3 Lucrative Career Paths & Business Ideas for Medical School Dropouts

Let’s start with this: “Medical school dropout” doesn’t sound good. However, in 2023, many intelligent and success-oriented individuals have learned that four or five years of study followed by four, five (or maybe even six) decades of juggling a fast-paced career will not make them happy. Another pressing reason for considering med school dropout options is the knowledge there will be hundreds of thousands of dollars in student loan debt to pay back.

According to the American University School of Medicine, 15% and 18% of all medical students drop out. The rest complete the study, which is suitable for everyone as just about every nation needs more doctors.

Like any career choice, there are ups and downs, and people regret choosing medicine. They wish they could go back in time and choose another career path. However, keep reading this business blog post as we have medical school dropout career choices for you if circumstances thwarted your desire to be a doctor.

Whether you have graduated or not, the good news is – you can still have a rewarding healthcare career. Find a role where you can make a positive difference and be happy at work. If being a high-income earner matters to you, you’ll be delighted to know many jobs in healthcare pay well over 6 (and possibly 7) figures a year.

CNBC lists 14 high-earning roles in healthcare that do not require an MD or Ph.D. There is high growth in demand for these roles, and they have a high median annual wage. The following roles have high hands-on roles with patients:

• Nurse Anaesthetist – $160K+
• Nurse Practitioners – $108K+
• Physician Assistants – $108+
• Genetic Counsellors – $80K+
• Radiation Therapists – $80K+
• Occupational Therapists – $84K+

Some roles in healthcare do require degrees, just not an MA or Ph.D. Plus, they are hands-off patient care and include:

• Medical Scientist $81K+
• Medical Researcher $94K+

HealthTech

Many roles in HealthTech will excite people who have learned that a medical degree is not for them.

Digital Health Specialist

Spending most of your days interacting with patients may not be for you. Therefore consider a career as a digital health specialist. According to Wikipedia, emerging technologies everywhere in healthcare, including:

• Telemedicine
• AR and VR
• Robotics

Plus, IBM explains how Blockchain, AI, and machine learning have improved patient care and data security.

Tech roles in healthcare are skyrocketing, thanks to an aging population, the unprecedented availability of population health and other data, and the need for payors (namely governments, insurance companies, businesses, and individual patients) to provide better healthcare for less cost.

Biomedical Engineer

According to CNBC, another interesting technology-oriented role in healthcare that also doesn’t need an MD is that of a Biomedical Engineer. A rewarding position using engineering standards, so get that engineering degree to create medical software, equipment, and devices. Expect an annual wage closing in on $90K.

Medical Writer

Pharmaceutical companies, health networks, insurance companies, digital health startups, and many other businesses are constantly searching for qualified medical writers, professionals who combine a talent for prose with an understanding of medical terms and scientific principles. If you have a knack for communication and a way with words, dropping out of medical school and entering the profitable world of medical writing could be the answer to your vocational prayers. You can work directly for an organization, get assignments and jobs through an agency, or launch your own business. Regardless of your path, if you have a flair for this type of work, you can expect to earn anywhere from $70,000 to well over $100,000 a year doing something you enjoy, which ultimately makes a positive difference.

Sales Roles

This business blog post has covered just a few roles, some with a lot of patient interaction and others with none. However, what we have not mentioned is all the sales roles in healthcare and similar industries, including:

• BioTech – drugs and pharmaceuticals
• HealthTech – software, apps, blockchain, AI, etc
• MedTech – devices and instruments

The healthcare industry also includes ancillary services requiring salespeople and account managers, including insurance providers and aged care services.

The Bottom Line

By now, you’ve probably learned that becoming a doctor is not your only path to securing a rewarding high-income role in healthcare. Stay positive and focused on finding what type of role is right for you. Then work towards what will be a gratifying career.