There has never been a time that the medical sales industry change at this fast rate.
We've just looked at how Ziglar's analogy changes the way I perceive my medical sales job.
But this job does not carry a guarantee with it ...
... It comes and goes.
Perhaps, this is due to companies making speed as their motto, and I could not help but to stand up and point out these important changes. I use 'influential' because they do determine medical sales reps, or potential reps, their next course of action.
Actions could be to change an industry, change jobs, or change companies ...
... It all depends on how the signals being interpreted.
What are the signs?
Here are the Medical Industry signs and how you can look at them:
1. More Products Lose Patency
I did experience this with Norvasc and Lipitor before, even though the latter was not entirely lost, but it did influence revenue and how many medical reps can make in bonuses and incentives.
I got friends who're experiencing this with Zyprexa right now.
Less than two years down the road, more 'big brands' drugs are going to fall off the patent cliff.
Less than two years down the road, more 'big brands' drugs are going to fall off the patent cliff.
The bad news is, when they fall, drug companies also fall.
There goes the bonuses, increment, incentives, and in an extreme case, the jobs!
BMS, MSD, and Jensen already chopping jobs this year ...
... Next year, the same story will repeat with different pharma companies.
It's okay if that always happens, but there's no guarantee. Maybe there's hope, at least, provided you read the sign correctly and move quickly in that direction.
There's no point to be sentimental at this point in time.
Just keep moving ...
... The companies are moving, with or without you.
BMS, MSD, and Jensen already chopping jobs this year ...
... Next year, the same story will repeat with different pharma companies.
2. More Generics Come to Live
Can medical reps who lose jobs in branded products land jobs in generics?
It's okay if that always happens, but there's no guarantee. Maybe there's hope, at least, provided you read the sign correctly and move quickly in that direction.
There's no point to be sentimental at this point in time.
Just keep moving ...
... The companies are moving, with or without you.
3. More People Are Losing Jobs
New people are replacing the old ones at lightning speed.
In fact, the company I'm working with right now changes its director twice this year.
This is unprecedented.
They said it's necessary, but we know what is and what is not needed here. With new people, new policies, rules, and regulations come along:
Is it good?
Is it bad?
Is it essential?
I used to fill up 4 pieces of forms to request sponsorship.
Now, I got to fill up at 6!
Who knows how much more I need to fill up next ...
... But it's not all bad because for new people, or potential medical reps, this is an opportunity.
See if you can knock on a few doors.
In fact, the company I'm working with right now changes its director twice this year.
This is unprecedented.
They said it's necessary, but we know what is and what is not needed here. With new people, new policies, rules, and regulations come along:
Is it good?
Is it bad?
Is it essential?
I used to fill up 4 pieces of forms to request sponsorship.
Now, I got to fill up at 6!
Who knows how much more I need to fill up next ...
... But it's not all bad because for new people, or potential medical reps, this is an opportunity.
See if you can knock on a few doors.
4. Less Money Spend By the Government
That does not imply that the private sector is spending more ...
... It just implies that focusing on the government sector is going to lead to frustration.
The growth sector is shifting.
... It just implies that focusing on the government sector is going to lead to frustration.
The growth sector is shifting.
If you heed this sign well, then you know where to cast your fishing line. Small ponds sometimes have big fish. Other market dynamics are taking place in the medical sales industry right now.
I've just touched on four of them:
If you were a medical rep or planning to be one, plan your next course of action in the right direction to maximize your salary, perks, and growth potential.
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