Expansion

I was told pay and bonus combined $95-110k at plan, cheap company no way! Seems like there are a lot of unhappy people here trying to get out because no one is making any money, distrust of management and poor coverage or high company's. No thank you, not worth it.

 

This is how it is going to work out. There is a consultant currently hired by Opko who came from Inventiv. The playbook for Inventiv and client companies going through an expansion is to bring in the 2nd round folks at substantially lower salaries. The rationale is that the heavy lifting of establishing a brand identity with top tier docs is now complete. Beyond the obvious cost savings of the newbies they are also younger and less of a headache to manage when compared to experienced reps. Being younger they also have fewer personal financial demands. No mortgage, no kids in college, and healthy parents. They'll be ecstatic to get $70k and will brag to their peers that they also get a new Chevy box. Reminds me of the late night tent scene in The Grapes of Wrath shortly before the preacher was killed. "You come in at .25 a box. Tomorrow they will offer the people outside of the gate .18 a box. But you say you can't live on .18 a box. The guy outside of the gate knows that too but he'll take it to feed his family. The next day they will offer .15 a box and you'll still take it because you would rather starve slowly than all at once."

 

Dear Opko Renal Management, here is a novel concept in business, you get what you pay for. Can't wait to start working with reps who have no experience with CKD or reimbursement oh wait, neither do our managers.

 

Beware!! Someone posted earlier to use the MMIT App. and search for coverage in your state and that was very good advice for me to determine no matter how good your drug is, without proper coverage or affordable co-pays you will not be successful and I'm not interested in moving forward. Recruiter selling hard on the company and now I know why, Rayaldee seems to be a good drug with crappy coverage, no thanks!

 

OPKO Health, Inc. (NASDAQ:OPK) announces it has entered into agreements with several large Medicare Part D plan sponsors, including the largest Medicare Part D plan, and additional commercial insurance plans for reimbursement of RAYALDEE® (extended-release calcifediol), which expands the percentage of insured lives with access to RAYALDEE to approximately 68% as of June 1, 2017.

 

Yes, most Medicare patients can afford $155.00 per month for Rayaldee. Which of their other LIVE SAVING drugs should they discontinue to purchase Rayaldee?

 

I spoke to 2 different Renal reps from Opko this week, really nice people and sounds like they know their material, reimbursement landscape and market very well Funny thing was that both told me that they were trying to get out asap because only a few will make any money. Said bonus target is $7,500 per quarter, hello!! that's what big pharma primary care reps. make! I thought this was a start up division launching a biologic, going rate for that even with the highest risk companies is $50K per year uncapped? Am I missing something or are the recruiters full of shit? If so no way in hell will I take such a pay cut to be back making what primary care reps make these days.

 

You think the recruiters are full of shit what till your interview with an Opko manager, more shit there than a loaded diaper pail.

 

You will be told you are a pre-madonna for making so much money where you are and what Opko pays is the going rate in the industry. No, the recruiters are not full of shit that the target is $7,500 per quarter(only 3 will make that for Q2) and yes, you are correct that if you come here you will be taking a huge pay cut and be back calling on customers who like in primary care for the most part don't want to see you and don't want your samples.

 

Pre- Madonna ? Bwaaa Haa Haa ! Try primadonna GED boy.

 

Only apply if you are unemployed or on a PIP. The base is around $95K and is NOT what specialty reps make much less NEPHROLOGY specialty reps. We still haven't heard WHAT dollar amount we made for Q2. Management had to add a "grading curve" (thank goodness) to the bonus plan since they goals were not projected correctly. The company is only at 1/20th of the target goal for the year. The stock is tanking and will fall greatly when the next investor call happens.

Don't buy the bullshit about "growth opportunities" and "management development opportunities". Frost will sell off the drug before another expansion. Smoke and mirrors.

 

Why not give merit increases and make a better comp plan instead of expanding territories?

 

probably because they want to increase sales that’s why most companies hire reps.

 

There isn't enough busy to expand and support new territories.

 

I don’t know what other RSS’ base salaries are but in talking with another manager in another specialty, our bonuses are low comparatively and my base is barely meeting standard for geography. Their bonus : 50k/ yr. (which I’m sure only a select few earn but still higher than ours and average reps are earning good bonuses). Their disease state from my clinical perspective is a much less complicated sell and MDs perception is there is a need for the drug. The drug is not a blockbuster but doing “ok”. Their base about 10 -15k higher. When I found out the company and the drug I was a bit surprised as I didn’t think they paid that much.

 

Then go for it. If it is a better opportunity you should grab it and run.

 

Let's face it while money is import, it is the culture that dictates happiness/motivation. Yes morale is way down.

Famous quote from Captain Bligh -"The beatings will continue until morale improves"!