CME Professionals’ Prospects On The Rise Despite Weak Economy

Despite the current economic conditions, employment and pay appear to be on the rise for CME professionals, according to the first Medical Meetings Employment and Compensation Survey. The survey found that the healthcare sector is doing much better than many other industries in the sluggish U.S. economy. Although the country’s unemployment rate is at about 8.6 percent, the healthcare industry added about 27,000 healthcare jobs each month in 2010. While not immune to the weak economy, the CME community has managed to hold its own during this economic downturn.

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The survey broke down the job growth as follows:

  • 38 percent of respondents added full-time employees
  • 26 percent added part-time employees
  • 16 percent laid off one or more staff
  • 13 percent had work hours reduced for some employees

The primary reason for people who reduced their CME staffing was the economy, as cited by 48% of respondents. Other reasons for layoffs included:

  • Changes in commercial support (36 percent)
  • CME format changes (21 percent)
  • Increase in online and virtual events (18 percent)
  • Increase in state and federal regulations impacting the healthcare sector (16 percent)
  • Changes in budgets made by the parent organization (13 percent)

Of the respondents, 25 percent work in hospitals/healthcare systems; 18 percent work in scientific or medical societies or organizations; 14 percent work in medical education or publishing businesses; 14 percent work in medical schools; 5 percent work in local or regional medical and scientific associations; and the remainder worked for a variety of groups, including pharmaceutical/device companies, research organizations, government organizations, and technology firms.  In addition, 26 percent of the participants identified themselves as meeting or conference planners and directors.

These numbers indicate a growing demand for continuing medical education, as well as medical event planning professionals. However, the shift in formatting means that event planners will have to adapt in order to maintain the upward trend. The introduction of online courses marks a shift in the way medical professionals receive CME. Ultimately, the outlook for the CME profession is positive, as long as the industry can adapt to the technological changes over the next few years.

For more information regarding a Las Vegas medical meeting facility or continuing education, contact The Oquendo Center at 866.800.7326 today.

Photo by SalFalko