I headhunt and recruit people with PhD qualifications on a regular basis, mainly for multinationals.

Admittedly, most of them are in the business and finance sector, and are from foreign universities. The blunt truth of the matter is that we find the overall quality of local graduates, even those with masters and doctorates, to be lacking.

Some of those I have interviewed have significant deficiencies in the knowledge of the field of study. Some couldn't even carry on a discussion in English for any significant length of time.

Having a masters or a doctorate is NOT your fast-track towards a high-paying job, unlike what a lot of people think.

I would probably advise you to seriously ask yourself whether your expectations are too high on what you would accept as your first job.

I wouldn't worry unnecessarily. As long as you are realistic and do not have overly high expectations, the job will come. You may have to consider a job that you are overqualified for, but at least it's a job. Believe me, it's not a local thing. The job market regionally, and even globally, is a bit soft at the moment. I don't know the specifics on sectors where a life sciences qualification is applicable, but I supposed it's not all that different from most others.

The most important thing, at this point, is to get your foot into the job market and work from there. It's not very good to have a 3+ month gap in your resume. It may not be your fault entirely, but most companies will still think that you didn't try very hard... or worse, have unrealistic expectations. Also, consider jobs outside your field. I know a few corporate business consultants that started off as graduates in computer science and pharmacy - i.e. nothing at all to do with the original qualifications.