SOURCE: Cutting Edge Information

Cutting Edge Information

April 23, 2015 08:00 ET

Two-Thirds of Managed Markets Account Managers Have an MBA According to Cutting Edge Information

Preferred Experience Vary Among Pharmaceutical Companies

RESEARCH TRIANGLE PARK, NC--(Marketwired - April 23, 2015) - In the life sciences industry, adding quality to a team of existing managed markets account managers requires identifying candidates with the proper skillset, which is largely based on previous experience and education. According to Cutting Edge Information, a Master of Business Administration (MBA) is the preferred educational background for US managed markets account managers at the national and regional level. 

A recent survey conducted by Cutting Edge Information found that 67% of managed markets account managers in the US and 60% of regional account managers in the US have an MBA. A Doctorate of Pharmacy (PharmD) is also prominent at both the national and regional level, at 17% and 20%, respectively. 

"The experience that employers look for varies based on a company's needs," said Jacob Presson, senior research analyst at Cutting Edge Information. "A pharmaceutical company getting its managed markets team off the ground, for example, will look for a veteran account manager that brings in existing contacts with major payers whereas companies with established groups look for candidates with sales experience and knowledge of how products move through the system. Across the board, however, roughly two-thirds of managed markets account managers have a Master's in Business."

What is the pay off? Surveyed managed markets account managers at the national level receive $155,000 for their base salary and $50,000 in bonuses. At the regional level, account managers earn an average $129,000. The full benchmarking study includes more detailed compensation metrics for managed markets account executives.

"Managed Markets Account Managers: Fortify Payer Relationships to Secure Product Profitability," available at http://cuttingedgeinfo.com/research/market-access/managed-markets-account-managers/, guides managed markets teams to succeed by emphasizing payers' needs and meeting them by working through account managers. The report's analysis examines the kind of information most valuable for account managers to present, how information should be presented and their primary targets for meetings. The report's highlights include:

  • Data and diagrams showing reporting relationships and managed markets group structures
  • Benchmarks on managed markets account manager budgets and spending 
  • Strategic recommendations and benchmarks for improving communication and relationship-building with payers 

For more information about managed markets account managers and payer relationships, please visit http://www.cuttingedgeinfo.com/research/market-access/managed-markets-account-managers/.

Contact Information

  • CONTACT:
    Rachel Shockley
    Marketing Team Leader
    Cutting Edge Information
    919-433-0211