Stent job--What the recruiter told me

I've been in devices for 3 years and had a recruiter call me last week about a stent job here. I'm in the Northwest if that makes any difference?

Anyway, I know nothing about the cath lab. The recruiter sure pumped it up and acted like it is the place to be. Any truth to that?

I guess it's all relative, but I made around 150k last year. She acted like that was very attainable at Abbott.

If anybody can give me some insight on this job I would really appreciate it. I've read all the posts but most are kind of old. I would be leaving a fairly stable job with good pay. However, I'm sick of not offering any value to the surgeon where I'm at.

 

Stents are over. You add no value to the procedure or doctors unless you make them famous or rich.

 

So, are you needed in the cath lab? Trying to envision what a typical day would look like.

If you add no value, do they at least pay well.

 

Op here. I have only had the chance to talk to an ex abbott rep that sold stents 8-10 years ago. He went back to Covidien. Im not sure why because he says Abbott paid better.

Big concerns for me!! If someone could give me ANY CURRENT insight i would appreciate it!!

I'm only making around 150k now

 

I'm insterested in hearing the answers as well!!

I received a call too. Hope that is not a sign of trouble at Abbott? I'm trying to get a feel for this job too before I proceed. Not much talk on this board. Usually that is a good thing!!

Hopefully someone will be nice enough to provide a brief synopsis of this job. I dread interviewing for nothing!!

 

I used to be in this space different company..the fact is prices of stents have collapsed, access is limited more and more to the labs, balloons are dime a dozen and pricing collapsing there as well. If you're thing is to actually bring value to a procedure thismis def not a space you want to be in. Eerything is consigned and you are having to monitor returns and inventory.

You basicallynhave a commoditization of technology in a mature space...Shrinking margins, wafer thin product differences.

 

thanks. that helps

 

It's a tough job and not worth the money. It's tougher still selling for ABT. No one will tell you this in the interview but Xience is getting old and is less flexible than the recently launched competitor stents. We are losing share in a rapidly declining market (agressive price competition and declining procedure volumes) and we are at a huge disadvantage when it comes to bundled contracts. Worse yet we have nothing real in the pipeline-- the bioabsorbable stent is far away and a niche product if it ever gets approved.

I am trying to get out of this death spiral but the job market isn't exactly pretty. If all this sounds good to you go for it but trust me this place sucks and management has no flipping clue what they are doing.

 

Wow! thanks for the candor. I'm scheduled for a 2nd interview but pretty certain I'll pass at this point. I'm facing similar challenges currently. No reason to jump ship to similar problems.

I've read on other boards that this stents are for little leaguers. Funny, cause that is what they say about Covidien.

 

They may put you on a nice 1 or 2 year guarantee. They will usually give a $240k to $280k one or 2 year guarantee if they find the right person. Keep that in mind and find out the contracting status of Abbott products in territory. Are you looking at coronary or peripheral job?

 

I left about a year ago. When I left the average total revenue of a coronary TM territory was $6million a year (I bet it is less now due lower prices and competition from Medtronic with Resolute and Integrity. Hospitals are becoming very astute consumers and the data of Promus Element, Xience, and Resolute are comparable so they are negotiating lower and lower prices and going with one or two vendors max? They are also bundling contracts with CRM, which ABT does not have, but they do a partnership with St. Jude) and the commission up to 100% to goal was 2.1%. So average total commission for coronary TM was $126K a year with an average $80K base salary, so average total comp was $206K a year. I would guess now it would be an average of around $180K, but not 100% sure. Some coronary TMs come in with a base of $60k and the more experienced seasoned TMs with ABT have a base over $100K. Car allowance is $600 a month.
Couple of things:
1. Find out what the territory generated in total revenue in 2011
2. Find out was the average ASP (average sales price) in the territory for DES, BMS, Balloons, and wires.
3. Also, remember that 80% of total commission compensation is Drug Eluting Stents, so if you don't have that in your territory it will be very challenging. Find out what DES SOM is in territory. If you have a large share of market on DES it will be more financially rewarding.
4. Find out why territory is open. In this market if you are making over $200K you are probably not leaving that position because there are very few jobs that are more financially rewarding year 1.

Just some thoughts...Good luck and hope this was helpful.

 

Spot on

 

This was extremely helpful. I decided not to pursue the opportunity in the 2nd round. Hope I did not make a mistake.

 

Hope in one hand and shit in the other. See which one fills...

 

Does anyone know a recruiter that works with Abbott, they have positions posted but would prefer to try and get in through a recruiter. Thanks in advance.

 

Abbott seems to be hiriing peopls w/o cath lab sales experience, I have no issue with the "best available athlete" but I will tell you, its all about price and relationships.

These new reps are going to be in big trouble short terms as many BSX and MDT reps have been there a LONG time. When JNJ buys BSX, game is going to get even uglier. Abboot will be forced to pay a HUGe premium for st jude then

Seems to be a major cultural shift at Abbott and in the long run, it may pay off if BVS works.

If not, they are screwed.....................

 

Hi I work for another Abbott Division and they have changed our comp plan. We have to hit 90% to get any money at all now.

Does it work like that within Abbott Vascular or are you getting bonused 2.1% on every dollar?

Reason I am asking is they said all division operate this way.

 

Abbott is sinking right now. Senior level staff is trying to keep up with their jobs by letting go of the experienced and knowledgable to be secure. Not the right place to be in for next few years. Nothing in the pipeline. And with the upcoming split... good luck!

 

Isn't that new bioabsorb stent coming out?

 

Can anyone please give an update here now in 2013 if Abbott Coronary is a job worth taking? can you still make good money? is there a chance for Abbott to get back in the game?