By Rick Fromme
The pharmaceutical industry has weathered some highs and
lows in the recent past ― mobile technology,healthcare reform, increasing
regulations, and global economic issues have all affected many leading firms. Some
have had to lay off some of their sales force and other positions. Nonetheless,
most industry pundits believe there’s still a robust job market for those
looking to get into pharmaceutical sales jobs.
As with the need for many other clinical, administrative and
IT healthcare jobs, one of the primary factors driving its anticipated growth
rate is demographics. All those once
“Dancing-in- the-Street” Baby Boomers are now reaching their Golden Years, some
in better health than others. This massive age shift within America’s and other
Western nations’ population is profound. The number of Americans aged 65 and up
is expected to nearly double in the next decade. Some estimate nearly 70
million people will reach age 65 and over by 2030. This major change in the
U.S.’ population is one of the principle reasons pharma sales jobs will
continue their upward momentum through increased demand. Why? Because the
majority of prescriptions are written for individuals 65 and older. Our
advances in healthcare are also contributing to this seismic age shift due to
healthier lifestyles, new medical devices, innovative surgical techniques,
better aftercare and, of course, the research and development of
pharmaceuticals that also help prolong life and/or facilitate people’s ability
to live well into their “twilight” years.
There are a few other reasons why choosing a pharma sales
job is an excellent career choice to pursue in this growth industry.
For one thing, the pharmaceutical industry is virtually
recession-proof. People, their beloved pets and livestock will always suffer
from illness. Humans (plus our companion and livestock animals) will continue
to need drugs to assist in their healing after an injury or illness, to thwart
potential diseases, to recover after surgery, and to enjoy a higher quality of
life.
Furthermore, pharmaceutical companies invest more in
research and development more than any industry, nearly tripling what the
automobile industry spends. Because of the potential for huge profits, pharma
firms spend millions to develop new drugs and treatments. Considering the
actual number of drugs being researched that actually other do receive FDA approval, it’s not uncommon
for pharma companies to have a one in ten success rate as to which of its drugs
currently under research and development actually makes to the marketplace.
Take a look at the FDA’s report, “Approved
Drugs 2013,” to see all the new drugs that were recently approved. In fact,
the report points out:
“One-third (33%) of the NMEs [New Molecular Entities] approved
in CY 2013 (9 of 27) were identified by FDA as First-in-Class, meaning drugs
which, for example, use a new and unique mechanism of action for treating a
medical condition. First-in-Class is one indicator of the innovative nature of
a drug and a 33% First-in-Class approval rate suggests that the group of CY
2013 NMEs is a field of innovative new products.”
Most major firms predominately focus on promoting a handful
of drugs at any one time. Over 70% of a firm’s revenue comes from 20% of its
drugs ( as per PhRMA’s [Pharmaceutical Research & Manufacturers of America]
“Pharmaceutical Industry Profile 2001”). While there are associated financial
risks, the potential for profit is much higher. The pharma industry’s
commitment towards future products is yet another factor that continues to make
pharmaceutical sales jobs a vibrant career choice.
Find Pharmaceutical Sales Jobs on MedMasters.com
Characteristics & Education
Generally speaking, successful pharmaceutical sales
representatives are intelligent and extremely professional. A pharmaceutical sales representative sells technologically and chemically advanced products to highly intelligent physicians, APRNs and PAs in very professional environments. A pharma rep is expected to sell their firms’ multimillion-dollar drugs to skilled providers across the full panoply of different specialties.
A minimum of a bachelor’s degree from an accredited
university or college is required to become a pharmaceutical sales
representative. Pharmaceutical companies prefer candidates with degrees in a
life science (such as biology). However, sometimes a firm will consider
applicants with other bachelor’s degrees.
Graduating from college with a high GPA demonstrates you’ve the
wherewithal to master new information and have the discipline to reach a
long-range goal.
That said, the competition to break into pharmaceutical
sales at the college level ― any level, really ― is extremely competitive. Some
pharma firms recruit their sales personnel from recent or soon-to-be graduates.
And some major pharma firms recruit directly from college campuses at job
fairs, etc. Securing an interview can be challenging. Quite often, the interviewer’s schedule is
filled up very quickly as only a dozen or two students of about of 15,000 may
be selected for a one-on-one. Be
prepared, however. You thought final exams were tough? The pharmaceutical
interview process is probably one the biggest series of “exams” you’ll ever
encounter.
Sometimes, licensed health care clinicians decide to
transition into pharma sales. There are severaltransitions often seen in
within the field of medical and pharmaceutical sales. Some of these
include: - Moving from a career in pharmaceutical sales to selling medical devices or products
- Moving from a clinical role to a sales role
- Forced transitions, i.e., layoffs, downsizing
Many pharmaceutical and medical device companies are moving
to a more clinically oriented sales approach. To accomplish this, some
companies have transitioned from hiring B2B sales persons to hiring sales reps who
can sell, and who, through their previous clinical expertise, are able to
provide experiential information and value to their clients.
Medical products such as laboratory equipment, radiological and
surgical products often involve hands-on demonstration. Hence, hiring an
employee with clinical skills proves advantageous. Adding a sales
representative with clinical background establishes product credibility, customer
trust. Depending upon the type of equipment or product the clinical salesperson
is representing, s/he may be involved in training medical personnel (including
physicians) on how to use the equipment (i.e., robotic surgery platforms such
as the da Vinci).
Professionally speaking, a pharmaceutical sales
representative must be flexible, resilient and capable ofchanging their
schedule ― sometimes at the last minute because many of their clients
(physicians, dentists, veterinarians, ARNPs and PAs encounter
emergencies).
Given the above caveat, sales reps are usually charged with
having a daily, weekly and monthly roster of clients on whom to call. On
average, that’s about eight to ten per day, depending upon the size of the
pharma rep’s territory and how many clients are included within it. The number of doctors in an urban area is
higher than in rural ones ― particularly in cities with a strong medical community,
such as Jacksonville and Gainesville in Florida, Birmingham, AL; Atlanta, GA;
Rochester, MN; Scottsdale and Phoenix, AZ; the Washington, D.C. area (with its
numerous military/medical facilities), etc.
A typical day may start off early with a breakfast meeting
at a doctor’s office and end after 10 p.m. after sharing a meal at a restaurant
with several physicians in a busy group practice. Subsequent sales calls are
made in the mornings and afternoons.
In this article, I discussed several reasons why becoming a
pharmaceutical sales representative is an intelligent career choice, especially
citing the changing demographics of the American population. I also provided an
overview of pharma companies’ research and development, especially regarding
bringing new products to the marketplace. I then discussed some of the personal
and professional characteristics of successful pharmaceutical representatives,
and also highlight requisite educational requirements. If you found this
article useful, please feel free to share and repost it. If you have any
questions or comments, as always, I’m eager to read them.
Rick Fromme combines entrepreneurial enthusiasm with an
insider's knowledge of the medical industry to co-found MedMasters.com. Both his
drive and perspective help provide health care professionals with a superior
mechanism with which to communicate, network and market their strengths. Prior
to founding MedMasters.com,
Rick operated a highly successful medical device distributorship. Other
milestones in his 12-year career in the medical industry include a key position
at a medical device start-up company that was later sold to the
Ethicon Endo division of Johnson & Johnson. You may also reach Rick
by connecting with him on Facebook, Twitter, Google+, LinkedIn and YouTube.
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After reading this article, II can see why they make the big bucks. :D
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