How Much Do Starting Pharmaceutical Sales Reps Make?

How do pharmaceutical sales reps make money?

With most pharmaceutical companies

you get a salary and you also get paid commission on your drugs that you sell

. So, if you sell 160 percent of one product, you get paid on 60 percent over that quota. The more you sell the more you make, so the harder you work, the more money you make.

Can you make good money in pharmaceutical sales?

In 2019, the average rep salary was $151,217, which includes an average base salary of $109,250 and an average bonus of $41,967

. That’s a 6% increase, or almost $8,000, over the average salary for pharma sales reps from MedReps’ 2018 survey.

How much do top pharma reps make?

Is getting into pharmaceutical sales hard?

It’s a reality for pharmaceutical company representatives. But the work isn’t pure glamour. It’s also

intense, highly competitive and sometimes frustrating

. Insiders say it’s difficult to get your foot in the door with a drug company, and that it’s challenging to excel once you’ve landed that first sales job.

How stressful is pharmaceutical sales?

Stress. Medical sales jobs also come with

considerable stress

. Some respondents specifically cited stress caused by the pressure to make quotas, while others mentioned stress caused by the increasing difficulty of gaining vendor clearances.

Do pharmaceutical reps travel a lot?

A large portion of a pharmaceutical sales rep’s workday can be spent traveling, depending on the area he is working in

. Some territories can be almost as large as a small state, and reps sometimes travel for several hours.

What do pharmaceutical reps wear?

Their clothes should be fresh, neat, clean and pressed. The reps should be well-groomed, paying attention to hair, face and nails. Do the pharmaceutical reps need to dress in

formal business attire such as suit and tie for men and skirted suits or matching pants suits for women

?

How long does it take to complete pharmaceutical sales training?

The PRC program takes on average about

4 weeks

(12 hours course time) to complete. It’s self-paced, so everyone will be different.

Is pharmaceutical sales a good career?

According to Quint Careers, pharmaceuticals sales is considered

one of the fastest-growing career opportunities

, with a 300% growth rate in the last decade. In addition to fantastic job growth, these positions nationally average a salary of $64,000 (Glassdoor).

What sales jobs pay the most?

• Pharmaceutical sales representative. …
• Direct sales representative. …
• Business development representative. …
• Sales engineer. …
• Sales professional. …
• Sales manager. …
• Real estate agent. National average salary: $107,989 per year. …
• Vice president of sales. National average salary: $110,945 per year.

What is the highest paying medical sales job?

At first glance, it appears the top earners are

Sales Directors and VPs working in biotech

. After all, according to the 2016 Medical Sales Salary Report, Sales Director / VP is the highest paid job title (average total $209,082), and biotech is the highest paying product category (average total $165,028).

Is pharmaceutical sales commission based?

Years of Experience

Experience is a major factor in determining the salary of a pharmaceutical sales rep. That’s because the job is

largely commission-based

, so you earn more money the more sales you close.

How do you get into medical sales?

1. Education. Some of the more common degrees of CHASE Graduates include Business Studies, traditional sciences (such as chemistry or biology) and Sports Science. …
2. Insights. …
3. Attitude. …
4. Create Your CV. …
5. Network. …
6. Apply Strategically. …
7. Be Persistent.

How do I start a pharmaceutical sales career?

1. Earn your high school diploma or GED.
2. Get a bachelor’s degree.
3. Consider earning a graduate degree.
4. Get certified.
5. Network.
6. Work on your skillset.
7. Prepare your resume and cover letter.

What is the best pharmaceutical company to work for?

• Johnson & Johnson: 24 out of 100. …
• Pfizer: 39 out of 100. …
• Merck: 63 out of 100. …
• Bristol Myers Squibb: 78 out of 100. …
• Eli Lilly: 87 out of 100. …
• Novartis: 92 out of 100.

How do I start my own pharmaceutical company?

1. Hire a business consultant and determine your niche.
2. Create a successful business plan. Research competitors. Determine company structure. Choose the right equipment. Establish roles. Conduct SWOT analysis. Verify license requirements.

Are medical sales reps happy?

While

most medical sales reps are happy at work

—MedReps.com notes 72% of those surveyed said they were very satisfied or somewhat satisfied—14% of respondents said “Management/Leadership” is what they like least about their jobs and 9% said “Money.”

Is medical sales rep hard?

While it’s true that

medical sales is a highly competitive field and the workload is demanding

, if you’re up to the challenge, it’s possible to begin building your career and making a name for yourself almost immediately. It’s important to understand, though, that unlike other fields, medical sales is a journey.

Is medical sales College legit?

Medical Sales College is

a licensed college

specifically designed for those interested in the orthopedic device sales industry. It was founded in 2010 by Jim Rogers, the current CEO, who spent 25 years in sales and sales management roles.

What makes a great pharmaceutical rep?

The best pharma reps know there are plenty of ups and downs in their field. Their

perseverance and ability to grow from mistakes and trials

leads them to success. Just like many careers, success doesn’t happen overnight. Staying focused, determined, and persistent will help you reach your goals.

Why do you want to do pharmaceutical sales?

This interview question is most often asked so be well prepared for it. Common reasons for people choosing this career include:

a passion for sales and an enthusiasm for science or medicine

. the opportunity to use your resourcefulness, energy and knowledge to persuade clients to buy your products.

How can I progress in pharmaceutical industry?

1. Get involved with things beyond the job specification. Committing yourself to opportunities outside of your job specification will enable you to increase your skill set and gain a better grasp of the industry. …
2. Shadowing. …
3. Secondment. …
4. Attend Events/networking.

How do I become a good pharmaceutical sales rep?

1. Good People Skills. You need to have good people skills when going out to market a product. …
2. Strong Product Knowledge. …
3. Comfortable with Public Speaking. …
4. Manage Your Own Time. …
5. Industry-Specific Skills. …
6. Be Ready to Travel Anytime. …
7. Get Your CNPR Training.

What do medical sales reps do?

A medical sales representative

sells medical supplies to doctors, clinics, facilities and hospitals

. The job includes contacting potential customers, explaining the features and benefits of the product, answering questions about the product and negotiating the final deal.

What should a medical device rep wear?

Poor dress code. To get the attention of a potential client, it is wise to invest in proper clothing and accessories such as

watches tie, shoes, and even a designer perfume

. This portrays an image of pride and seriousness in whatever that you are selling.