Pharmaceutical Sales Jobs: What You Need to Know and How to Start a Career as a Pharma Sales Rep

Sales jobs are challenging but highly rewarding. Among sales jobs in different industries, pharmaceutical sales jobs stand out as one of the most demanding and fulfilling careers. Discover the world of pharmaceutical sales jobs! Learn how to kickstart your career as a pharma sales rep with essential tips.

In pharmaceutical sales jobs, the salespersons educate healthcare professionals on specific medications developed by their respective companies to persuade them to prescribe the same to their patients. The pharmaceutical sales representatives convince potential clients by highlighting the benefits of the medications they promote over a competitor product or treatment method.

A leader of most commercial activities and a key figure between the producer and the ultimate consumer, pharma sales representatives can stimulate and encourage consumers to purchase more goods, thus solving the problems of overproduction and under-consumption. They assess clients’ needs and present suitable promoted products, liaise with targeted doctors and other healthcare professionals, and educate them about the benefits of their products. They also provide product information and deliver product samples.

An Overview of the Pharmaceutical Industry

The pharmaceutical industry is an industry that discovers, develops, produces, and markets drugs or pharmaceutical drugs for use as medications to patients to cure or alleviate symptoms. According to Statista, the global revenue from the pharmaceutical market was $1.42 trillion in 2021. The United States market recorded the highest sales resulting in $555 billion. The US pharma industry is expected to be valued at $685.45 billion in 2023, based on US Pharmaceutical industry statistics.

Enterprise Apps Today, in its pharmaceutical-related statistics, reports that as of 2023, there are 2,655 pharma companies and 368 generic pharma manufacturing companies in the US. Industry statistics say that the pharma companies in the US will grow their business at a CAGR of 3.5% in 2023.

Understanding Pharmaceutical Sales Jobs and the Duties of a Pharma Sales Agent

Before you go and type “pharmaceutical sales jobs near me,” let us first delve deep into what the job entails and what pharma sales representatives normally do. In a nutshell, pharmaceutical sales representatives work for drug companies. They advocate for the use of the companies’ pharmaceutical products by physicians and other health care professionals.

The responsibilities and common day-to-day activities of pharmaceutical sales agents or representatives include the following:

• Educate physicians and health professionals about new pharmaceutical products.
• Effectively communicate the applications, characteristics, benefits, and side effects of prescription drugs within a company’s product line.
• Establish and foster relationships with key clients.
• Keep abreast with new drug developments and pertinent healthcare issues, including sales laws and regulations, by attending continuing education workshops and training.
• Collaborate with internal product teams.
• Research the competition
• Maintain customer sales records.
• Attend sales meetings to learn about new pharmaceutical products and how to achieve company goals.

Key Skills and Qualities Required for Success in the Field

If you are considering a pharmaceutical sales representative job, you must not only have a deep knowledge and understanding of the drugs you sell and the healthcare industry that you work in, but more importantly, you must have well-honed sales skills, such as the following:

1. Negotiation

You should master the art of coming to an agreement that will be beneficial to two or more parties. Expect to negotiate with clients regularly, especially when closing a deal.

2. Salesmanship

It is the skillful presentation of a product or service in an enticing manner to potential customers. The key to effective salesmanship is anticipating customer needs and articulating why your product meets them.

3. Scientific Aptitude and Knowledge of Healthcare

You will be expected to know relevant scientific concepts and understand the health system as a whole. By having industry knowledge, you can easily present, promote, and push the products you sell to the right people.

4. Problem-Solving

Pharmaceutical sales rep jobs require overcoming challenges and solving problems. If challenges and issues didn’t exist, companies wouldn’t need salespeople.

5. Passion for Selling

People in sales jobs, and pharmaceutical sales agents in particular, shouldn’t be easily discouraged and give up when they meet rejection. They should all the more show full resolve and determination to succeed in their goals when faced with challenges.

6. Communication and Presentation Skills

These are essential skills when you provide advice to a variety of customers, including doctors, pharmacists, and nurses, to increase the awareness and use of your company’s products. You may also need to make presentations to healthcare professionals and organize group events, as well as work with contacts on a one-on-one basis.

7. Teamwork and Networking

Pharmaceutical sales rep jobs require collaborating with internal product teams, attending meetings, briefings, and technical data presentations. They also entail creating opportunities to meet and talk to contacts in the medical and healthcare sector.

8. Ability to Work Well Under Pressure

Much work done by pharmaceutical sales agents is stressful and usually under time pressure. They include meeting and exceeding sales targets, if possible, arranging appointments with doctors and medical teams, organizing conferences for doctors and other medical staff, and working extra hours and some evenings.

There is a lot of travel during the day for pharmaceutical sales rep jobs. You may even have to stay away from home overnight and attend client dinners on some evenings. Furthermore, there may be some opportunities for overseas work or travel, especially with multinational pharma companies.

Advantages of Having a Career in Pharmaceutical Sales

Whether you want to advance your career as a pharma sales rep or you are planning to shift to a medical sales career, here’s what you can expect from the position in terms of pay and career outlook:

Compensation Package

Pharmaceutical sales jobs typically consisted of a base salary, earned commission, and a bonus occasionally. The pay for sales reps in the pharma industry is higher than average compared to other sales jobs.

MedReps reports that in 2021, pharmaceutical sales representatives earned an average salary of $158,013, consisting of an average base salary of $115,244 and an average commission of $44,798. Your years of work experience significantly impact your earnings. For example, a salesperson with less than two years of sales experience can earn an average of $96,846, while an individual with 11-20 years of sales experience can earn an average of $164,598!

Working as a sales rep in the pharma industry is generally a high-paying job, whether you have little or much experience in it.

Career Growth and Advancement

The US Bureau of Labor Statistics (BLS), considered the most reliable source of career-related information in the US, does not specifically track medical sales rep jobs. It does project; however, more jobs will be added in healthcare than any other industry by 2030. The BLS expects a 13% growth in the number of jobs between 2021 and 2031, which translates into 2.6 million new jobs. Healthcare is now the top employer among all US industries.

There is no available official data on the forecast average job growth for pharmaceutical sales representatives. However, the US Bureau of Labor Statistics (BLS) projects the number of jobs for manufacturing and wholesale sales representatives to grow by 4% between 2021 and 2031. This will allow an additional 170,000 new job openings per year over the decade, which is about as fast as the average for all jobs in the country – 5% for the same period.

Job Stability and Security

Over the years, the pharmaceutical industry has been known for its stability and growth opportunities. There is a constant demand for medications, so pharmaceutical companies are less likely to experience layoffs than companies in other industries.

Dynamic Work Setting

Pharma sales is an exciting field to work in. Pharma is a dynamic, high-technology industry with rapid growth and the potential for high profits. With a global market of over $1.42 trillion and a US market value of $685.45 billion, it continues to churn out top-selling drugs that have annual sales in the billions. Multiple new technology pharma companies continue to spin out of Harvard University and MIT.

Steps to Start a Career as a Pharma Sales Rep

Pharma sales representatives are highly sought after within the field of sales, particularly due to the high pay that they command and the other perks that go with the job. If you’re considering a career in pharmaceutical sales, follow these suggested steps.

1. Research and understand the pharmaceutical industry

Understand how the pharmaceutical industry and the companies operate. An analysis of financial statements provides a basis for forecasting company performance. You can find a company and job that can greatly increase your chances of long-term career success and satisfaction.

2. Obtain relevant education and qualifications

Many pharmaceutical sales jobs require that applicants possess Bachelor’s degrees in related fields such as health sciences or marketing. Some may prefer candidates with a related master’s degree. Expect that employers will prefer applicants familiar with the pharma industry and with the aptitude to learn concepts related to drug development.

3. Build a strong foundation of product knowledge

Product knowledge and accurate information are essential aspects of the pharma sales agents’ job. Sales reps should have a complete understanding of the product they’re selling, including a product’s features and benefits from the customer’s point of view, so they can have more engaging conversations that lead to sales.

4. Develop effective communication and networking skills

Networking is all about forming long-term relationships and establishing a good reputation over time. It involves building a web of connections who can potentially assist you and who you can help in return. Here are a few pointers:

• Identify the right network targets that are relevant to your field.
• Attend networking events appropriate to your role.
• Get used to introducing yourself.
• Giving something back to people for stronger and more productive professional relationships.
• Remember to reconnect to your network regularly so your professional relationship can strengthen over time.

5. Find and apply for pharmaceutical sales job opportunities

Check company websites for advertised vacancies and details of recruitment schemes. There are a few good platforms that also advertise vacancies for pharmaceutical sales jobs, such as LinkedIn, indeed, and FoundIt.

Connecting with headhunters and sales recruiters in Chicago can also help you land a decent job in the pharma industry.

6. Prepare for interviews and ace the selection process

Be fully prepared before the interview to help you stay calm, confident, and collected. It will also help you make a great first impression on your interviewer, as it will be obvious to them how much time you’ve put into your preparation and how much you care about the role. Following these sales interview tips and suggestions will help:

• Know the details of the interview. Ask if it is not clear to you.
• Understand how the role you’re applying for fits in with the rest of the organization.
• Research the company beyond the “About Us” page.
• Research your interviewers.
• Research questions and practice your answers.
• Prepare questions to ask the interviewer.
• Know your resume in and out. (Check out these resume tips for sales professionals)
• Review your achievements worth bragging about.
• Practice.
• Help yourself stand out.

Training and Development for Pharmaceutical Sales Representatives

The objectives of sales training for pharmaceutical salespeople are similar to the common clear-cut common objectives of sales training across all kinds of organizations. It helps the sales team learn new skills, sharpen existing skills, and develop execution strategies that help win business.

Onboarding and Initial Training Programs

Sales onboarding is an initial education program that trains newly hired sales reps about the company, its values, products, and other necessary knowledge. It teaches them how to leverage the tools provided by the company in an easy-to-understand and timely format.

Continuous Learning and Professional Development Opportunities

Staff can become outdated if they don’t continually upgrade their skills. To be deemed valuable, employees need to keep learning and growing. As the sales landscape changes, they need to adapt and outperform the competition by understanding the trends and getting relevant training.

Stay Updated with Industry Trends and Regulations

Keeping updated with industry trends and regulations will allow you to make better business decisions. You’ll spot opportunities and threats early on, which can give you a competitive edge. This becomes especially important if you contribute to developing your organization’s strategy. It will likewise help you identify and take advantage of the sales opportunities that come your way.

Another benefit of keeping up-to-date with your industry is your ability to build expert power. By developing expertise in your job and your industry, you’ll establish credibility and earn the trust and respect of the people around you, which is invaluable from a leadership perspective.

Challenges and Potential Drawbacks of a Pharma Sales Career

Just as with any other career, there are a few challenges that you may encounter as a pharmaceutical sales professional. By being aware of these potential concerns, you can find effective ways how to effectively and professionally deal with them.

Competitive Nature of the Industry

The pharmaceutical industry is characterized by strong competition. Firms aim for competitive advantage to outperform their rivals. Some key sources of competitive advantage include innovation, cost advantage, and brand equity. Innovation is an important factor in a pharmaceutical organization that wishes.

To enable the firm to stay ahead of the competition, it should provide unique and innovative products to consumers. This can involve the provision of new pharmaceutical products as well as the redesigning of outdated ones. When innovation is used as its source of competitive advantage, the pharma company must also beware of technological advancements.

Unreasonable Sales Targets and Quotas

Even top sales representatives do not meet their sales targets occasionally. This may seem demotivating at first, but the most important thing you can do is to prepare and employ the right methods to meet your sales goals. Study your customer’s needs meticulously, and you’re most likely to build strong relationships and consistently meet your sales goals.

Physician Apathy

Not all physicians will think your product is worth the effort. If you’re selling a new class of drugs, you can expect two reactions from doctors. Either they’ll likely have more interest in learning about what you sell, and second, they’ll be more hesitant to try it because of concerns about insurance coverage, efficacy, and safety. If your product, on the other hand, is similar to the competition, get your physician’s attention with your product’s affordability and ease of use.

Frequent Travel and Time Away from Home

The work in pharmaceutical sales can be very fast-paced, and you will need to work long hours. It can entail frequent travel and time away from home. The biggest challenge is to be psyched up every day. Your excitement translates visually, and the doctors feed off that excitement. You have to have energy and mental stamina to be as fresh for that last call at 6:00 PM as you were for the first call at 8:00 AM.

Ethical Considerations and Compliance with Regulations

The landscape of rules and laws that govern how pharma sales reps sell is constantly changing, with the Food and Drugs Administration (FDA) and other government agencies having the final say. Sales reps must adhere to a changing list of rules imposed by the companies’ legal teams. Sales reps should seek clarity regularly from their legal teams and do their best to perform their job within the rules.

Work-Life Balance

There are plenty of things that get in the way of work-life balance for pharmaceutical sales reps. They include the constant search for sales prospects, the need to meet quota, and the importance of always being available to talk with a potential customer. You can adopt practices to achieve a better balance of your priorities. Draw a clear distinction between “work time” and “personal time.” Schedule your work hours and commit to staying away from non-work activities that interfere with your schedule during this period.

Resources and Support for Pharma Sales Reps

If you have decided to take on a pharma sales job in Chicago or any other major city in the US and you want to excel in your career, here are relevant resources you may keep in mind that can support your continuous learning and education about the job and the industry:

Professional Associations and Networking Groups

Pharmaceutical salespeople can learn up-to-date developments in the pharmaceutical industry from trade associations such as the following:

• Consumer Healthcare Products Association (CHPA): Represents the leading manufacturers and distributors of nonprescription, over-the-counter (OTC) medicines and nutritional supplements.
• Drug Information Association (DIA): Professional association for those involved in the discovery, development, regulation, surveillance, or marketing of pharmaceuticals or related products.
• Association for Accessible Medicine: Represents the manufacturers and distributors of finished generic pharmaceutical products, manufacturers and distributors of bulk active pharmaceutical chemicals, and suppliers of other goods and services to the generic pharmaceutical industry.
• Pharmaceutical Research and Manufacturers of America (PhRMA): Represents the leading US pharmaceutical research and biotechnology companies. Publishes regular profiles and reports about the state of the industry.

Online Platforms, Forums, and Courses

Choose from a wide range of Pharmaceutical courses offered by top universities and industry. You can familiarize yourself with the process of drug discovery, drug development, and drug commercialization in a new specialization from the University of California, San Diego.

You can likewise learn pharmaceuticals or improve your skills online with courses offered by digital learning marketplace today, like Coursera’s 3-course series on Drug Discovery, Drug Development, and Drug Commercialization.

Mentorship Programs

The mentoring programs help connect knowledge seekers (mentees) with knowledge bearers (mentors). These mentee-led relationships provide young sales reps the opportunity to connect in meaningful ways with someone whose experience can help them navigate careers and life.

A successful sales mentorship will boost the confidence of team members and make them feel more supported in their roles, which can lead to improved performance and motivation as they feel that the company values their success.

Wrapping It Up

The pharmaceutical sales representative job is one of the most challenging and highly rewarding jobs in the US and the world today. The competitive nature of the business, the constant development of new medications, and the use of modern R&D and manufacturing technology will allow continued growth of the pharmaceutical industry. What goes with this growth is the need for more professional sales representatives.

Pharmaceutical sales rep jobs offer higher-than-average pay, generous benefits, incentives, and perks, befitting the robust health and growth of the industry. You will also have the distinct advantage of being instrumental in the healing of the sick and the alleviation of their symptoms through the products you sell.

We hope this comprehensive article has enlightened you more on the nitty-gritty of the pharmaceutical sales representative jobs and has helped convince you of the positive prospects for the job. At Sales Recruiters Chicago, we want to contribute to improving the healthcare environment by promoting pharmaceutical sales jobs and finding the best candidates suited for the sales jobs. Browse our list of pharmaceutical sales rep jobs or submit your resume and be part of our mission to bring effective cures and relief to our sick fellowmen.