How Much Do Pharmaceutical Reps Make in 2023?
By: Salman Saeed
This article covers who is a pharmaceutical representative, what they do, how to become a pharmaceutical rep, and how much money they make. Read on for details.
Pharmaceutical representatives are individuals who are involved in the sale of pharmaceutical products. They are hired by pharmaceutical companies, which expect them to persuade doctors to prescribe their brand of medicine and drugs to patients. According to an estimate, pharmaceutical companies invest more than $ 5 billion annually in the process of sending their representatives to doctors, providing product information during frequent question-answer sessions, and delivering product samples. These sessions and communications are conducted according to the set limit. The limits are set by the code on interactions with healthcare professionals, created by the Pharmaceutical Research and Manufacturers of America (PhRMA). This code was worked on in 2002, and they have updated it to help define the interaction and official relationship between healthcare professionals and pharmaceutical businesses.
What do pharmaceutical sales reps do?
Pharmaceutical companies hire representatives to represent their companies in the market and to follow leads targeting potential customers to whom they are assigned within a particular geographic region. They further present their companies at conferences, and networking events and also conduct workshops to cultivate better sales.
The basic responsibilities of the pharmaceutical reps include:
- Interacting with clinicians and physicians and talking about the benefits of certain medicines. They endorse their company’s product and convince the physicians to recommend that particular medicine to their patients.
- Pharma reps meet with physicians and healthcare professionals quite a lot and describe their products’ formulas, drug chemistry, right dosages, and adverse effects. They also discuss their potential interactions in the future.
- They also get assigned to promote particular drug classes, including antibiotics, antidepressants, and beta blockers.
- They are also responsible for administrative tasks such as order purchasing, making and maintaining new accounts, reviewing product literature, and working on consumer complaints.
How to become a pharmaceutical rep: Required skills
Pharmaceutical reps are not ordinary individuals. They have to be really good at their communication skills. They also get to negotiate, so their mettle should be proven too. The pharmaceutical industry is a fast-paced sector, and exceptional interpersonal skills are required to survive in this field. The individuals have to polish their verbal communication skills to convey detailed figures and statistics about the ingredients and formulation of the medicines. Moreover, sales skills are the second most important skill set to have in order to excel in the field of the pharmaceutical industry as a rep. They have to be patient as well so that they don’t get aggressive in tough situations, and it is also important to not lose calm. These skills also determine how much pharmaceutical sales reps make.
They should also be:
- Properly educated and knowledgeable about the scientific process of how things work and the impact of drugs and medicines on the human body.
- Organized enough to handle multiple physicians and contractors at a time.
- Self-motivated, polite, and determined to get the attention of their dealers properly
- Have a strong emotional and mental quotient in order to cope with the work pressure and the pressure of target achievement.
Pharmaceutical reps training
Training is important for all kinds of jobs so that individuals can perform better and also know how to work. Pharmaceutical companies require individuals who have a four-year bachelor’s degree in pharmacy from an accredited institution. Though a particular major is not required, the representatives should have a basic understanding of the subject matter involved.
There are universities that offer diplomas for people who aim to become pharmaceutical reps. They also offer a customized short course so that the aspirants know their work and the rules of this industry.
A lot of organizations are also working on online pharmacy diplomas. They get trained accordingly so that they act professionally, know how to generate business and strive in the market.
The top five medical pharma are
- Accreditation Council for Medical Affairs (ACMA)
- Medical sales college
- CNPR pharmaceutical sales training
- The University of Texas at San Antonio
- The University of Florida Graduate certificate
Aspirants who want to become professionals in the pharmaceutical industry should consider the factors that can polish their skills and make their profile more worthwhile, and all these attributes can help them decide to make a lot of money annually.
How much do pharmaceutical sales reps make?
The salaries of pharmaceutical sales reps depend on certain factors. The importance of these is
- Sound knowledge
- Degree relevance
- Target achievements
The salaries and earnings increase over time. Also, the pharma companies set particular targets for their employees to tempt them to better performance and eventually to earn well. The salaries also vary with the region, countries, and profiles of companies. A lot of pharmaceutical companies pay well compared to others. Also, pharmaceutical reps get different remuneration in different countries. Additionally, the hourly and annual salaries of these reps can vary based on factors like region.
How much do pharmaceutical reps make an hour?
The hourly wages mainly depend on the profile and experience of the individuals. As per a survey conducted just recently, the hourly pay that pharmaceutical sales representatives get in the United States is $39.15.
However, it has been reported to be as high as $62.98, and the lowest is $10.10. Most of the hourly wages of hourly pharmaceutical sales representatives range between $23.08 and $53.12 all across the United States. The average pay, as the analysts suggest, varies depending on the skill level, location, and years of experience.
As the job postings on famous platforms show, the hourly pharmaceutical sales representative charges all over the world may vary due to internal factors. The average hourly pharmaceutical rep pay, however, falls at around $39, and it may also be $0.01 less than the average hourly salary across the nation. Moreover, it is also interesting to note that the hourly salary of around $39.15 might rank as the number 1 out of more or less 50 states nationwide for the hourly salaries of pharmaceutical representatives.
How much do pharmaceutical reps make a year?
As per the reports and estimates, specialty pharma representation makes more than the usual ones. They earn higher salaries of around $138,150 on an average basis. Pharmaceutical sales representatives are also employed by manufacturers and may make less at around $119,933, but are the highest paid for large and multi-national manufacturers with an average compensation of $133,407 annually.
A further breakdown shows it’s 43.16 per hour, which is equivalent to an amount of around $1726/week and $7481/month.
New pharmaceuticals, however, start with less pay due to a lack of experience. All the individuals who opt for the career of pharmaceutical reps and have experience of fewer than 2 years get to earn around $100,083 annually. They do start making more with time and after gaining experience. According to reports, pharmaceutical reps who have 20-plus years of experience in the field bring home more than $155,000 annually. Moreover, those who get to advanced executive positions like pharmaceutical sales VP manage to make around $200,455 on average.
Pharmaceutical reps can make millions if they adopt the right pathway. It is undoubtedly a challenging job with strict requirements. The pharmaceutical sales rep makes $39 an hour, and the annual earnings may go as high as $155,000.