There are different challenges and obstacles which are faces by pharmaceutical companies and their sales representatives.
Any and every kind of pharmaceutical product ultimately goes and works in the human body. Because of the sensitivity of the product, the governments have imposed rules to follow before any pharma product is used by a doctor, such as the product should have minimum side effects and should be affordable to the patient.
Negative outcomes, side effects of any kind should be reported to the relevant medical authority immediately, along with their respective pharmaceutical company. It is also necessary that all of the side effects and contraindications of the medicine should be mentioned on the label beforehand. Also, the sale of Pharmaceutical products is limited only to doctors or chemists.
As with every company in the market, competition is a major problem in the pharmaceutical sector. There are numerous companies offering the same product to the doctors at an economical price. Unique products or research molecules are patented by the company and that company becomes only the authorized seller for that particular medicine.
No company can imitate the brand or molecule till the patent is over. Once the patent is over the researching company has to drop its prices hence pharmaceutical companies profit only on the patents of the products. The intense price war with the competition can be very challenging for pharma reps.
Sales calls in the pharmaceutical field can be very difficult compared to any other industry. Sales reps have to wait for hours just to meet the doctor and the long wait results only in minutes of the meeting during which the rep has to convince and convey about the product to the doctor as aggressively as possible. Pharmaceutical sales jobs can be tough because of the nature of sales, the product, and the industry.
Pharmaceutical reps are some of the most overworked people in the industry. High target pressures, the nature of the competition, price-wars, and the lucrative nature of the product are a few of the hurdles in completing the target.
Pharma products are the most profitable products and have the highest profit margins. That is the reason why targets that are given to the sales rep are very high which often results in high attrition rates and frustration on the part of Salespeople. Having said that, Pharma sales jobs pay the highest amongst all jobs. A survey found that an average American can earn more than $100,000 from pharma sales and apart from selling skills, there is hardly any requirement of the companies from candidates.