Retail RPh to Medical Info Spec

[Zizuzizu]

Hello,

I have been looking for Medical Information Specialist position for a while now in CRO and Pharma companies but had no luck. Recently, I interviewed and got an offer at a recruiting agency to work for another pharma company as a Medical Info Spec. I am going from a retail pharmacy (4 yrs) to Medical Info Spec. There will be a huge pay cut (~$20/hr and ~$20k/yr), and the perks are that I get to work from home, no weekends, get an hour lunch break, etc.

I know that I will not be able to work in retail pharmacy all my life, eventually want to move out of retail. I don't know if now is a good time or later.
Please share your thoughts!

Thanks!

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[rxkrafted]

As much as I hate retail, I wouldn't switch for that big of a pay cut unless I had no big financial obligations (mortgages, children, debt, etc.).

 

[Hels2007]

Yeah, industry will always come with a pay cut for your first job. But the pay can and will continue to grow (how fast will depend on how good you are) and the perks outweigh the job cut. If med info is what you actually want to do.

If you do a good job, you will probably catch up and overtake retail pay in 3-5 years. Maybe even faster now that the retail pay is stagnant.

 

[TheBlaah]

Just to clarify, ~20/hr amounts to ~$40k/yr. How is it only amounting to ~$20k/yr cut?

But to offer my opinion, I think it depends. If you're making ~$150k per year now, a 20k or 40k isn't so bad. However, if you're only making 100-110k, a 20-40k cut starts to become very substantial.

Additionally, how established is the pharma company? Anecdotally, pharma positions are already somewhat risky and prone to layoffs. A position with a new startup company would be even riskier.

On the other hand, opportunities like this are few and far between, and generally it's better to start these kinds of positions sooner rather than later. If your financials can stomach it for awhile, I'd recommend you accept the offer. Maybe you can come up with something to supplant your income with all the free time you'll have?

 

[wazoodog]

3-5 years sounds about right for just about everyone I know who went from retail pharmacy to pharma.

 

[Zizuzizu]

Just to clarify, ~20/hr amounts to ~$40k/yr. How is it only amounting to ~$20k/yr cut?

But to offer my opinion, I think it depends. If you're making ~$150k per year now, a 20k or 40k isn't so bad. However, if you're only making 100-110k, a 20-40k cut starts to become very substantial.

Additionally, how established is the pharma company? Anecdotally, pharma positions are already somewhat risky and prone to layoffs. A position with a new startup company would be even riskier.

On the other hand, opportunities like this are few and far between, and generally it's better to start these kinds of positions sooner rather than later. If your financials can stomach it for awhile, I'd recommend you accept the offer. Maybe you can come up with something to supplant your income with all the free time you'll have?

~20k/yr cut because with my current job, I am full-time with 64 hours/2 weeks high pay rate, and the new offer gives 80 hours/ 2 weeks but a low pay rate per hour. The recruiting company is about 42 yrs old, but the pharma company that is partnered with is very well established.

I really appreciate your opinion!

 

[TranslationalRPh]

Recently, I interviewed and got an offer at a recruiting agency to work for another pharma company as a Medical Info Spec. I am going from a retail pharmacy (4 yrs) to Medical Info Spec. There will be a huge pay cut (~$20/hr and ~$20k/yr), and the perks are that I get to work from home, no weekends, get an hour lunch break, etc.

Personally, I wouldn't base it on short-term compensation unless you're presently in a bind. For example, I took a paycut much larger than what you listed when I made my transition; however, there was absolutely no long-term negative financial impact, even factoring in opportunity costs and the time-value of money. It's laughable what I was whining about then in the big scheme of things. If your pay cut is only $20k/yr and you get the benefits you mentioned, then you are quite fortunate. What I would base your decision on is whether or not you really want this type of position. Hopefully, you know a few people who are actually doing the position who can provide you some context. In general, I think it sounds like a solid opportunity.

CROs are known to underpay. Your paycut is their profit. However, they are a great way to cut your teeth.

Good luck. Feel free to PM if I can be of any help.

 

[Deja]

if you are really worried about paycut you can always work prn in retail till you make a step up in pharma

 

[iamapharmacist]

Hello,

I have been looking for Medical Information Specialist position for a while now in CRO and Pharma companies but had no luck. Recently, I interviewed and got an offer at a recruiting agency to work for another pharma company as a Medical Info Spec. I am going from a retail pharmacy (4 yrs) to Medical Info Spec. There will be a huge pay cut (~$20/hr and ~$20k/yr), and the perks are that I get to work from home, no weekends, get an hour lunch break, etc.

I know that I will not be able to work in retail pharmacy all my life, eventually want to move out of retail. I don't know if now is a good time or later.
Please share your thoughts!

Thanks!

Have you thought about an independent? You won't have to take a pay cut, you'll get a 30-60min lunch, only work 4 days a week with rotating saturdays in most indies.

 

[WorthlessOxygen]

You won't have to take a pay cut, you'll get a 30-60min lunch, only work 4 days a week with rotating saturdays in most indies.

I'm sure this is pretty variable but my indie friends all make significantly less than retail. Lunch breaks are more common but far from guaranteed.

 

[iamapharmacist]

I'm sure this is pretty variable but my indie friends all make significantly less than retail. Lunch breaks are more common but far from guaranteed.

I went from $62/hr at cvs to $55/hr at indie so yeah it is less but i think cvs it now offering less than that for new hires. Even if im making few dollars less, im way more happy and less stressed. So def worth the pay cut. Haha

 

[firework]

Personally, I wouldn't base it on short-term compensation unless you're presently in a bind. For example, I took a paycut much larger than what you listed when I made my transition; however, there was absolutely no long-term negative financial impact, even factoring in opportunity costs and the time-value of money. It's laughable what I was whining about then in the big scheme of things. If your pay cut is only $20k/yr and you get the benefits you mentioned, then you are quite fortunate. What I would base your decision on is whether or not you really want this type of position. Hopefully, you know a few people who are actually doing the position who can provide you some context. In general, I think it sounds like a solid opportunity.

CROs are known to underpay. Your paycut is their profit. However, they are a great way to cut your teeth.

Good luck. Feel free to PM if I can be of any help.

You're paycut is NOT CRO's profit. It doesn't work that way.

 

[TranslationalRPh]

You're paycut is NOT CRO's profit. It doesn't work that way.

Respectfully disagree. That IS their model by design. If they truly paid all employees market rates, which are publicly available, there would be no margin, and they could not make a profit. CROs don't routinely get equity. It's fee for service. Their stakeholders (ie, pharma and biotechs) know the true costs of labor and if it was more profitable to insource the talent, they would. That's why as soon as people get trained, that's when pharma and biotechs swoop in and hire them, usually at a VERY healthy premium. While I won't go into my specifics here...for me, the delta was life-changing. I will give you a guess who was absorbing the delta before my switching from CRO to pharma/biotechs. FYI, CROs do not rent out talent for cheap. Hope this helps.

 

[PHARMD181818]

Respectfully disagree. That IS their model by design. If they truly paid all employees market rates, which are publicly available, there would be no margin, and they could not make a profit. CROs don't routinely get equity. It's fee for service. Their stakeholders (ie, pharma and biotechs) know the true costs of labor and if it was more profitable to insource the talent, they would. That's why as soon as people get trained, that's when pharma and biotechs swoop in and hire them, usually at a VERY healthy premium. While I won't go into my specifics here...for me, the delta was life-changing. I will give you a guess who was absorbing the delta before my switching from CRO to pharma/biotechs. FYI, CROs do not rent out talent for cheap. Hope this helps.

Hey TranslationalRPh! I am trying to PM you with a question about industry pharmacy but your profile is not set up to allow messages from my account. Could you possibly follow my account so that I can message you? Thanks! 🙂