It has been reported a few years back that pharmaceutical sales representatives earn 11 percent higher than the industry average. I believe at the time the report is written, many pharmaceutical companies were at their earning peak which was clearly reflected by the figure. Starting from 2007, pharmaceutical industry was badly hit by product recall due to adverse events and rampant companies' takeover. It was not the best of time and it seems like the worst is yet to come.
Despite the current bleak financial outlook, there are companies that can afford to offer good remuneration package to their new recruits. Looks like it is not all bad after all but the trick here, if you are interested in joining, is to find the right company to land on.
What will determine how much you earn from a pharmaceutical company?
The first one is the companies themselves. Are they a global or local player? Do not get discouraged if the company plays locally. In fact, with the current economic situation, most health care providers are turning to local companies for their supplies. Since it is cheap to manufacture the supply locally, companies can expect to enjoy better margin per sale. Part of this profit goes to pay for better salary and perks.
Next on the list is your competency. Are you having something of value-added that you can bargain for better pay? You probably will laugh at this but I have met candidates that use their looks as a value added advantage. You will readily notice that, in some pharmaceutical companies, the female staffs outnumbered their male counterparts, and the reason for that is they got in for their look.
I am not kidding about this.
Honestly, I find that the playing field for pharmaceutical industry is quite level and everyone has a fair chance to win. The two factors I mentioned herein are not 'hard and fast' rules to get in but they certainly help. Right now, the question for you is, "What can I do once I know this?" and the answer will depend on where you are now and where you want to go next.
If you are not satisfied with what you currently earn, you can look at other companies and see whether they have what you want. If they do then you need to take the next step to get into it. Same goes if you decided to climb the corporate ladder. If you have the competencies then just go for it. Of course, in this case, there is something you need to know before you can shoot but I believe that is a topic for another article.
where you will find that and more.
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