BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Negotiating a Salary for a Pharmaceutical Sales Position


12/18/2009 6:22:04 PM

Overview

According to editors at Pharmaceutical-Reps.com, the average pharmaceutical sales representative starts out making $45,000 to $55,000 per year but has the potential to negotiate a much higher rate. What's more, this base rate is only a portion of the total earnings, because sales representatives are also paid hefty performance bonuses that have the potential to double that salary. Confident, skilled pharmaceutical sales representatives can often negotiate with employers to gain not only the highest base rates but also the highest bonus packages.

Step 1

Start negotiations based on their offer, not yours. Respond to questions by saying you deserve to be at the top end of the salary range, but don't give a number.

Step 2

Pause to think over the offer. Avoid jumping on the salary offered, as it portrays you as too eager and doesn't allow you room to negotiate.

Step 3

Educate yourself. Conduct extensive salary research as well as specific research about the needs of the company, such as their drug sales stats and the new drugs they have in development. Take this information and give concrete examples of how you would improve sales and aggressively market new drugs. This helps establish a solid framework for why you're worth more money.

Step 4

Sell yourself, as this is, after all, what you'll be doing on the job. Show off your sales abilities by marketing your own experience, skills and abilities. Practice your sales pitch and prove that you are worth every penny you're asking for. Frame the conversation to showcase what your skills can do for the company and how you can improve drug sales rather than just celebrating your accomplishments.

Step 5

Negotiate both parts of your salary . Don't neglect to ask about your bonus cap and benefits packages, as bonuses alone have the potential to double your salary. Negotiating only your base pay can simply result in lowering your bonus cap, and you'll essentially be paid the same. Ask for your complete salary offer because it shows off your confidence and your knowledge of the field.

References

Biospace.com: Biotech and Pharmaceutical News & Jobs
Pharmaceutical Sales Jobs
US Department of State Salary Negotioation
Negotiating Your Salary: How to Make $1,000 a Minute by Jack Chapman
Pharmaceutical Research and Manufacturers of America (PHRMA)
Pharmeceutical Sales Reps



Read at BioSpace.com

 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES