Research and development investment in pharmaceuticals is such that it is essential for pharmaceutical companies to aim for a substantial and quick return on investment, before the patent becomes part of the public domain. Sales, training and marketing will all contribute, directly or indirectly, to boosting the pharmaceutical company's ales and reaching its business and financial objectives. In 2007, Canadian pharmaceutical firms sold more than $15.74 billion worth of medication for 422,000 prescriptions. The market is huge, but the competition is accordingly fierce.
Crucial role of pharmaceutical representatives
No pharmaceutical company can afford to save on medical reps. They are the key people who present, not sell, the drug to doctors. Representatives therefore play an information role in showing the drug's efficacy, outlining its advantages, giving details about its composition and specifying its contraindications and side effects. They also play a role as regards pharmacovigilance by gathering adverse effects.
Pharmacists now highly in demand
Pharmaceutical representatives mainly meet with doctors and hospital staff, as well as specialists for specific drugs developed by pharma companies for niche markets. The development of generics has led to a new target—pharmacists. Pharmacists, by definition, do not prescribe medication. However, when filling a prescription, they are authorized by law to replace it with a generic or another brand of medication. Competition between drug manufacturers and providers is therefore focused on pharmacists, and price becomes the only purchasing criteria.
Red carpet for pharmaceutical representatives
It is not surprising that this is a very popular field, and rightly so—salaries increase very quickly, schedules are flexible and you get to be your own boss. Pharmaceutical representatives can expect to earn base salaries of between $40,000 and $65,000. Quarterly bonuses, paid out if targets are achieved, can be capped or not, and reach $80,000 to $110,000 for the top medical reps. In addition, pharmaceutical companies offer non-negligible monetary benefits including health care and pension plans, life and disability insurance, a professional and personal gas allowance, free cell phone and generous expense accounts.
How to stand out
Presentation and communication skills are key for the job of sales representative. Being positive and energetic, knowing how to negotiate, solve problems and develop the business over the long term are valuable aptitudes. Lastly, pharmaceutical representatives must have a great ability to grasp and retain information since they usually represent three main drugs and several secondary ones.
These sought-after aptitudes do not eclipse the importance of degrees and professional experience—ideally a bachelor's degree in science or biology, even if companies are open to all types of profiles including commerce, finance, etc. Pharmaceutical industry-related professional experience is preferable, but all other successful sales experience is also an asset. Young graduates with little experience can highlight their involvement in sports, cultural and humanitarian associations to give companies an idea of their personality.
Other jobs that contribute to sales development
Pharmaceutical representatives are the key piece of the puzzle. They are supported by regional managers, who head a team of medical representatives, and whose objective is to develop their company's sales and market share. Sales owes a great deal of its success to the information department. Medical information managers exercise scientific and pharmaceutical authority for the line's production for internal (training, marketing and sales) and external stakeholders (doctors, pharmacists). Armed with a degree in pharmacy, completed by training in marketing or commerce, medical information managers must have an enquiring mind, and good project management and oral/written communication skills. The marketing department also has a very important role to play in sales development: pharmacoeconomists implement a pricing and reimbursement strategy in line with legislation; the person in charge of marketing studies designs and conducts studies, and guides the sales strategy, which is implemented by the product manager, whose goal is to increase sales while guaranteeing the best return on investment possible within a defined budget.