matter expertise, management firms may provide special advisory or managing director roles outside of the general track towards becoming a partner. In addition to domain expertise, these roles require project management and excellent communication skills. The compensation in a senior consultant role is similar, if not higher than that in clinical practice. Prior to COVID-19, there was a significant travel requirement for those in consulting roles, though with the success of virtual meetings since the pandemic, that requirement has been significantly reduced. While consulting work can be stimulating, these positions do require a fast pace that some people may find stressful.
There is significant scope for cardiologists at all career stages, with multi-industrial opportunities, to merge their clinical knowledge with industry specific business know-how. With the rapidly changing dynamics in healthcare, clinical cardiologists can pave their way into industry-specific careers which help shape patient outcomes from a unique vantage point.
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