Retire a millionaire!

This thread means nothing to the 30-somethings that will never retire from here, and almost certainly won't work for 28 years in this industry. From what I see, the posts are from a couple of old-timers bragging about their material "wealth" (I never thought that having $1.8 mill at retirement was "wealthy"), one person that pissed a lot of people off because he/she claimed they accumulated riches a different way (investing, I think?), and a bunch of jealous folks. This full time pharma sales industry is about 4 years from completely imploding. Only an ostrich thinks that they'll be able to squeeze out another 5 years.

 

Interesting thread.. I commend those who live modest lives and have saved over the years. I'm in my early 30's and I've been shopping around for a financial advisor recently. I think the problem with many of us is finding it very difficult to save. My situation is similar to the OP, got alot of student loans I wish I never took out. No other major debt/s. I've thought about starting to invest, but I'd like to pay down some of this student loan debt first.

 

Pharma sales will come to an end for many of us soon. Start a small business on Pfizer time NOW! You wont regret it

 

Oh please, I am in this industry many years and have always heard pharma reps will be gone. no, I do not think so. These large pharma companies will Not disappear overnight and will need personal representation of some sort. Yes, tech will place an ever increasing role and companies may downsize to the right size and there may be less reps with larger territories but there will be reps. With increasing costs for companies and the increasing lack of access, yes, fewer reps but always reps.

 

Ever hear of contract reps?? I think Pharma as a 20-30 year career is probably over. As a veteran you should see how the business changed/is changing. Access, hospital owned practices, Managed Care determining what gets paid and what doesn't, co-insurance for drugs instead of copays (pay 50% of cost instead of $10-$20-$30), ACA, Medicare and Medicaid paying for about 60-70% of prescriptions, generics accounting for 80-85% of all scripts....need I go on. Look at threads boasting how poor reps access is and how little they work. Companies who need doctor/rep detailing will do it the cheapest/short term way possible in years to come. Sad-but true. Pharma rep (aka detail person-since you are a veteran) is a dying career.

 

Whether company employed or contractual reps there will always be a sales rep of some sort.

 

Contract rep is like being a temp worker.

 

Truth. I am tired of these people using their opinions as proof that we'll always need a full time field force. Once Obamacare gets fully settled in next year, we are going to see a backlash unlike anything we've seen since the passing of that bill that limited annual price increases a few decades ago. For Criminy's sake people, read pharma trade journals, and the big East Coast rags-NYT, Wash Post and WSJ online.
It doesn't matter what WE think of our value. It's what our customers and stockholders think.
And only a fool would think that we will need thousands to full timers out there "seeing" doctors for 15 seconds a shot, six times a day, a few days a week.

 

No one said thousands or old timers, or said seeing physicians for a few minutes. There will be fewer reps with larger territories due to the increasing non-access physician. There will not be expensive benefits like paid pension, healthcare, vacation and other present perks etc. Maybe one will need a health science or specialty degree of some sort. But there will be some sort of human interaction. I would bet my stock on it. Major American Pharmaceutical companies will not turn on a dime Obamacare or not. So you may be a gov't employee and that might work out for some.

 

The human interaction will probably be with the UPS driver. Some companies with reps have already started going that route, next step....no rep.

 

Not with all of the management.

 

If you are dumb enough to not be able to find a fund with expense charge less than 1% then I can see why you have so much trouble with money clueless, and you know taxes are not due unless you sell.

 

A Monday morning in Spring and no work for me because I have left Pfizer and retired a multi millionaire. I made ok money with Pfizer but that didn't make me a multi millionaire. I used Pfizer's time and the previous company time to start a small business which I run today. Will I ever have $10 million? Probably not, but I have enough to live well, not dress up in a cheap suit, and live my life under my terms. If I did not use Pfizer time wisely I would be working for the next 20 years in some corporate job which I would dread Monday mornings. $3.5 million in paid assets plus double the cash flow of the Pfizer job.

 

Well done-

Use the company,they are using you. The only way to freedom and prosperity,is to run your own business.

Another "rep" who used the company to make my dreams come true.

 

Ditto, I used my field time to build a rental property portfolio over 15 years. Left Pfizer making more from my properties than Pfizer. Pharma rep is a great part time gig.

 

I started a business as a rep, and am doing well after pharma- my ex colleagues beg me for a job- I would never,and I mean never hire a pharma rep.most are lazy whiners,who don't know how to work, and expect to have others do their job.

 

Unfortunately, too many others share your sentiments. How many of us know of people that have landed outside of pharma/med device, or biotech sales EVEN after trying to do so for many months?

 

I am an ex-rep and when I was a rep I became lazy. I always asked myself why since I started a side business and worked my butt off making it successful. It was I had little respect for many of my managers because they got their position by a$$ kissing not merit. Also I did not have any faith in the bonus system and I was being compensated correctly on my sales (scripts). I did not feel it was necessary to work 40 hours a week to make $3000 extra a year in bonus when I could work 15 hours a week and make an extra $100,000 in a side business.

 

Contribute MAX to 401k. Max. There is no reason to go only up to amount of company match. Go max, as you still get deferred taxes, PLUS compounding. Can't afford? Change your w4 withholding to withhold LESS, that is, just increase your allowances to cover an amount equal to the max 401k contribution. Also, put your loan Ina longer term payout to lower the payments and use extra $$ to fund your Roth IRA. You'll see why in a moment. Your take home pay will stay same, BUT your tax bill will go down because your $ is going into 401k. Build it to 180k, then take a qualified hardship withdrawal, yes with the penalties and income tax. Why? The tax free growth and employer match will pay your penalty and taxes, so you don't really "lose" much of your own $. Then pay off your student loans. Rules make you Wait 1 year, and start funding your 401k again. Zero student loan. Higher income now a few years later, and jump back into 401k. TO THE MAX.

 

Pharma folks know how to nag, but not how to negotiate or empathize with a potential customer. Can schmooze and deliver a message, but no idea how to win the buyers confidence to sign a purchase order.

What kind of side biz? I've been trying for 2 years to figure what would be a good fit.