The overall earnings of a pharmaceutical sales representative can come from a few different sources. Each of these will be discussed below.
The main component of earnings of course is the base pharmaceutical sales salary. The starting salary for recent university or college graduates with no prior experience in sales could be in the mid $30,000s to $40,000s range. Those with a few years of related work experience could negotiate to the higher end of this range.
Base salaries typically increase quite well with years of service to a pharmaceutical company. After several years, the base salary of a drug representative could be in the $50,000s to $70,000s range. Promotions to specialist hospital pharmaceutil sales positions will often result in an even higher pharmaceutical rep salary range.
Most pharmaceutical sales forces reward their reps with monetary sales bonuses if quotas are achieved or exceeded. Depending on how much sales quotas or budgets are exceeded, the bonus component of pharmaceutical rep salary overall earnings can be very significant. This is how the big money in pharmaceutical sales is made.
High performers can earn bonuses that push their overall earnings to six figures. On top of that, the top pharmaceutical sales representatives can win special vacation trips as part of performance incentives.
There are other nice perks in addition to the pharmaceutical sales salary. The use of the company car and other perks such as excellent health benefits will amount to the equivalent of several thousand dollars so these should also be taken into account. The cost of a recent model car and all the expenses associated with it such as gas plus repairs do add up. All of these auto expenses are covered by the pharmaceutical company. In most other jobs, car expenses come out from one's own pocket.
So when evaluating job offers from pharmaceutical companies, new sales reps who have never been in the industry should not worry too much about starting pharmaceutical rep salary offers. Earnings will go up significantly if performance is there. It is much more important to get the sales experience first and then in the future, there is always the option to move to other pharmaceutical companies if the overall earning potentials are greater elsewhere.
Pharmaceutical sales careers are some of the most rewarding in the working world if all of the above components in addition to the pharmaceutical sales salary are taken into consideration.
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Pharma industry overview to give you a
bearing on WHERE to start
What drug reps do so you WON'T appear ignorant in front of managers
Direct vs indirect selling for a solid UNDERSTANDING of the selling process
Qualifications required for pharmaceutical sales jobs so you know
exactly what your CHANCES are in getting into the field
80% vs 20% job market and WHERE the best job search efforts should be
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