The annual median salary for a pharmaceutical sales representative was $62,341 as of March 2015, according to Salary.com. The salary for pharmaceutical sales reps varies, depending on the industry served, company size and location, and the education and experience of the individual sales representative.
Job outlook is good for pharmaceutical sales representatives, according to a February 2015 press release issued by the National Association of Pharmaceutical Sales Reps. The aging Baby Boomer generation – more than 80 million strong – will likely drive the need for medications as the population continues to mature. Consumers in this demographic support the aggressive development and distribution of therapeutic medications, and these customers are especially interested in pharmaceuticals that remedy age-related conditions.
The pharmaceutical sales representative is responsible for selling medical products or services, developing new prospects, and establishing a working relationship with clients. This means the pharmaceutical sales rep salary may be contingent on the individual’s education and knowledge about pharmaceuticals, identify prospect’s needs for products and services, and ability to prepare and maintain customer records to generate continuous sales and monitor the progress of accounts.
Some pharmaceutical manufacturing companies require an associate’s degree or equivalent combined with two to four years experience in pharmaceutical sales or related field. A bachelor's degree in pharmaceutical sciences or pharmaceutical sales may help the aspiring pharmaceutical sales rep secure higher paying jobs and advance more quickly. A Master of Business Administration in pharmaceutical marketing or management may be beneficial for sales representatives who wish to advance to supervisory roles within a pharmaceutical manufacturing company.
Education helps pharmaceutical sales reps enter the field at the highest possible salary while continuing education helps the representative maintain that top spot. Courses in pharmacy are essential, of course but coursework in biology, business, dietetics, public health, management, chemistry, nutritional science, and communications help. Computer training is also helpful, as are in-house training programs.
The pharmaceutical sales rep should be familiar with standard pharmacological concepts, practices and procedures. These sales representatives should also be well versed in data, statistics and issues relevant to the health care community. Continual education is also required to stay up to date on advances in medicine and new products. Continuing education helps pharmaceutical sales representatives provide exceptional customer serves and earn top salaries.
