What is in store for the US pharmaceutical sales market

The US accounts for an average of 45% of the global pharmaceutical market. We know for certain that the pharmaceutical sales market is growing despite challenges such as the lingering effects of the COVID-19 pandemic, tighter regulatory constraints, lower perceived product differentiation, and maintaining sales channels. In fact, the US pharmaceutical industry is projected to grow at a CAGR of 4.3% over the next five years. This promising figure exemplifies the market’s health and makes it a desirable career path for those interested in pharmaceutical sales.

Stability aside, the US pharmaceutical sales market has other exciting prospects in store. There’s never a dull moment in this field, and every corner presents new opportunities for career expansion. Let’s look at what the next few years have to offer.

Drug, device, and therapy discovery

There are currently more than 8,000 medicines in development, which is exciting news for pharmaceutical sales reps eager to promote new products to their clients. These treatments are being developed across multiple therapeutic areas, including COVID-19, cancer, diabetes, cardiovascular, and Alzheimer’s disease. Recently, key industry leaders met in Washington, DC, to discuss using real-world data and real-world evidence for drug development. This approach has already been applied to drug research and oncology regulation, where assigning patients to placebo control groups would be unethical.

Moving forward, real-world data and real-world evidence will be used by biopharmaceutical researchers to improve several clinical trials. It will help to shape the current standard of care for treating diseases, guide patient recruitment for clinical trials, and provide companies with valuable information on how to design trials.

The result will be improved drug development, with new medicines and therapies being delivered at faster rates.

Research and development to assist pharmaceutical sales jobs

We mentioned the application of real-world data and real-world evidence in the previous section. One innovation set to improve the research and development of this data and evidence is quantum computing. This technology will revolutionize cybersecurity and real-time analytics to drastically improve drug research, development, and distribution.

While R&D spending is expected to increase, this type of data collection and organization will reduce the costs of bringing new drugs to market overall. This makes it easier for companies to introduce new quality products and potentially invest in infrastructure needed to promote those products.

In addition, this technology will be used in pharmaceutical sales jobs to improve customer data, helping reps secure, maintain, and increase sales.

Representatives will have more insights and technology tools than ever before to introduce products and improve patient lives.

New customer relationship trends

It’s predicted that pharmaceutical customer engagement will become more remote, digital, and informed. While these trends were already in development, the COVID-19 pandemic greatly increased the need for advanced digital connections.

Medical sales reps must, therefore, leverage technology and use innovative software to bridge communication gaps, ensuring improved customer relationships where the correct information is shared at the right time.

Let IQVIA help you find your next pharmaceutical sales job

IQVIA is a leading contributor to the life sciences industry. Our company embraces challenges and uses them as tools to expand into new territories, ensuring we’re always a step ahead. This proactiveness supports our mission to drive healthcare forward and help patients receive improved drugs and treatments for the best outcomes.

If you want to become a pharmaceutical sales representative and join a team of forward thinkers, we invite you to apply for a pharmaceutical sales rep job with IQVIA. Alternatively, sign up for job alerts and be the first to hear about exciting opportunities.