Congratulations on considering a pharmaceutical sales career! There are many rewards and benefits of being a pharma sales rep. We list some of them below.
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Great pay. Entry-level phama sales reps compensation starts between $45K and $55K (or more) for annual base salary. On top of that, quarterly bonuses should add about $15K-30K per year. That means it’s not unreasonable to expect $60K to $85K your first year!
Even better benefits. On top of the great pay are even better benefits. Expect to get a company car along with insurance and gas. You’ll get a great healthcare package including major medical and dental insurance. For connectivity, you’ll get a mobile phone and internet allowance. Plus, you’re buying tons of meals for doctors and their staff, so there’s plenty of free food. In total, these benefits easily add an additional $1,000 – $2,000 per month. So effectively, you’re making $70K to $110K per year!
Ability to help people. Although doctors and nurse practitioners spend years in school learning their professions, they cannot be expected to always be fully up-to-date on every new and innovative medicine that becomes available. That’s why your role as a pharma sales rep is so important. You help prescribers determine which medicines work best, and your success directly affects the quality of life experienced by patients.
Respect from others. Just tell somebody that you’re a pharma rep, and see how they react. Think about it, you are giving advice to doctors! That’s pretty outstanding, and people around you will be impressed.
Lots of available positions. There are over 100,000 pharmaceutical sales rep positions, and the industry is always growing. Additionally, there is about 15% turnover each year meaning that thousands and thousands of positions are available each year.Take action and get one of these great positions for you.
Secure industry. Regardless of what’s going in the economy, people always worry about their health. That’s why pharma is a recession-proof industry. Additionally, as more and more drugs come to market, the need for pharma sales reps will only increase.
Work flexibility. As you settle into your role as a pharma rep, you’ll likely reach a point where you don’t have to work 40 hours a week to meet your sales quotas. Once you’re there, you’ll probably be able to make your hours more flexible while still managing to hit the numbers that you need to hit.
The challenge. Sales positions are always a challenge because no matter how much you sell, you can always sell more. As a member of a sales team, you will be expected to be a great team player, but as an individual competitor, you’ll definitely want to be one of the best producers on your team.
Of course, there are many other reasons that make being a pharma rep rewarding. Needless to say, pharmaceutical sales can be a rewarding career.
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