NAPSRx News: State of the Pharmaceutical Sales Rep Labor Market -2015 To See Growth
Washington, DC (PRWEB) February 23, 2015 -- Today, National Association of Pharmaceutical Sales Reps (NAPSRx) released its annual State of the Pharmaceutical Sales Rep Industry Report and is once again projecting growth for reps in the industry for 2015.
Even in a rocky economic period, pharmaceutical sales representatives remain an in-demand profession. With a Baby Boomer population reaching 80 million in the United States, the need for pharmaceutical drugs is high and expected to keep rising.
“The Senior Citizen’s community is aggressively seeking treatments and cures for everything that ails them. As this population continues to mature, the demand for constantly improving remedies will continue to grow,” says Todd Ruff – Industry Insider. “The size of this aging demographic continues to drive growth in the industry.”
With a salary, commission and bonus, a successful rep can take home a substantial income. The average salary for a entry level pharmaceutical sales rep is about $98,000, according to CareerBuilder.com, but adding commission and bonuses can often boost annual earnings considerably.
Pharmaceutical sales reps should be well versed in data, statistics and issues in the health care community. Continual education is also required to stay up to date on advances in medicine and new products.
Additional training available
The National Association of Pharmaceutical Sales Reps (NAPSRx) provides ongoing training programs and the industry CNPR certification courses each year for entry-level sales representatives.
However, pharmaceutical sales jobs aren’t just for candidates fresh out of college, and attendance at CNPR Pharmaceutical Sales Certification programs reflects this, with about 70 percent consisting of people changing careers.
For those considering a job in pharmaceutical sales, talking one-on-one with a sales rep in the field could provide some valuable insight into whether this career is right for you.
“The result is an increasingly competitive job market,” NAPSRx adds. “Candidates looking to break in need all the help they can get and completing the CNPR Certification program will certainly do that.”
Salary
According to the US Bureau of Labor Statistics, the median annual salary of an experienced pharmaceutical sales representatives is $98,200 as of May 2013, and most earned between $101,710 and $145,730.
Those who work for established companies enjoy competitive benefits packages that often include a company car, business trips, expense accounts, stock options, bonuses, medical and life insurance, tuition reimbursement and retirement plans.
Because they work on an excellent base salary with some commissions as well as bonuses, pharmaceutical sales representatives have some control over their earnings and can improve their pay by increasing their sales.
Job Growth
The BLS expects a job growth of 10% for all sales representatives of technical and scientific products (which includes PSR’s) between 2012 and 2022, which is roughly average job growth. CNNMoney.com has projected job growth of 12% from 2006 to 2016 specifically for pharmaceutical sales representatives. Demand is highest for knowledgeable sales people who are able to stay up to date in a rapidly changing industry and communicate effectively with health care professionals.
The pharmaceutical industry is based largely in California, New Jersey and parts of the Midwest, so candidates who live in these areas may have an advantage when it comes to obtaining entry-level positions. Those with a strong educational background in the life sciences, business and statistics are also attractive to employers.
For Candidates Who Want to Break into Pharmaceutical Sales
The NAPSRx® helps thousands of individuals annually enter a career in pharmaceutical sales. The NAPSRx® CNPR® College Accredited Certification Program for Pharmaceutical Sales provides applicants with the necessary pharmaceutical, medical and science background that pharma companies look for from qualified applicants. The NAPSRx® also maintains an Career Center for entry level candidates where they can find openings with companies hiring individuals with no prior pharmaceutical sales experience.
For more information on the CNPR Pharmaceutical Sales training program and the NAPSRx please visit the website of the NAPSRx.
S. Kennedy, NAPSRx, http://www.napsronline.org, +1 800-284-1060, [email protected]
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