What is the difference between pharmaceutical and biotech?

What is the difference between pharmaceutical and biotech?

Biotechnology (biotech) companies derive their products from the extraction or manipulation of living organisms. Pharmaceutical companies create medicines from chemicals and synthetic processes.

How much does a biotech sales rep make?

Biotech sales is a lucrative and rewarding field for many reasons. Of course, there’s the money. The average total compensation for biotech sales reps is $162,544, according to the 2017 MedReps Biotech Sales Salary Report .

What do biotech sales reps do?

In layman’s terms, biotech sales reps sell specialized pharmaceutical-type products and vaccines. Once the products are FDA-approved, it’s the rep’s job to become an expert on the product by understanding the intricacies of how it works, side effects, and the diseases or illnesses it prevents, cures, and aids.

Which is better pharma or device sales?

Both positions will have their pros and cons. Pharmaceutical sales is more stable and routine. Device sales have longer selling cycles and less stability; I find this exciting and challenging.

Why do drug reps make so much money?

With most pharmaceutical companies you get a salary and you also get paid commission on your drugs that you sell. So, if you sell 160 percent of one product, you get paid on 60 percent over that quota. The more you sell the more you make, so the harder you work, the more money you make.

How much money does a medical sales rep make?

In fact, according to Med Reps’ recent salary survey, the median total compensation for a medical sales rep is $149,544, with an average base salary of $92,698 and an average bonus of $63,318 in 2018.

How are biotech companies different from pharmaceutical companies?

Biotechnology (biotech) companies derive their products from the extraction or manipulation of living organisms. Pharmaceutical companies create medicines from chemicals and synthetic processes.

What makes a good biotech or pharma salesperson?

Another reason is that the level of technological and scientific savvy required to be a top-notch salesperson is generally lowest for pharma, a little higher for biotech (which requires a thorough understanding of research using genetic engineering technology) and extremely high for medical devices.

What’s the difference between biotechnology and a drug?

Biotechnology is a scientific area of study that involves the use of living organisms to make products or run processes. A drug is a substance used to prevent or cure a disease or ailment or to alleviate its symptoms. In the U.S., drugs may be bought over-the-counter or by doctor’s prescription.

What’s the difference between medical device and pharmaceutical sales?

Salespeople’s roles in the pharmaceutical, biotechnology and medical-device industries are closely related, but there are some key differences in what each of the three types of sales jobs entails, as well as in the skills and personalities necessary to succeed.