Old man in trouble

I expect this will bring about a lot of age comments but I am going to take that chance. I am 62 but can't afford to retire. My 401Ks lost a ton of money, Social Security at age 62 is not enough to live on, and only one pharma company provided a pension which is very low. So, I have to continue to work for the next few years. I was forced out of a previous 10 year gig when my pharma company was bought out. I took a sales job in dental for half the salary and unreasonable quotas so therefore no bonus. I am finding I can't make ends meet and still have the hours of work at night and the stress of my previous job. If I am lucky I will make in the high $40s this year. Has anyone been in this situation and where can you go at this age to make enough to live on?

 

I feel for you. I'm only in my early 40's and have been forced to take a much lower paying job because the pharma industry is contracting. My only advice is to look at perhaps the contract organizations, so far I have had no luck there, but it may be worth considering. Good Luck to you.

 

Dear Old man. I'm an old woman who was in your shoes. I wish I had an answer for you, but right now, I'm not even working. I am a level headed, positive intelligent person, but at this point in our history, I'm scared %#@! I believe I may have to get into a completely different type of sales. I am looking into devices and diagnostics, because I have experience there, but I've not had one call and have been looking for months. I wish you all the best and want you to know, you have lots of company. Hang in there and don't give up.

 

Mid 50's here. My 401K has been cut in half. Thinking of getting my real estate license and sell re part time to suppliment my risky pharma job.

 

I am another Old Woman, also in trouble. I had the same exact thing happen to me. Right now my manager is even making a few snide "old" comments which I would never be able to prove. I went from pharma to a low paying medical suppilies job, after my company had massive layoffs. I hate it but cannot even land another interview. I have cleaned out my savings account and am living paycheck to paycheck. Not sure where this is going but it is not good. As was said above, you have lots of company. I wish there was a solution for us but I don't know what it might be.

 

Dude, I know this is of limited comfort, but you are not alone...Welcome to our new OBAMANATION!! You don't mention if you have kids or not, but they are going to be screwed a hell of alot worse than you are...At 62, I am guessing you have checked quite a few things off of your "Bucket List" and can do without the fancy vacations and nice restaurants at this point...America has hit the "reset" button and it turning into a bona-fide 3rd world country now, with the corresponding lifestyle that represents...

I am closing in on 50, career pharma rep, and being forced out by a psycho manager...And you know what??? I am ecstatic about it!! Like it or not, this pharma sales thing is really pretty much done...We are propping up an antiquated business model that is in its capitulation phase, meaning it WILL NEVER, EVER be a good job for anyone but newly graduated college kids that need a couple of years in corporate america...

I would just be thankeful that you had a good ride and had some fun along the way...62 is not that old, but honestly, corporate america considers you pretty disposable at this point in your life...

I would either create your own job buy buying some sort of franchise, going back to school and getting re-trained, or move to somewhere out of the USA to reduce your costs and be able to live on alot less money...Hope this does not bum you out too much, but you have become, (like many of us) pretty much expendible to the "system."

 

I suppose I should appreciate the fact that I am still employed at this point but this profession has become so unsatisfying. Just getting off another days work and feel disillusioned. All the boxes were checked as required but what did I accomplish? You know the feeling. I find it difficult to get the energy to produce a meaningful dialogue, not that it happens all that often.

I have begun to mail out some resumes and being currently employed more than 10 years with one company you'd think I get some interest, even for lesser paying jobs. Too early to comment but I have my reservations. I am fortunate that I have practically no debt and can afford such a move.

Who knows why it is so tough to change careers? Is it our age? Are too many pharma reps applying thus devaluing us? Is it just the economy? Or does the internet increase your competition to the point it is hard to distinguish yourself?

I don't have the answers but I do wish all of you the best of luck in your endeavors.

Reply With Quote Sorry for the double post. Don't know how I got it in the wrong thread. Guess technology has passed this 'old' guy up.

 

Do contract companies hire older reps?

 

contract companies are really not the way to go, despite what some people say on CP. Most of the time, you do the bulk of the work, endure the wrath of those that work as full timers for the parent company, and get screwed on bonus badly...

not that this is always the case, but folks, contract companies are part of the problem, not the solution!!

 

We need a bumper sticker that says instead of s_ _ t happens, 62 Happens. It comes up quickly. Try a small company or contract company. Alot of reps in their early thirties have lost jobs and locked out of pharma. I went on indeed.com, a job board, and ran the job trend for pharmaceuticals and it went down while government jobs skyrocketed. Stress can take a physical toll, even hasten dementia. Since you can't afford to be sick, try to exercise every day and eat healthy. I was forced out even with good numbers. I am doing contract work.It is a job and it is ok. I find it is forcing me to focus on other things. I am not an old woman, but a sexy senior. Your best is ahead of you.

 

BS.

Contract companies are fine. You are just a spoiled idiot who clearly does not understand the value of a dollar.

Do the bulk of the work?
Endure the wrath?
Get screwed?

Dumb, dumb, dumb,

Clueless.

 

Old Man here. I did the original post. I was offered an interview with a contract company selling a new genetic test. I would have doubled my income but the fact that it is a contract has concerned me for a while. They were to contact me when they were ready to interview for my area. I just read that the genetic company is going down the tubes and the contract might be pulled. So, I am so glad I decided to stay with my low paying stable job. Having been in the contract ending place before i won't do it again. However, I have to say I was very tempted. It's a bad job market out there right now.

 

This is a tough time for industry veterans. I am approaching 60, but was fortunate to land a DM job with a small biotech co. The bottom line is this...you only have control of your own behavior. The industry has been taken over by military trained bean counters. They don't care about sales results, but are more concerned with reach and frequency and how they look in front of their supervisors. Selling skills are not important anymore...they don't care...if you want to stay in the industry, you have to go small...with a company that cares about results. Don't give up...they are out there...but set yourself apart from the old timers who who want to just have a pity party. The industry has changed. Reinvent yourself.

 

Where are you located, you sound like someone I'd like to work for! Serious reply only, please.

 

Folks,

I rarely respond on CP but truly felt inclined to offer some solutions. I'm at 12 yrs in the industry and have held multiple positions within various companies and the one thing I can say is conistent with our industry as with ours is it's all about who you know & in today's world, are they employed.

For those that are looking for a job, try linkedin.com . I've heard people being able to network through this site for various jobtypes and has been featured on CBS news. I'm in my mid 30's and have a different perspective on things compared to the true veterans on this post. Hearing everyone's situation has truly enforced to me that even those employed need to be strategically defensive by ensuring to network with key individuals that currently have jobs...that way we are planning for the worse case scenario.

I wish you all the best and hope this offered some additional help.

Also, regarding the CSO route, my opinion is use it as a "Transitional Job". CSO's are designed for one-two things...
(1) to mitigate risk to the parent company during ramp up for a new drug launch
(2) assist with new start up companies with little to no infrastructure

The risk is similar with both scenarios. If you go with a CSO, do not consider it a long term career path but more as a transition unless you feel confident that the contract will lead to a brighter future. Always look at the financial health status of the parent company, if a start up...you need to look at their cashburn rate (critical) and look at the type of drug they are looking to bring to market and the reason "Why" (divesting is a big reason due to patent life) the CSO.

 

I would love to have advice from the older reps. I have spent about 11 years in big pharma-now with a big pharma company selling capital equipment. I will be 40 this year and this is my 17th year. What do you wish that you would have done differently in your 40's? I don't want to be doing this forever. In fact, I can't stand healthcare now and would love to get out but.... can't do it now. What would you change? I appreciate any advice.

 

34 year old guy here. I just left pharma to start my own Health Insurance business. Looking back I wish I started my new gig on the side with pharma. Right now its a struggle and money is tight, but my freedom and sanity its all worth it. Whether you invest in the down market buying forclosures and rent them out or try insurance like me or design your own travel websites it can be done on the side if you really want to do it. I just went to a BNI networking lunch in my local city. There were 34 people there representing different companies. I was amazed that out of 43 people about 10 were traditional namebrand companies. The rest of the people represented companies like wood working, carpet cleaner, house cleaner, health and Welness, gift baskets, lawn service, title company, photography etc etc etc. So there are a lot of things you could do to make a buck outside of pharma. Try something small and go with it.

The problem you have is yourself. 11 years in pharma like it or not you have been institutionalized. I say this from experience. Pharma gives you everything to do the job on a platter. I have to pursue my clients, market myself, advertise my biz, work longer hours, do my own office stuff, and close business or I do not eat yet the earning potential is much greater than in pharma. Everything I just mentioned Pharma does that for you. The worst is what I did for 7 years in pharma and that is torment myself with ideas to get out of pharma yet never pulled the string. Day after day I woke up hating pharma and I did nothing but go around dropping samples and trying to convince myself on how pharma is a real job. My advice is to use the nice pharma salary, great medical, and free car to start your own gig. Start small and learn while you go. Good luck its never to late to start something.

 

I have been surfing this site for years. I am not in pharma. Was at one point.
Can honestly say that of any advice I have ever read on this site pertaining to the disgruntled or unhappy......THIS guy has given the best answer I have ever read. I can not add to it. Just read the comment again. It is perfect.

 

Yes, it was a very good and helpful read. Great advice!! I too left the biz and starting my own thing, as we speak. Couldn't be happier! However you need to, start something on the side like he said and make your plans to get out of pharma. Use it as a means to an end. The only regret I currently have is that I didn't do it sooner. Sound familiar? Don't let that happen to you. If you hate your job like (we) did, you NEED to leave. It probably won't get any better for you, so I say always go with your feelings. If it feels wrong, it probably is. I'm in my 40's and learning something new now. It can be done, and you'll LOVE starting chapter 2. Chapter one made me some money and I picked up a few decent skills, but having your own company and/or working for yourself is fantastic! Heed his advice; he knows what he's talking about!

 

I am the original poster of this thread. I am the old man in trouble. Being 62 is not a good place right now. Jobs are next to impossible to get and social security is too low to live on, my pension is very small and my 401Ks have tanked. I managed to get the dental sales job at a loss less money but I am finding now that I am finally making bonus. Instead of making half what I did in pharma I am now making 2/3. I guess you can call that an improvement. I can manage ok but by next year may have to get a second job at night. If only I can make it to 66 or if the 401Ks come back, I could happily retire. My advice to anyone younger is to really plan for retirement using safe investments. I also bought into my previous company with the stock purchase plan. That was to pay off my house when I got to this stage in my life. The stock is sow 1/3 of what it was and less than what I paid for it. Money kept under the mattress would be worth more right now.
I think my job is stable. There are older reps than me in this company so I will try to make a go of it. I wish I had the money to retire.