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Career path that you will tread in pharma product manager jobs
Pharmaceutical companies manufacture medicines from chemical and plant based compounds. The medicines they manufacture or formulate are for various purposes, like; prevention of diseases, subsiding pain, prevent the spread of a virus or bacteria. They aim at formulating drugs that help them enhance their revenues, help them lead the competition. Also these companies manufacture drugs and health products for human usage as well as veterinary consumption.
Pharmaceutical companies lay more stress on ramping up their workforce, research and production capacity, which help them give exponential rise to their revenue models. The growth of their revenue model, is based on the skills and expertise of various professionals who have to oversee different activities pertaining to research, production, marketing and distribution in the markets. One such profile is that of a Pharma product manager, and this hub revolves around different aspects of this job profile.
The job role of a pharma product manager
A pharma product manager is responsible for briefing the sales force, about a particular product along with the technical nitty gritty of a product, which allows the sales team to propagate the features of a product to medicine practitioners and pharmacists. They also provide the sales force with the necessary electronic and printed material, product specific training and relevant research papers.
They also need to keep a close watch on competition and ensure that the product is up to date as per the demands of the market. They are the point of reference for all product enquiries and work in close association with clinical research professionals and ensure that the product is compliant to the regulatory framework.
Also, as a pharma product manager you will have to ensure that all the promotional material is being used efficiently and yields results. They also need to conduct market research, consumer behaviour towards a particular product, and identify the products which would enhance the user base as well as the revenue model.
They also work in close association with the marketing team, to plan and implement the annual marketing strategy, and ensure that the advertising, promotions and sales are in accordance to the annual marketing plan.
A days job, consumes a significant amount of their work hours in preparing product forecasts, inventory management for various geographies and ensure that the supply timelines are being adhered to by the production and distribution teams.
They are need to attend conferences, seminars and summits to align themselves with the developments in the industry and the markets across various geographies.
Pharma product manager jobs demand candidates with a graduate degree in pharmacy, chemistry or biology along with a master's degree in management. As a management degree commands higher salaries and the skills that one is armed with after earning a master's degree in management allows them to become successful in this career domain. Being senior level positions, employers only consider those with a management degree, as the skills required for this job needs expertise in various aspects of marketing and sales, along with the technical know-how which one has obtained during the course of their graduation. Also there are certain certifications from the domains of pharmaceuticals, product management that will multiply your job prospects and will also help you build a reputation as a professional who is deeply concerned with the advancement of their career.
The career path for pharma product manager
As a product manager you will rise through the ranks of product management making your way to the top of the career ladder. As an entry level product manager, you will be a part of the product management team with the rank of a product analyst, product manager or an associate product manager. This is from where you will start as a fresh entrant, and will be a part of smaller projects. Try to make your mark with certain set of achievements and count on the guidance or the mentor-ship of a senior product manager, by assisting them in their daily activities.
Once you have gathered 1-2 years of experience in an entry-level role, now you can rise to the position of a product manager, supervising a team of entrants who are new to product management as a career domain. In this role, you will be setting goals, directions, develop strategies, execution and delivery. You will manage all the stages of the product life-cycle, launching a new product in the market. You will also develop skills in market research and analysis along with consumer feedback and competitor analysis. In this role, you should learn and prepare yourself for the next profile of your career ladder. Learn how all cross-functions work together and employ the knowledge that you have accumulated in your entry level role to create a strong foundation.
The next profile is that of a senior product manager or a product director. In this role you will manage 1 particular line of product, hence you will supervise the product team to develop a new product, and the drill of developing a new product by now is on your tips. If you are managing a line of product, then you will have to ensure that every aspect of the product remains consistent and standardized. In this role, you will not only supervise product associates or product managers, however, you will have to oversee the daily activities of business analysts, designers, writers, marketers etc. This role will make you responsible and accountable for success of a product range, along with managing the product team.
After you have earned over ten years of experience in this job domain, now you have an access to roles in senior level management. As a product director, here in this job position you would be handling more products and supervise a team of senior product managers, who are responsible for one or two product range. Here you will oversee, the overall team performance, product performance, by ensuring that the teams are executing and delivering as per the business requirements. This job role demands strong knowledge of product management and people management.
The final step or the apex of pharma product manager jobs is the position of VP product management. As a VP you will be responsible to ensure that all the product management teams are executing and delivery as per the business goals. Here you will report to the board of directors or the investors regarding the product development operations of your company.