Extracted from the article on Pharmaceutical Executive magazine’s site:
Like a giant steam vent on a pressure cooker, the law of supply and demand has finally relieved the pressure pharmaceutical companies have felt for the past 10 years from ongoing pay inflation. Enough large pharma companies are downsizing their primary care sales force that it is now becoming an employers’ market for qualified primary care reps.
For the first time in more than a decade, the sales force “arms race” has halted. Salaries appear to be leveling off, and pay practices are likely to be less aggressive in the immediate future. If this trend continues, it will have a ripple effect on hiring practices and pay structures. Companies will have the luxury of attracting talent in an environment with lower pay inflation and of choosing from more qualified candidates…
The shift to an employers’ market was evidenced by the stagnation of primary care reps’ salaries. In 2007, the median base pay for all reps was $63,100, up from $61,900 in 2006 (a 1.9 percent increase). The median total compensation for a Level II primary care sales rep—that is, a fully trained sales representative—was $96,500, up from $94,500 in 2006 (a 2 percent increase)….
Click on the link above for the full article.