As medical sales recruiters we know the pharmaceutical and medical device worlds from every angle. We pitch people jobs and see the advantages of getting into pharmaceutical sales all the time. We decided to share our top 7 reasons why pharmaceutical sales may be right for you. We’ll look at the perks of the medical device industry in another article.
The pharmaceutical industry is booming. Factors like the aging population and the increases in the incidences of chronic conditions and diseases such as diabetes, heart disease and cancer are pushing that growth. There has also been a burst of innovative advances in biotechnology, biosimilar, orphan drugs and immunological drugs that are keeping the industry fresh and exciting and providing a chance for reps to continue to learn and grow with the products.
Great earning potential. Not only is the pharmaceutical industry growing, which makes getting a job easier, it can also be a lucrative field. According to Payscale.com, the average salary of a pharmaceutical sales representative runs from a starting salary of $48,527 – $112,429 with a median annual base salary of $67,904. With commission, the total income for the year is well into the six figure range. With a few years experience in the pharmaceutical field, a pharmaceutical sales representative has the ability to get promoted into a specialty position. With this promotion comes a nice bump in salary and commission and often the ability to make around $200,000 a year depending on the drug you are selling.
Potential for career advancement. There is also a lot of room for advancement for a pharmaceutical sales representative. As they progress in their career, there are avenues they can take that bring higher income potential and career development. Here’s a quick list of some of the positions a pharmaceutical sales position can lead you into: Field Sales Trainer, Field Sales Recruiter, Account Manager, Reimbursement Specialist and of course Sales Manager.
It is an interesting, and ever changing field. If you are a person who loves to learn new things and be on the cutting edge of healthcare, pharmaceutical sales is the place to be. You are constantly learning about new drugs, clinical trials and other top medical innovations. You have the first glimpse of leading edge new cancer treatments, neurology and cardiology drugs.
Working with diverse set of industry leaders. Pharmaceutical sales representatives call on leaders in the healthcare industry, from specialty physicians, clinical researchers, nurses and surgeons. As you grow in the field your call points become diverse and may include (KOL’s) Key Opinion Leaders and various C-Suite Executives.
You can work anywhere in the country. A benefit of a pharmaceutical sales role is it is a field based position which typically covers every market in the country. Pharmaceutical sales representatives usually work out of a home office and manage their own diverse schedule. Be prepared to work hard though!
Receive extensive clinical and sales training. Pharmaceutical sales companies are sticklers for training. They put a lot of money and resources into training the sales force on products and sales techniques. Receiving training from a leading pharmaceutical company sets your career up for success.
If you want to learn more about the pharmaceutical sales world, check out the Med Career News e-book, Everything You Need to Know to Land a Pharmaceutical Sales Job.