Pharmaceutical Jobs
Interested in Pharmaceuticals?
Are you looking for a new career? Or are you an experienced Pharmaceutical employee looking to advance with a different company? Pharmaceuticals may be for you. Pharmaceutical jobs are some of the most sought-after positions often because they offer exceptional salaries and unlimited growth and career advancing potential.
You don't need a medical background to find a job in pharmaceuticals. Any background is applicable, as long as you have earned a 4-year University degree. What's most important is that you take the correct steps to secure your first job and that you work hard once you're in and the opportunities for career advancement are endless.
Sales Careers in Pharmaceuticals
A position in field sales is the entry-level job in the sales function. The main purpose of the field sales force is to promote the company's products to customers, typically solo or small-practice groups of physicians within an assigned geographic territory. Reps are carefully selected, trained rigorously, and equipped with detailed product information. They should know their products inside out and work hard to understand the medical science on which those products are based. Within field sales are two areas, territory sales and specialty sales.
The entry-level field sales positions are pharmaceutical sales representative and territory sales representative. The next rung is medical specialist or hospital specialist. Specialty sales representatives are the most experienced, often with several years of direct sales under their belt. This job exists in both Big Biotech and Big Pharma companies. The responsibilities of a pharmaceutical sales rep are well-defined across the industry and fall into three distinct areas of activity. Selling is the main responsibility, and requires reps to sell the company's products within the assigned territory, make product presentations, and arrange educational meetings for physicians.
Administrative responsibilities require reps to manage the selling process (i.e., prioritize their physician and pharmacy customer lists, take notes on call outcomes, prepare reports to district manager), attend company meetings, manage time effectively by working out optimal sales call schedules, work out territory logistics with team members, maintain expense logs, arrange for catering for lunchtime seminars with medical specialists, organize promotional materials and drug samples, and maintain the company car.
Generally speaking, cash compensation comprises salary plus bonuses. Base salaries range from $45,000 to $65,000 and bonuses range from 2-16% which is usually based on both individual and team performance.
Marketing Careers in Pharmaceuticals
For those sales reps who are interested in moving up the corporate ladder, the next move to make is usually into a head office role, usually into a Marketing role. Marketing management is where marketing strategy is formulated and implemented, new products introduced, and existing-product lifecycles managed. Until recent years, the marketing function was vertically integrated, meaning that a single-ladder existed for reaching senior positions. It was theoretically possible to begin a career as an entry-level Marketing Associate, and several decades later achieve Senior Executive VP for Marketing.
The main job title in marketing management, consistent throughout the industry, is product manager. A product manager's responsibilities fall into two main categories, management and administration. The product manager must develop and manage the short term product strategy and marketing plans for assigned products, oversee development of business plans, specify the positioning of a product among its competitors, monitor those competitors' products, acquire both a quantitative and intuitive feel for customer needs, and act as an in-house champion for a product or brand. Administratively, product managers must develop budgets, maintain records of expenses, and manage and develop entry-level support staff.
In companies where therapeutic areas and associated products are organized as business units, product managers effectively become mini-CEOs, involved in virtually every aspect of getting a product to market. Product managers should also have substantial communication and negotiation skills, as they are required to interact with professionals from every part of the organization. Cash compensation for product managers usually ranges from $75K to $104K.
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