Medical Sales Rep

For those in the women’s healthcare market there is an intriguing conversation going on in the realm of minimally invasive permanent birth control. After speaking to a medical sales rep who works for Conceptus (forum) a few weeks ago and checking out some internet postings, I thought about writing this post.

Essure is a medical device marketed by Conceptus (CPTS) that has been FDA approved since 2002. It remains the only minimally invasive form of permanent birth control. The Essure procedure is a substitute for a tubal ligation where a patient has the procedure done in a hospital under general anethesia. The Essure procedure lasts about 15 minutes and can be done in a doctor’s office with local anesthetic.

Conceptus has seen tremendous growth and has been a darling in the silicon valley medical device world. Enter Adiana. Adiana is a product by Cytec, now Hologic (HOLX). Adiana is thought to be the biggest threat to Conceptus’ monopoly of the minimally invasive permanent birth control market. Cytec purchased Adiana some time ago with the idea of bundling it with their Novasure product for endometrial ablation. Novasure is a market leader and this combination could prove lethal for Conceptus.

However, Adiana is having trouble getting approval from the FDA. It seems there have been more than a few pregnancies in their initial trials. The result was a message from the FDA asking to examine three year results before it makes a decision. These results will not be available for another year and once submitted, the FDA has six months to approve or deny. This could mean June of 2009 will be the time the permanent birth control market either has another entrant or continues to be a one horse show.

If you are a Conceptus/Essure rep, I am sure you are quite happy with the recent decision. If you are a Novasure rep, your mouth has to be watering at the opportunity before you.

Of course, if Adiana does not get approval, Hologic (forum) does have the market cap to buy Conceptus outright. Currently, Hologic has a $7.8 Billion dollar market cap, while Conceptus has a $500 million dollar market cap.

If you are a medical sales rep with either company, you are in good shape, in my opinion. I agree with the Conceptus CEO. We both feel the market is large enough for two players

A recent Supreme Court ruling should be well recieved my makers of medical devices and their sales reps.

The case involved a man who was having an angioplasty and a balloon cathether made by Medtronic burst causing him health problems. The Supreme Court ruled that states could not impose more stringent standards than the FDA currently does. Presently, if a product is ruled safe for use by the FDA, there is a brand of immunity attached to the product.

This is good for medical device makers and reps because it keeps them from having to live up to different standards that would cause increased prices, longer approval periods, etc. The lone dissenting justice was Ruth Bader Ginsburg, but anyone who follows the court would realize this isn’t much of a surprise.

So, it is a good day to be a Medtronic sales rep and a good day for all medical reps.

To discuss this, head on over to the Medtronic discussion board here.

For the full story, here is a link to the NYT.

Wright Medical (Nasdaq: WMGI) released numbers back on Friday for the previous quarter. Their revenue numbers beat Wall St. expectations, but their earnings still lagged due to restructuring and arbitrators.

The new CEO claims they are moving right along and due to their market position and status as a smaller company that have to be tremendously innovative. He even refers to Wright Medical as the Apple Computer of medical devices. It would be interesting to hear from any Wright Medical sales reps out there about how you think the company is doing.

Coverage here.

To me, I am predicting most companies will release good numbers from the last quarter of 2007. I do think Q1 of 2008 will be slower due to the overall economy slowing. However, if you have a great product, there is sure to be demand for it whether the economy is in good shape or bad. Still, if you are selling big capital equipment, you may have a rough time.

Feel free to discuss in our comments section or or forums here.

In other news, Ev3 (forums) is suing CSI (Cardiovascular Systems Inc.).

“Ev3 charges CSI has damaged its business by “raiding” its sales force, and that it is benefitting from confidential information some of the new hires might have taken with them.”

This case illustrates how valuable a salesforce can be and that keeping your people happy through pay, benefits, etc. should be provided at all costs. I know someone who formerly worked at Fox Hollow and has now moved on. He was one of the original employees and when they changed their comp plan many people felt they could do better elsewhere. This is part of the problem when smaller medical device companies seek to move from startup to industry heavyweight. Startups are forced to pay top dollar if they want to give their company the best chance for success. Once some success comes, those same reps are slightly more expendable in the company’s eyes and they reduce the pay plans, bene’s, and wonder why people leave for a better deal.

For the complete article: link 

I’ve just created a forums pages where you can discuss anything and everything about medical sales. I am hoping to generate some good discussion. To post, just create a username and you have the ability to get email notifications for each topic so you won’t miss a beat.

I encourage you to sign up and generate some good discussion. This forum is dedicated to medical sales.

Check it out here.

In the future you can find the link under the blogroll header in the far right sidebar.

Another question I get all the time is “How do I get in touch with a recruiter?” The truth is, if you do your homework, you can find some names and numbers but it is difficult to get a list together. So, I thought I would do some of the work for you.

I have created a page with a list of recruiters who do medical device sales. I cannot vouch for them all. The recruiter I have used in the past recently retired. You can find the list of recruiters here.

In the future, you can find the link in the sidebar. Hope this helps some people out…

I get asked all the time about what is the best way to get into Medical Sales. In my opinion it would be to go the way of being an associate rep first.

If I plan on ultimately becoming a medical sales rep, I would NOT touch pharmaceutical sales. Many recruiters and managers see time as a pharm rep as either wasted time or feel it tells them that you are only out to make an okay salary with company car and expenses. There is also an argument about whether this is actually selling or just glorified catering. I won’t touch this argument.

The next question I normally get is, “Well, okay, what does and Associate Rep make?” I cannot give a number that is universally true, but I do have a friend who worked for Stryker and he made $40k per year with no company car and no expenses paid. Now you might say, “that isn’t much, I can’t afford to take that job.” To this I say think of the valuable equity you are building in yourself. You now have experience working for a great company in an OR environment in a sales role. So, when you go for that full line position and the finalists are you, the b2b rep, and the pharm rep…you will always win, unless you blow it.

This is because b2b reps don’t have the OR experience (which you have) and the pharm reps don’t have sales experience.

So, take the associate job, crank out a year, get experience and either move up to a full line in your company or go somewhere else.

Note: I have heard of territory assistants getting paid up to 75k with Johnson and Johnson (JNJ), Mitek, and Ethicon Endo.

As a medical sales rep working for a major company there are always ups and downs. Forecasting is sometimes difficult because of so many outside factors contributing to getting the PO.

January was difficult for me even though I worked as hard if not harder than other months. I feel like people are weary about the economy and that in some ways the lack of confidence stemming from the real estate market collapse is having a psychological effect on buying large ticket items.

I think the democrats will use the faultering economy in the upcoming election, but I am anxious to hear from anyone reading about what they think the election of a democrat and everything that may come with it (universal healthcare?) would effect the medical sales industry. What do you think?

I thought this blog could become infinitely more productive if I simply asked what you would like me to focus on (asking the customer, duh!)

So, what would you like to hear about and what are some things you would like to see from this website? A better job board? Forums?

Also, how did you find us? Google, word of mouth? I find this very interesting. This site has been a place for me to sound off on different ideas and situations I have come across in the medical sales world and I didn’t know how many people would listen. Thanks for visiting and any feedback will help me make this site better and also motivate me to produce more.

It is that time of year again. Many companies are holding their national sales meeting next week and medical device sales reps from all over the country will be making their way to these meetings. If this is your first NSM then you need to be aware of the type of activities that go on and what NOT to do.

1) Don’t sleep with anyone!

-I have been to meetings where female reps get caught up in the moment and sleep with a male counterpart. You want to be known for your outstanding sales, not who you hooked up with.

2) Don’t have more than two alcoholic beverages per day.

-National Sales Meetings are all day affairs. You will likely wake up at six and have activities throughout the day and night. Alcohol will lessen your stamina. If you go overboard with your drinking there are any number of side effects and I am sure you can fill in the blank. Drink in moderation.

3) Do not go to a strip club!

-If you have female reps with you this can make them feel uncomfortable since they are likely in the minority. This is also very unprofessional. This may be the only time each year where you are around higher level executives in your company and if you have any aspirations higher than field sale rep then I advise you to be as professional as possible.

I hope this helps. Good selling!

As a medical sales rep it is important to start the new year off right. The best way to do this is with a fast start. Many hospitals finalized 2008’s budget late last Summer and the smart thing to do is find out what they plan to use that money for and position yourself to harvest as much of that budget as possible for your own means.

A good medical sales rep would have done this in the early fall, but it is never too late. Visit your champions and make them offers that expire. Don’t let your competitor get there before you. If you are lucky they are still hungover from New Year’s eve.

The best way to hit quota is to get ahead early. If you want to crush your numbers this year and burn up your territory to leave for a new position later this year…the time is now.

Get out there and good selling!

Additionally, I should note that this is the time of year for national sales meetings. My next post will be on what NOT to do at your national sales meeting… so tune in.