Section: Pharmaceutical Sales

Income and Revenue in the Pharmaceutical Sales Industry The annual median salary for a pharmaceutical sales representative was $65,341 as of Jan, 30th 2018, 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.

 

Top sales earners, from least to most:

Specialty pharma reps specialize in:

• Cardiac drugs (hundreds of drugs in more than 20 classes)
• Cancer medications (more than 200 cancer drugs)
• Psychiatric drugs

Factors that affect pay:

Companies hiring pharmaceutical sales reps:

Go big or go home

9 out of 10 large pharmaceutical companies pay more for marketing than for R&D Big firms pay more Reps for small manufacturers make less

Big firms earn huge revenue

Johnson & Johnson is the world’s largest pharmaceutical company, based on revenue Top 5 U.S. pharmaceutical companies in 2016 were:

Pharmaceutical sales reps often earn a base salary and commission

Big firms earn huge revenue

• Cash bonuses
• Stock bonuses

• Commission sharing
• Tips

Job Outlook for Pharmaceutical Sales Reps

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.

Why the rosy outlook?

• Americans consume about 3/4 of the prescription drugs in the world
• Nearly 3 in 5 adults have prescriptions for at least 1 medication
• Almost half – 48.9 percent – of Americans have taken at least 1 prescription drug within the past month
• US healthcare sector spends $425 billion each year on medications

The 76 million Baby Boomers buy the most prescriptions, and they are growing older Baby Boomers began turning 65 in 2011 – millions more will reach 65 each year The US spends more per capita on prescriptions than any other nation.

The U.S. spent the most per capita on prescriptions in 2014:

The army of pharma sales reps is growing

• The pharmaceutical industry has grown 300 percent in the last decade
• The number of pharmaceutical sales reps will increase by 16.4 percent between 2012 and 2022, growing to 400,000
• The U.S. spends nearly $60 billion on pharmaceutical R&D

The 3 top therapy classes, worth $110 billion, are:

• Oncology (cancer)
• Diabetes
• Autoimmune (psoriasis, lupus, rheumatoid arthritis)

Pharmaceutical Sales Representative Job Responsibilities

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.

Responsibilities of a pharmaceutical sales representative:

Pharma sales reps perform "detailing" by providing details, such as scientific information, benefits, side effects, or adverse events related to a drug

• Doctor offices
• Dental practices
• Hospitals
• Outpatient clinics
• Extended care facilities

These sales representatives connect providers with the knowledge, medications, and treatments doctors, surgeons, and other medical professionals need to provide state-of-the-art care to their patients. In addition to educate physicians, pharmaceutical sales representatives also work to teach pharmacists, health care facilities and consumers about new pharmaceutical products.

Education and skills required to become a pharmaceutical sales rep

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. Internships can help students and others gain jobs with pharmaceutical firms

Pharma sales reps and technology