Presentation on theme: "AGENDA My Pharma Career: Joan K. Snyder The Pharmaceutical Industry"— Presentation transcript:
1 AGENDA My Pharma Career: Joan K. Snyder The Pharmaceutical Industry Forest LaboratoriesPharma Sales & Marketing RolesAdvancement Tactics for Future Leaders
2 My Pharma Career 4 Years: Specialty Senior Sales Representative 2+ Years: Regional Account Executive2+ Years: District Sales Manager2+ Years: Senior Manager, MarketingCurrent: Associate Director, Training and DevelopmentB.S.B.A.: Marketing, University of Pittsburgh CBA, 2001MBA: Management and Global Business Strategy, Rutgers University 2009P.P.O.D.: Columbia University 2011
3 The Pharma Industry Greater than 5000 companies worldwide The pharmaceutical industry discovers, develops, makes and sells medicines.Greater than 5000 companies worldwideLess than 100 companies account for over 90% of worldwide market10,000 total FDA-approved drugs70% of all office visits lead to prescriptions billion prescriptions/year
4 Corporate Overview Established in 1956 1977: Howard Solomon takes over as company CEO and remains as our current CEO2010 revenues of $4.19 billion5,000+ employeesFounded in 1956, Forest Labs is a US-based pharmaceutical company focused on commercialization of products primarily for the US market. About 25 years ago the company began to take shape as a pharmaceutical company; originally focused on time-released generic formulations and then branded agents.So, as I said, we search the world for good science, looking for first-of-a kind products differentiated from others in the same class. Our strategy is not to look for that next blockbuster; our growth strategy is not based on blockbusters. We’re relatively small compared to Big Pharma companies like Pfizer, Novartis, and GlaxoSmithKline. Unlike them, we are comfortable and able to market a product with more modest sales potential.Our business model: we’re a licensee. We license promising new products from innovative companies worldwide at virtually every stage of development. Basic research is both risky and expensive, so our model allows us to take some of the risk away by focusing on those agents that we feel are most likely to be commercially viable. Other companies that need to support their in-house development often invest in costly R&D projects that may not produce successful candidate drugs.When a compound does offer a promising or unique contribution to the field of healthcare and people’s lives, we conduct rigorous and aggressive scientific development programs to bring those products to market.In fiscal 2010, FRX earned 89% of its revenues from four drugs: Lexapro®, Celexa®, Namenda® and Savella®. The patents for both Lexapro and Namenda are set to expire in March 2012, and September, 2013 respectivelyJR#
5 Example of Sales entry level positions Duties and ResponsibilitiesRepresentatives are responsible for all sales activity within their individual territories. This includes (but is not limited to) sales calls to physicians, pharmacies, wholesales and any medical professional (or organization), which may influence promoted product sales.RequirementsCandidates should possess 1-2 years medical and/or sales experience with proven track record. College degree is required. Candidates must be willing to relocate in order to live in their respective territories. Some overnight travel may be required.Typical Benefits:Our sales representatives are provided a company car, solid monthly salary, 401K, group insurance, expense account, incentive trips, and comprehensive training. Additionally, representatives may be eligible for quarterly bonus and commission & yearly stock options.As a Sales Representative, you will have the opportunity to regularly call on health care professionals within a specific geographic area. Day-to-day responsibilities consist of supporting the promotional efforts behind the company’s products, which includes organizing, tracking and distributing FDA regulated sample products. The incumbent will maintain a current and competent level of knowledge on the product line to be a reliable source of information to the health care professionals in the territory.
6 Example of Marketing entry level jobs Duties and ResponsibilitiesCreation of professional promotional materials and programs that align with brand strategyManagement of KOL development and KOL led promotional medical education initiatives to support brandManagement of promotional speaker bureau including developing all materials and trainingParticipate in development and execution of annual marketing and tactical plansCommunicate with internal departments, including regulatory, medical, compliance, legal and marketing operationsManage communication with field sales force and handle sales force requestsAnalyze and interpret prescription and market research data to identify market trends and competitor informationThis position is responsible for the planning and execution of marketing programs to achieve objectives. Responsibilities may include development and implementation of marketing and tactical plans, managing budgets and forecasts, and the development and execution of promotional initiatives.
7 Strategies for Career Advancement Get Trained Through ExperiencesGain Access to PowerMake achievements VisibleBlur Work-Life BoundariesGet Formal TrainingPlan CareerSeek Advice When NeededScan for Opportunity Outside the CompanyScan for Opportunity Inside the CompanyCommon wisdom about advancing in the workplace can be pretty straightforward: let your boss know you’re ready for that challenging assignment. Make your career ambitions and willingness to put in the requisite time and effort clear. Don’t just build a relationship with your boss; make sure to build one with your boss’ boss as well.Source: Catalyst “Myth of the Ideal Worker” Study; 2011
8 Self Promotion Marketing 5 P’s Price – Your desired compensationProduct – That’s you!Projects – It’s what you doPromotion – The way you promote yourselfPosition – What makes you unique and why it mattersTips for interviewing!8