With the earnings of a Merck Rep between 100K to 160K and more plus benefits, how can one duplicate the income once you're gone? Starting your own business might seem interesting but the risks and trials may dictate the need to become an employee again. Has anyone started a business post Merck with a successful outcome?
great question...It all depends on your age...First of all, the drug business is a fantasy land that can basically print money, and real business in the real world don't function the same way. Looking back on it, I can't believe how Merck pays reps and managers crazy good money for basically doing little to nothing... You will likely never be able to match your Merck income unless you were in management or marketing, and are young enough to recover from the body blow of losing that kind of 6 figure income... If you are in your 50s, do not risk starting any business that requires a substantial investment unless you have several hundred grand laying around for a franchise or something, that you basically are ready to lose... I was pushed out of Merck at 50 after 20 years in the business and I was basically ruined financially...(Even though I had saved very well.) There is a reason people need to work to 65 or 70 now for the most part... You will find out that no one gives a shite about your Merck experience once you are out... It is a very scary world when you have to secure a real job, and you see what a farce pharm is.
Previous Poster paints an accurate picture without the sugar coating...If you have been a rep for 8-10 years you'll find it very hard to transfer to similar pay to anything outside of pharma.... Lets say you wrangle an interview for a six figure position...put yourself in the shoes of the hiring guy/gal...and get ready to answer their question "Tell me about your typical day?" Dropping off samples for sigs, bringing in lunches" is not going to sound great...you can always slather corporate speak on our daily work "oh gee , I analyzed my market vector growth, thru careful analysis and consultation with my DM, and elevated and addressed any pushback from my docs" now that sounds sexy but what does that really mean... If you have an engineering or computer science degree you might stand a chance to land that high paying gig. Otherwise think low pay or 100% commission (with draw) ... Good Luck
Well Sweetness, YOU still haven't explained WHY YOU continue to come on a board YOU supposedly don't like!! I think, like many other VIEWERS, YOU need to tell the TRUTH Over 201,400 VIEWS here now! And of course, YOU have contributed to the... Ass Pirate Ho Mo
This person gets it right...I know this has been examined in detail on another thread, but to have a relatively worry-free retirement, you absolutely do need 5M. That will throw off about 100k a year, without messing with your principal. You folks have no idea how quickly money goes without a job or any sort of unemployment benefits. Your savings will hemorrhage very quickly, and gawd forbid you have health issues or family emergencies that require large cash expenditures... Sure you can retire on less in cheaper states, but 5M is the number...don't kid yourselves...
The last two sentences of this posting should be carved in stone. This is EXACTLY what your options will be post pharma, especially if you are over 40...I have (after 7 years) given up on looking for work because as a former (award winning LOL) pharma rep, my only options are really sucky ones...(pretty much only 100% commission, or very low pay requiring heavy lifting or other strenuous activity.) you will also be inundated by the insurance companies trying to get you to buy a franchise, or the boiler room financial companies that want you to do phone sales of the various products they offer. Perhaps, the very worst one that will consider hiring ex pharma reps is merchant to merchant sales. You will all be up the proverbial creek if you lose your pharma job and don't have skills, additional in-demand degrees, and youth on your side...
Hopefully many of you saved a nice chuck of your pay over the years. We all knew this gravy train was going to end and there would not be a similar train to land upon post Merck.
At age 46 I took a severance buyout and have been looking for suitable employment for the past two years. Reality is you will not replace your total compensation number and if you can replace 75% then consider yourself fortunate.
Finding the base pay can be difficult. But if you can find a job that offers a pension that can offset the reduction in base somewhat. Maybe retire with 2 pensions.
