Pharmaguy's Insights Into Drug Industry News
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Pharmaguy's Insights Into Drug Industry News
Pharmaguy curates and provides insights into selected drug industry news and issues.
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The #Pharma Marketing Salaries Roller Coaster Ride - Ready for the Next Big Dip?

The #Pharma Marketing Salaries Roller Coaster Ride - Ready for the Next Big Dip? | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Welcome to the 31st MM&M Career and Salary Survey, which brings tidings both welcome (salaries are up) and somewhat less so (the gender gap hasn't narrowed much). Buckle up — there's lots of ground to cover.

As with any survey of this nature, the headline data are always the ones related to salary. Based on conversations with marketing higher-ups at pharma companies and agency leaders, we expected to see some salary inflation from a year ago. What we didn't expect was the sizable percentage jump: the average base salary exclusive of bonuses or commissions increased a stunning 12.7%, from $139,200 last year to $156,900 this year (see Fig. 1). And 67% of respondents reported receiving a bonus on top of that.

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Pharma Marketers' Salaries Dropped 2.6% in 2016 But Women Catching Up - Slowly!

Pharma Marketers' Salaries Dropped 2.6% in 2016 But Women Catching Up - Slowly! | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Per the 953 respondents to MM&M's exclusive 2016 Career and Salary Survey, sponsored by Sudler New York, the average salary for healthcare marketers declined during 2016 — to $139,200 from $142,900 in 2015, a drop of 2.6%. More troubling, for all the industry chatter about plans to combat the discrepancy between men's and women's salaries, a huge gender gap persists. While the average salary for women nudged upward by 0.6% in 2016 (from $123,800 to $124,500), it remains considerably below the average salary for men ($154,100, down 2.4% from $158,000 in 2015).

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#Pharma Senior Marketers Paid More Than Banking Marketers - Digital Not So Much

#Pharma Senior Marketers Paid More Than Banking Marketers - Digital Not So Much | Pharmaguy's Insights Into Drug Industry News | Scoop.it

For senior marketing manager pay, industry is key. Marketing professionals working in the pharmaceutical industry earn almost three times as much as the ones working in Not for Profit (NFP) organizations – we expected a gap, but even so…


Digital Marketing could do better : Considering how digital marketing is on everyone’s lips with demand having sharply increased in the last few years, it is surprising to see that pay lags demand: digital marketing professionals are offered similar or lower salaries than their colleagues in other marketing specialisms (£10,000 less than brand marketing professionals). Is digital marketing becoming a commoditised function?

Pharma Guy's insight:

Is the same true in the U.S.?

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@Richmeyer Calls for Resurrection of George Merck - a #Pharma CEO Who Put Patients Before Profits

@Richmeyer Calls for Resurrection of George Merck - a #Pharma CEO Who Put Patients Before Profits | Pharmaguy's Insights Into Drug Industry News | Scoop.it

The biggest challenge facing pharma, and all healthcare for that matter, is the drive for increased profit at the expense of patients. Unless pharma acknowledges that they need to put patients first in everything they do, they are going to pay the price in increased calls for a “single payer” system.

 

Following Digital Pharma in social media I was reminded that there still are a lot of very good people in the industry who understand the challenge of marketing to patients today. However, like I wrote before, there is a disconnect between developing a strategy and actually implementing it.

 

When I see the salaries of pharma CEO’s and health insurance executives I am often troubled and confused. How could a health insurance CEO take home tens of millions of dollars in compensation when they raise rates for customers? How can a pharma CEO take home so much money knowing that there are some patients who can’t afford their medications?

 

DTC marketers know what they need to do to make their marketing relevant to their audience, but they often lack the budgets to make it happen. Everything is now based on ROI instead of asking “how can we help patients?”. Offering a medication to fight chronic health problems is not enough. Patients today need help from a healthcare system that treats them as a number not a person. They are left to fend for themselves when it comes to understanding how to live with health issues that affect their lives.

 

A new breed of pharma CEO is needed. Someone who can tell Wall Street that what we are doing to help patients will lead to better profits and someone who doesn’t ask for a compensation package that makes them a millionaire ten times over. Most importantly, we need CEO’s that allow the rank and file to implement programs that actually embrace patients based on their needs rather than a projected ROI.

Pharma Guy's insight:

When was the last time a big pharma CEO was featured on the cover of Time magazine (does that mag still exist?). Unfortunately Merck has rewritten its founder's words: "We try to remember that medicine is for the patient investor. We try never to forget that medicine is for the people investors. It is not IS for the profits. The profits follow lead, and if we have remembered that, they will never fail to appear. The better we have remembered that, the larger they have been." – George Corporate Merck. For more on that, read “Merck in the Mirror: Profits, Not People, Come First. Shame!”; http://bit.ly/12lduG2

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Woman Pharma Sales Rep Income Still Lags Behind That of Men

Woman Pharma Sales Rep Income Still Lags Behind That of Men | Pharmaguy's Insights Into Drug Industry News | Scoop.it

According to the report by medical job board MedReps.com, U.S. professionals selling pharmaceuticals had a higher base pay than some – almost $91,000 on average – but with bonuses, total salary was just over $122,000.

  

Medical devices sales reps: Base Pay = $88,000 and total pay with bonuses = $148,000

 

Biotechnology sales reps: = $108,000 and total pay with bonuses = $165,000

 

Women earned on average just under $124,000, around 20% less than their male colleagues. Authors said that women were more likely to work in pharma, with its higher base salaries and lower commissions.

 

However they are also less likely to report having higher paying job titles such as sales management or sales director/VP.

 

Women make up just 14% of respondents with these job titles.

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