Pharmaceutical Sales Salary,
Curious About How Much Paid?
Pharmaceutical Sales Salaries Explained!
Pharmaceutical Sales Salary and Benefit Package - is it really that lucrative? Absolutely! How do pharmaceutical sales salaries "show you the money"?
Learn how a pharmaceutical rep gets paid and when!
Pharmaceutical sales rep salary, bonus money, how bonus is configured, additional lucrative opportunities, and comprehensive explanation of benefits...Get "in the know" with our insider pharmaceutical sales rep salary information!
PHARMACEUTICAL SALES SALARY: How Much is the Guaranteed Base and When Can You Can Get Your Hands on It?
Most beginning pharma reps will make a base pharmaceutical sales salary of $40k-55k, depending on the type of experience you have and the number of years you’ve invested in your previous career(s). Obviously, a new college graduate will make on the low side of that pharmaceutical sales salary range, while an experienced outside salesperson would make on the high side. In addition, managers will also consider what you are currently making in your current position, and use that as an additional guideline. Therefore, before an offer is made, most managers will usually ask for a copy of your most recent W2 - showing your total compensation for the last tax year.
When Does a Pharmaceutical Rep Get Paid? Pharmaceutical companies send out checks twice per month (usually on the 14th or 28th, or every 2 weeks). Depending on when you begin training, your first check will be a pro-rated amount on the regular pay date.
BONUS: It's Sometimes Even Larger Than the Pharmaceutical Sales Salary, Itself!
Every company structures their bonus system a little differently. For example, some companies have a limited bonus payout per year – meaning that they already know how much the #1 rep in the company will make because it is “capped” – limited. The capped bonus may lie anywhere in the $28-$45k/yr range, depending upon the company. However, some companies may have an unlimited bonus structure in which there is no cap to the yearly bonus. Those companies tend to payout much higher dollar amounts in bonus if you have excellent sales numbers. For example, a company that I previously recruited for pays out around $80-110k/year in bonus alone for their top reps. (Pretty good, eh?) As you can see, there's a lot of variance in bonus amounts that you can earn at a specified company. Therefore, this is something you will definitely need to ask the manager before you accept an offer.
In addition, company bonus payouts are usually paid out on a quarterly basis. However, we previously recruited with an exceptional company that pays out on a monthly basis – the reps love this!
How companies determine bonus amounts is also structured differently from one company to another. All companies expect their pharmaceutical reps to attain at least 100% of their target/goals. Anything over that 100% usually results in a dramatic bonus increase. For example, the target bonus - how much in bonus a rep will make at 100% - is usually in the range of $18-28k/yr. So, let’s suppose that at target (achieving 100% of your goal) you will make $24k. However, let’s also suppose you are achieving 125% on all 3 of the products that you promote. So, depending on how the company computes the bonus, you will make around $4-6k more/year because you are over your goal. However, if the company has a capped bonus system, no matter how much you’ve surpassed your target, there will be a limit to how much money you can receive in bonus.
HOW IS THE BONUS MONEY CONFIGURED IN PHARMACEUTICAL SALES JOBS?
Every company determines their own method of how to assess growth and this can change every 6 months – so don’t get too comfortable! For example, some pharmaceutical sales companies track the # of new scripts coming in and your goal will be set in reference to that measure. Other companies may determine bonus by measuring the total # of scripts (not just the new scripts. And yet another pharmaceutical company may base target on a formula that takes both of these measurements into consideration. Again, this is a great question to ask in the interview process because it shows that you are familiar with the general bonus structure system. Basically, every company tweaks their compensation system a little differently.
HOW IS A PHARMACEUTICAL REP SPECIFICALLY COMPENSATED ON THE PRODUCTS HE/SHE PROMOTES?
Most pharmaceutical reps will promote a portfolio of products, meaning 2-4 different medications.
Click here to find out EXACTLY what a pharmaceutical rep does on a daily basis to earn this lucrative pharmaceutical sales salary!
However, not all of your products will be weighted the same in terms of determining pharmaceutical sales bonus payouts. Usually you will have a 1st line product (the medication that you will promote most of the time) and it may be weighted at 60% - meaning that it will account for 60% of your bonus payout. You may have a 2nd product weighted at 25%, and a 3rd product at 15%. Of course you will get trained and tested on all three products and you will sample all 3 products.This may seem odd, but it’s actually a great idea. Why? Because your 3rd line product will actually be one of your teammates 1st line products and your 2nd line product will be another teammates 1st line product, etc. Therefore, every rep in your team or pod will have a different 1st line product and will be considered that product’s expert. It makes sense because it is simply too difficult to be an expert on all 3 products – too much information!
PHARMACEUTICAL SALES SALARY AND BONUS SIDEBAR:
Obviously it’s a little difficult to explain, in general terms, how the bonus system works because each company structures it differently. The best thing to do, of course, is to ask the manager in the interview process.
However, it’s not that simple…the timing must be right – usually no earlier than the 3rd interview is acceptable. Also, just as you’ll learn in the “Interview Tips” section (coming soon), a question is actually an opportunity to show what you know. For example, you should not simply ask, “How does your company structure your bonus?” Instead you must phrase it in a way that shows you know quite a bit about how companies structure their bonus systems. So, you might say, “I understand that bonuses are often based on the numbers of new scripts, total scripts, or a combination of the two; how does your company determine bonus?
Remember…never ask a question without first telling what you know about the subject! And, don't even broach the subject of pharmaceutical sales salary or pharmaceutical sales rep compensation until after the 2nd interview!
Pharmaceutical Sales Salary
Plus Additional Pharmaceutical Sales Rep Compensation
It Only Gets Better From Here...
TRIPS: Indulge Yourself Because You Deserve It!
How about you and your “significant other” going on an all-expenses paid paradise vacation and your employer picks up the tab? And, of course while you are away, you are still earning that lucrative pharmaceutical sales salary and bonus! In every company, top sales leaders are recognized and rewarded, and this is one of the rewards! The top sales awards are usually given to the top 5% of the sales force and recognized as “President’s Club” or “President’s Circle” winners. This CAN happen to you!
ADDITIONAL MONETARY OR OTHER REWARDS: Unlimited Potential!
This may be earned as a higher than normal bonus or cash rewards, in addition to your pharmaceutical sales salary. There are numerous sales contests occurring every quarter that pay great money. There are also gifts and gift certificates for a job well done. There is no end to what you can reap if you work hard! Note...we even know of a local rep who earned a BMW as his company car! Now that's a great reward for a job well done!
RECOGNITION: Let’s Talk About Me, Ok?
Who doesn’t like to be publicly recognized for a job well done? Sales reps, as a whole, love and often need this recognition to keep them motivated. Sales reps are recognized and rewarded at the district, regional, and national levels. Surpassing sales goals and gaining top honors is a great way to get known by the people who can swiftly advance your career in the direction you desire.
REFFERAL BONUS: Get Paid for Working With People You Like!
Many Pharmaceutical Reps have made great money by simply referring good candidates to the manager when there is an opening. Because it is cheaper to pay their own rep rather than a pharmaceutical sales recruiter, most managers are happy to oblige. Also, managers like the fact that these candidates have been recommended by a company rep – it creates a more cohesive team. Companies will pay Pharmaceutical Sales Reps from $2000-$4000 (YES, it’s after taxes, so you actually receive $2-4k) for every referral that gets the job. We’ve known Pharmaceutical Sales Reps that have made quite a large sum of cash from the referral system!
PHARMACEUTICAL SALES SALARY: It’s Not Just About the Money…The Benefits are Exceptional!
As if the lucrative pharmaceutical sales salary and additional compensation were not enough…try this on for size! Not only will you get a brand new car (which you usually get to choose from several different models and colors), but you will be allowed to order a new one after you get 45,000-50,000 miles on your “old” car. Plus, you are allowed full, personal use of the car, as well. Wow – a new car, discounted gas (many times it’s free), and free car insurance…great deal, huh?
In addition, pharma reps also enjoy the following:
unbelievable health and dental insurance benefits (how about free lasik surgery?)dependent care benefits for families with young children,a great 401k (where the pharma company will match 3-7% of your investment.life and disability insurance, and an additional retirement plan,some companies even offer profit sharing – especially the newer, small pharma and biotech companies – where they will pay an additional bonus to employees when the company exceeds its monetary sales goals,free cell phones and monthly office supply budget,and a great company expense account for scheduling lunch and dinner programs at top restaurants.
WHEW! That is incredible, isn’t it? Personally, we know of no other sales job that offers more than, or even equal to, what pharmaceutical sales offers its reps.
A lucrative pharmaceutical sales salary and bonus, exceptional benefits, and unending opportunities to make more cash…sounds like a dream, right?
Oh….but it’s not! It’s truly attainable!
How Can I Get an Opportunity to Earn Lucrative Pharmaceutical Sales Salaries? Read on...
First Things First....You Know How Difficult it is to Break Into Pharmaceutical Sales, Right? Only 2% Make it in! So....you need a slam dunk, proven system for breaking in....
Our step by step, no fluff, hard-core, time-tested system for success has just been released to the public. Learn about our secret strategies and ulimate path to pharmaceutical sales salary heaven!
Hey Future Pharmaceutical Rep...Want to Jump Start Your Pharma Sales Career and Earn That Unbelievable Pharmaceutical Sales Salary ASAP?
A compelling cover letter and powerful resume can catapult your chances of landing a pharmaceutical sales job. Don't compromise your chances...get industry-insider information about the do's and don'ts of pharma sales resumes.
Job-Winning Resume Tips and Sample Resumes, Cover Letters, and Resume Writers for Your Pharmaceutical Sales Resume!
Unsure if your background is a good fit for Pharma Sales?
Find out what it takes to become a pharmaceutical rep! Get the answers to...what degree works best, which attributes are most desirable, can a new college graduate get in, and many more!
Learn What Skills Pharmaceutical Sales Managers and Recruiters Look for in Pharmaceutical Sales Jobs!
Wondering what a Pharmaceutical Rep does?
Learn about training, getting organized, planning your day, meeting with prescribers, local and national meetings…all the juicy “details” are right here!
Find Out Exactly What Goes on in the Daily Life of a Pharmaceutical Rep.
Did you know that a Pharmaceutical Sales Recruiter may be the key to landing pharmaceutical sales jobs?
Pharmaceutical Recruiter Tells All! Questions to ask and how to prepare for an interview with a recruiter. Also, how to handle pharmaceutical sales salary issues in a professional manner.
Learn How to Win-Over Pharmaceutical Sales Recruiters; Make Them Want to Work for You!
Do you know the answers to Standard Job Interview Questions - Pharmaceutical Sales? You know, as in the question, "What kind of a pharmaceutical sales salary are you expecting?"
This question scares most candidates to death, and rightly so...because it can make or break the rest of the interview! Our Pharmaceutical Sales Interview Coaching Blog is an interactive way to get your questions answered! Learn smart interview techniques and get the job. Genius Question/Answer Blogs from your Interview Coach! Get Expert Interview Advice, Now!
Do you know the opportunities that exist for Pharmaceutical Sales Reps?
Discover the incredible opportunities available to pharmaceutical reps. Learn about Pharmaceutical Sales Career options, definitions, and requirements. Pharmaceutical Sales Career Info Galore!
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