Top 20 Pharmaceutical Company Changes Over the Last 18 Months: How They Affect Pharma Sales Reps
In 2008, these were the Top 20 pharmaceutical companies:
| Top 20 Pharmaceutical Companies | ||
| 01 | Pfizer | $44,424 |
| 02 | GlaxoSmithKline | $38,501 |
| 03 | Sanofi-Aventis | $38,452 |
| 04 | AstraZeneca | $28,713 |
| 05 | Merck | $26,532 |
| 06 | Novartis | $25,477 |
| 07 | Johnson & Johnson | $24,866 |
| 08 | Roche | $21,998 |
| 09 | Eli Lilly & Co. | $17,638 |
| 10 | Wyeth | $17,179 |
| 11 | Bristol-Myers Squibb | $15,622 |
| 12 | Abbott Laboratories | $14,632 |
| 13 | Schering-Plough | $12,773 |
| 14 | Bayer Schering | $12,294 |
| 15 | Boehringer Ingelheim | $11,103 |
| 16 | Takeda | $10,626 |
| 17 | Astellas* | $8,530 |
| 18 | Daiichi-Sankyo* | $7,382 |
| 19 | Eisai* | $6,250 |
| 20 | UCB Group* | $4,370 |
The list looks a little different these days. For instance, Pfizer purchased Wyeth in January 2009, Merck purchased Schering in March 2009, and Roche signed a major deal with Genentech…confirming for many a trend toward consolidation in big pharma. Which means that there are almost certainly more changes to come.
My take: With many block-buster products losing patent privileges, weak future product pipelines, slow market growth, tremendous litigation issues, an ever-increasing regulatory environment, and continued formulary tightening by insurance companies, pharmaceutical companies are being battered and forced into mergers, buyouts, and massive layoffs in order to stay afloat. All that shifting and adjusting throws many sales reps right off the boat.
We’ve seen thousands of resumes from pharma sales reps who were already in pods calling on the same market area…so competition was already fierce when the market was good. Mergers cause even more duplication in sales territories, so pharma reps get laid off–the lucky ones get generous severance packages, but many get nothing. Trying to get another pharmaceutical sales job in this set of circumstances is the definition of insanity– doing the same thing, but expecting to get different results. Because of the tremendous glut of these kinds of candidates searching for a job in a market that isn’t hiring because of the weak economy and other contributing factors (already noted), these candidates are not only out of a job, but they are really out of a career.
The answer is for the former pharmaceutical sales rep to evaluate, retool, and readjust to this new reality. Pharma sales reps often discover obstacles when attempting to branch out into other areas of medical sales, but I have placed many pharma reps into other healthcare sales areas. The catch: they must accept that their skills may only get them into an entry-level sales position. That’s a little difficult to swallow for some reps who’ve been around for a while. It’s not all negative–most of my client companies pay more in total compensation than the traditional pharmaceutical pay structure. But they also require strong skill sets, more technical skills, and very often more good old-fashioned elbow grease. Other areas of medical sales (laboratory sales, medical device sales, clinical diagnostics, imaging sales, pathology sales, hospital equipment sales, biotech sales, etc.,) are a little harder to get into, but the results are worth it in compensation, respect, and job stability.
If you’re an out-of-work pharmaceutical sales rep ready to start your career in a medical or healthcare-related company that requires real sales closers and pays for performance, apply here.
Shape yourself into the ideal medical sales candidate with the How to Get Into Medical Sales kit.
If you need personal career coaching to help you through this (and who wouldn’t?) then read this.
Here’s an opportunity for you to learn what you need to know to stand out from the rest of the masses of pharma reps flooding the market! Sign up for a FREE webinar: How to Get a Better Job – Faster! Discover the essential tool you need for your interview, the critical things you must convey to the hiring manager, and the secret to standing out as a star candidate in every interview.
Written by Peggy McKee - the medical sales recruiter
Get top medical sales candidates at PHC Consulting
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