The Bureau of Labor Statistics(BLS) has released the employment situation report which serves as an important guide used in measuring the health of the economy and the performance of a given sector. The BLS releases this report on the first Friday of every month to show how the healthcare industry is doing and looks at anticipated future growth.
According to the BLS report, healthcare continues to add more jobs. It also reported that there was a slight fluctuation in June 2012. The number of jobs posted was 13,000 jobs which is relatively low as compared to the 33,000 added in May 2012. Still, the overall outlook for healthcare is positive regardless of the number of jobs posted. Unemployment within the sector is around 6.2% compared to national average of 8.2% and, the demand for healthcare services created by aging Baby Boomers and the Affordable Care Act will drive healthcare job growth into the foreseeable future, the report says.
However, the number of pharmaceutical sales jobs has decreased in recent years. Looking ahead, what can pharmaceutical sales representatives expect over the coming months?
According to MedReps, healthcare sales job counts across several job boards suggest a positive outlook for medical and pharmaceutical sales jobs. There has been a consistent increase in the number of healthcare sales and marketing jobs, hitting a record high job count at 12,200 jobs before leveling back out at nearly 11,000 jobs. Findings also showed that in recent months, the count for medical device sales jobs held steady on the job boards giving the impression that the medical device sales job market is stable, if not growing. Trends for biotech sales jobs was difficult to interpret. The buzz that the biotech industry is about to explode may be true but the job count numbers are not showing this yet.
This snapshot of job counts in recent months suggests that the job market is looking brighter for those seeking medical sales jobs but the supreme court’s ruling to uphold the Patient Protection and Affordable Care Act(PPACA) can impact medical and pharmaceutical sales jobs negatively. Medical device manufacturers will be funding the PPACA by a 2.3% excise tax and companies are already planning to reduce their workforce by 5%, citing the tax as their main reason. Pharma reps are worried for different reason not just because of the PPACA. While pharmaceutical companies are being asked to pay part of the cost of healthcare reform, they are also required to disclose payments over $10 made to physicians for consulting, research, speaking engagements and so on. This may not impact the number of pharmaceutical sales jobs as much as it could affect how those with pharmaceutical sales jobs conduct business.
It is certain that the future of healthcare jobs is positive, but it’s not quite as clear for medical and pharmaceutical sales jobs. In short team, there is some indication that the outlook is positive but pending the implementation of certain aspects of the PPACA, the long term outlook is less certain.
Between waiting for what the long-term outcome will be, sales professionals should increase their worth by seeking out training and working hard to remain invaluable to their employers while keeping their eyes on the job market so they will be ready to act if necessary.