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As the growth of pharmaceutical industry in the developed market will slow down, emerging
markets are increasingly becoming more important in the coming decade. The country is witnessing greater affordability and higher spending across a range of categories owing to reforms introduced by the government which also happens to be a reason why the sector is showing optimistic hiring trends. As per the August Naukri Job Speak Index, Pharma is showing a growth of 13% YoY in hiring levels from August 2013 to August 2014.
Medical Representative: What’s it all about?
From a range of jobs that this industry offers, one of the entry level opportunities is of Medical Representative. What does this role entail? How are the prospects? What are the remunerations? All these and more questions are answered below.
Whether we like it or not, medical drugs are of great importance and an inseparable part of the human existence on this planet. With new diseases rising on the anvil and previously unknown viruses like Ebola making the headlines every now and then, medical research has to put in greater efforts in order to counter these new problems. Under this medical research program, several new drugs are manufactured and marketed by different brand names by drug manufacturing companies. Medical representatives act as the key point of contact between pharmaceutical and medical companies, promoting brand awareness, offering advice and introducing new products for their respective companies.
Current Scenario and Scope
The current scenario of Indian pharmaceutical industry projects it as one of the fastest growing sectors of the Indian economy. Ranking amongst the top-15 drug manufacturing countries in the world, India is the perfect breeding ground for anyone looking to make a career in the pharmaceutical industry. A medical representative is the perfect career for those who are looking to make their living out of the growing pharma industry. The best thing about this career is that there are no strict educational requirements. If you have flair in sales, and good communication skills, you can surely apply to MR jobs. In India, most major pharmaceutical companies employ at least 3,000 to 5,000 medical representatives. The smaller companies work with at least 2,000 MRs to promote their brand. According to the latest report 60% of the pharmaceutical company’s total promotional expense is spent on MRs.
Responsibilities and requirements
The key responsibilities of an individual working in this field include identifying new clients and maintaining good working relationship with the existing clients. He or she also has to maintain detailed records regarding the sales performance, conferences and meetings. Knowledge of Microsoft Excel is mandatory for good salary prospects. In addition to all these requirements, a MR should have confidence, patience, and organizational skills to ensure perfect work delivery.
Salary and growth prospects
According to Glassdoor.com, the average starting salary of individuals in this role is in the range of 20,000 to 25,000 per month. Given that the educational requirements are not so strict, from a RoI point of view, this remuneration is pretty good, & with experience it only grows further. Those who want better chances of promotion should consider pursuing advanced academic degrees in pharmacy or medical science. With apt education and proper exposure, a MR can be promoted to a role of Group Product Manager, Marketing Manager or Product Manager.