Major 20 Pharmaceutical Company Changes Over the Last Eighteen Months: How They Affect Pharmaceutical Sales Reps

In 2008, these were the Major 20 medical companies:

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 major 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, pharma 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 pharma sales career opportunity 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 aren’t 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 pharmaceutical sales, but I have placed many pharma reps into other healthcare revenue areas.  The catch:  they must accept that their skills may only get them into an entry-level revenue 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 medical pay structure.  But they also require strong skill sets, more technical skills, and very often more fine old-fashioned elbow grease.  Other areas of pharmaceutical sales (medical laboratory sales, clinical device sales, clinical diagnostics, imaging sales, pathology sales, hospital equipment sales, biotech revenue, 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 medical sales rep willing to start your career in a pharmaceutical or healthcare-related company that requires real sales closers and pays for performance, apply here.

If you need personal career coaching to help you through this (and who wouldn’t?) then read this.

Article courtesy of  Peggy McKee - Owner / Senior Recruiter at the nationally
recognized laboratory and clinical laboratory sales recruiting team of PHC Consulting.
© Copyright 2008 PHC Consulting | All rights reserved

Top 20 Pharmaceutical Company Changes Over the Last 18 Months: How They Affect Pharma Sales Reps