Benefits of Being a Pharmaceutical Sales Representative
The financial rewards, including a company car
A career in pharmaceutical sales offers some of the best benefits and perks anyone can ask for in a job. Typical starting salaries are in the low $30,000s and established reps can have base salaries in the $90,000s. Bonuses on top of that for high-performing salespeople can easily push earnings into the six-figure range. But besides the money, there are many other attractive advantages in pharmaceutical sales.
One of the best perks enjoyed by pharmaceutical sales reps is the use of late model company cars. These are typically midsize sedans leased under a company fleet program. Some pharmaceutical companies even offer minivans to their sales forces and I’ve seen reps drive SUVs as company cars as well.
Company car leases are typically short-term, lasting only a few years, so sales reps end up driving relatively new vehicles all the time. Once a company car lease expires, the rep gets a new vehicle! The company pays for all maintenance costs like tune-ups, oil changes, gas, and insurance, so basically sales reps get to drive their cars for free (although for tax purposes, the payroll department of business may report a taxable profit on sales). force personnel).
Some companies have been known to offer vehicles near the end of their lease terms for sale at significant market discounts. Representatives have been able to purchase used cars in relatively good condition for other family and friends at very attractive prices through such programs. Some have even resold these vehicles on the used car market for a small profit.
In addition to a company car, a pharmaceutical representative also has access to an expense account that allows them to entertain clients, such as doctors, on a business level, whether it be for meals at fine restaurants or other business social activities, such as golf outings. . or attend sporting events. Of course, the representative is expected to participate with their customers in these commercial social activities.
freedom and independence
For those who don’t like the idea of being stuck in an office job, a pharmaceutical sales position offers the opportunity to spend most of your work time in the field visiting clients such as doctors, nurses, and pharmacists. Pharmaceutical representatives are free to set and organize their own work schedules. No day is the same as different clients are visited at different locations each business day. Pharmaceutical sales implies a lot of independence, since the heads of the pharmaceutical representatives or the district sales managers are not usually present 95% of the time. So there is no one constantly looking over their shoulder most of the time for this line of work.
travel opportunities
Pharmaceutical companies often hold sales meetings for their sales force in nice places, sometimes even in exotic foreign locations that provide representative travel opportunities at company expense. Accommodations, meals, and entertainment during these gatherings are often top-notch. I’ve stayed in five-star resorts, been on a Mediterranean cruise, taken a scenic plane ride over the Grand Canyon, skied in the Rocky Mountains, attended live theater in New York City, toured the old city of Pompeii and experienced many other interesting activities. who were paid while working for pharmaceutical companies.
There are also opportunities for pharmaceutical representatives to attend large medical conferences which are often held in nice venues as well. Some representatives have been able to bring spouses, partners and family members to combine business trips with personal vacations. Once again, the company had already paid all or a large part of the travel expenses. I used company-paid flights and extended some stays before or after company meetings for personal vacations. I was able to dive in the Egyptian Red Sea this way. I know representatives who extended trips in Europe and the Caribbean in combination with company meetings.
Satisfying an important role in health care
Of course, in addition to these benefits, there are other factors involved in pharmaceutical sales that can be very satisfying. Pharmaceutical representatives are in a position to help educate doctors, nurses, pharmacists, and medical students about their pharmaceutical products along with the associated medical conditions they treat. There is great satisfaction when a medical professional tells you that your product has made a positive difference in a patient’s health, especially when the professional never used your product before you introduced it to them.
It would have been his sales efforts that caused the doctor to change prescribing habits, which ultimately helped treat patients better. This makes a pharmaceutical representative feel like an important part of the overall healthcare team. In fact, it’s a good feeling when one knows that he or she is part of a company responsible for bringing a much-needed medical product to society.