tag:blogger.com,1999:blog-24492493677502249622024-02-07T11:26:15.972-08:00DBA:HumanA Revolution In Franchise Development Anonymoushttp://www.blogger.com/profile/04801885290649962943noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2449249367750224962.post-58035720254263305682013-10-01T21:39:00.000-07:002014-03-06T10:04:49.083-08:00Is It Time For Pharma Reps to Find A New Career?<div class="p2">
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<span style="color: #444444; font-family: Verdana, sans-serif; font-size: large;"><b>By Marcos Moura</b></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy1la54jghJutaamiiw0wMvwQr4zeimFddHWtKG3tv8c4Ss1c-pYIKme5rInLGVSNoi86l7K-MVbU69TDxtH0-091pD1tfpQ6WMEV1cHGKiOYeDXXPYCaSz6Al4OdxaV-D1gNpqh23ZCk/s1600/PharmaRepMag_Cover.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: Verdana, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy1la54jghJutaamiiw0wMvwQr4zeimFddHWtKG3tv8c4Ss1c-pYIKme5rInLGVSNoi86l7K-MVbU69TDxtH0-091pD1tfpQ6WMEV1cHGKiOYeDXXPYCaSz6Al4OdxaV-D1gNpqh23ZCk/s1600/PharmaRepMag_Cover.jpg" height="400" width="296" /></span></a></div>
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<h2>
<span style="font-family: Verdana, sans-serif; font-weight: normal;">To the right is the cover of one of the last editions of Pharmaceutical Representative, the Pharma Rep focused magazine that ran for 41 years. </span></h2>
<h2>
<span style="font-weight: normal;"><span style="font-family: Verdana, sans-serif;">Is it time for Pharma Reps to find a new career? </span></span></h2>
<span style="font-family: Verdana, sans-serif; font-size: large;">
Over the last 2 years I've helped several pharma, bio-tech, and med device
sales representatives transition from employee to entrepreneur. Some
of these folks started businesses after 15 plus years in pharma sales and
management. Guiding these folks through their startup journey has left me
with a deep appreciation for the profession. Further, I've come to realize that
many of the skills acquired in a successful pharma sales career are incredibly
valuable in entrepreneurship. </span><br />
<span style="font-family: Verdana, sans-serif;"><span style="font-size: large;">In 2009, CNNMoney.com ranked the
pharmaceutical sales profession the 44th best job out of the top 100 careers in
America. CNNMoney gave the relationship building profession high marks
for personal satisfaction, job security, and overall benefit
to society. The job would have ranked even higher, but it was weighed down by a lower grade in the “future growth potential” category.
It has not graced CNNMoney's annual top 100 list since
2009, most likely due to the chaos of medicare cuts, generic drugs,
and ongoing healthcare reform
- all of which have led to massive layoffs
(</span><span style="color: black; font-size: large;"><a href="http://www.nytimes.com/2013/10/02/business/merck-plans-to-lay-off-8500-workers.html?_r=0" target="_blank">as is evidenced by Merck’s recent 8,500 job cut announcement</a></span><span style="font-size: large;">).</span></span></div>
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<span style="font-family: Verdana, sans-serif; font-size: large;">Regardless, pharma reps continue to report a high level of job satisfaction. They love the freedom, the
pay, and the ability to connect with healthcare professionals. But every
job has its downfalls. Travel can be brutal and the doctors can be unforgiving. However,
I usually find that it's the lack of "future growth potential" (as CNN put it) that seems to be the
biggest challenge for most successful reps. Feeling like
there's little chance for advancement can batter the soul – a
good friend and ex-pharma rep recently said
to me "I'd rather face the possibility of getting laid off than
the strong possibility that I will never move up." If
you're a pharma rep and feel strangely fulfilled yet stuck, you're
not alone.</span></div>
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<span style="color: #444444; font-family: Verdana, sans-serif; font-size: x-large;"><b>You've Got Skills</b></span></h3>
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<span style="font-family: Verdana, sans-serif; font-size: large;">1.
You understand healthcare. Regardless of which
product line you push, you have an incredibly valuable knowledge of healthcare.
I find that most reps don't realize this. Peek your head just over the walls of your profession,
and you'll see an industry in turmoil. American healthcare is radically
changing right before our eyes, and pharma reps are
right in the middle of it all, experiencing it at a
ground zero level. There are many opportunities to provide
consultation services to companies like Qualcomm, Verizon, and other <a href="http://www.mc10inc.com/">super
cool tech startups</a>. <br />
</span></div>
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<span style="font-family: Verdana, sans-serif; font-size: large;">2.
Your business development and presentation skills are top-notch. After
hundreds of conversations with healthcare sales professionals,
I have yet to hear anyone say "eh, the training is alright."
The amount and depth of training offered to pharma professionals is
astounding. Any entrepreneurial venture will require a huge amount of
meaningful relationship building with clients or investors. Further, the
ability to retain huge amounts of data and statistics and present them at
the drop of hat is a valuable skill in any business. That
combination of analytic aptitude and graceful business development is
rare in corporate executives and entrepreneurs. </span></div>
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<span style="color: #444444; font-family: Verdana, sans-serif; font-size: x-large;"><b>Life after Pharma</b></span></h3>
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<span style="font-family: Verdana, sans-serif; font-size: large;">So how can an
entrepreneur leverage the skills and experience gained through a pharma sales
career? Many of the pharma reps I lead though our franchise
discovery process have had that entrepreneurial itch for as
long as they can remember. Some (and this is just between us)
have run side businesses while working in big pharma. Personally,
I believe that you can start almost any
business you can dream of. However, I believe that pharma reps
are best suited for starting service based businesses. </span></div>
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<span style="font-family: Verdana, sans-serif;"><b style="color: #444444; font-size: xx-large;"><br /></b>
<b style="color: #444444; font-size: xx-large;">Start a Service Based
Businesses</b></span></div>
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<span style="font-family: Verdana, sans-serif;"><span style="font-size: large;">Most service based
businesses require the entrepreneur to be highly skilled at
business development or relationship building. Since
providing a service limits the need to produce and sell a physical product, the
entrepreneur is able to start with a relatively small amount of initial capital
and often start from home or a small office with little to no employees.
As the business scales, the entrepreneur is able to add staff
members and acquire more office space to meet their growing
demand. The point is that you're not manufacturing a product
- you're providing a highly valued service that
improves someone's life or helps another business.</span>
<span style="color: #666666;"><span style="font-size: small;"><span style="color: black;"></span></span></span></span><br />
<span style="font-family: Verdana, sans-serif;"><span style="color: #666666;"><span style="font-size: small;"><span style="color: black;"></span></span></span><br /></span>
<span style="font-family: Verdana, sans-serif;"><span style="color: #666666;"><span style="font-size: small;"><span style="color: black;"></span></span></span><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: Verdana, sans-serif;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/ScMX6mn-flU?feature=player_embedded' frameborder='0'></iframe></span></div>
<span style="color: #666666; font-family: Verdana, sans-serif;"><span style="font-size: small;"><span style="color: black;"><br />
</span></span><span style="font-size: large;"><br />
</span></span><br />
<h3>
<span style="font-family: Verdana, sans-serif;"><span style="color: #666666;"><span style="font-size: large;"><span style="color: #444444; font-size: x-large;"><b>I'm Great At Biz Dev. But What About </b></span></span></span><span style="color: #444444; font-size: x-large;"><b>the </b><b>Operations</b><b>
Side</b></span><b><span style="color: #666666;"><span style="color: #444444; font-size: x-large;">?</span><br />
</span></b></span></h3>
<span style="font-family: Verdana, sans-serif;"><span style="font-size: small;"><span style="color: #666666;"><br />
</span></span><span style="font-size: large;">Few people have the ability to be excellent at business development and also be detail oriented operators. I have met a handful. They're a rare breed. If you're not that rare breed, you'll need to fake it for a season. Anyone can triple as CEO, CFO, and VP of Development for a short time. Eventually, you'll need to bring in talented individuals who can help you manage the business you bring in the door. I've seen this work first hand. At our company, <a href="http://amadaseniorcare.com/franchise/" target="_blank">Amada Senior Care</a>, 80% of our franchise partners have a pharmaceutical or a medical device sales background. Now entrepreneurs, these ex-pharma reps start their business with no staff and spend much of their time in the field building relationships with <a href="http://bettercaretogether.blogspot.com/2013/09/lack-of-access-to-and-control-of.html">doctors</a>, nurses, and <a href="http://bettercaretogether.blogspot.com/2013/09/case-management-in-healthcare-and.html">case managers</a>. As they grow, they begin to add administrative staff who are much better at managing the business than they are. <br /> <br /> A mid-career pharma reps earns more than two thirds of the American population. It's not easy to walk away form that type of stability. If you decide to pursue an entrepreneurial venture, be prepared to be challenged like never before. That said, starting a business that will positively impact society can be incredibly gratifying.</span></span></div>
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