RESEARCH TRIANGLE PARK, N.C.--(US managed markets directors typically earn between $150,000 and $200,000, compared to some sales managers who top $300,000 annually, according to a report by Cutting Edge Information. As life science companies recognize the key importance of market access and reimbursement, they must offer higher compensation opportunities, especially for experienced personnel.)--
“Managed markets teams have a pivotal role in ensuring market access and securing the best reimbursement — a key component to product success”
The study, “US Managed Markets: Driving Commercial Success through Outcomes-Based Reimbursement,” shows compensation levels for seven managed markets positions. Few surveyed pharmaceutical and medical device companies pay their US managed markets employees less than $100,000 in salary and bonus.
Bonuses provide a significant portion of income for both strategic reimbursement personnel and their more sales-oriented colleagues – or account managers. On average, non-sales staffs earn approximately 20% of their income via bonus at maximum bonus levels, whereas account managers receive an average 34% of their income from bonus at maximum levels. Individual company bonus levels vary widely, however. In fact, one company surveyed allows its account managers to double their income through bonus. As a result, surveyed national account managers’ salaries range from $165,000 to $330,000 and regional account managers from $155,000 to $310,000 when they reach their goals.
“Managed markets teams have a pivotal role in ensuring market access and securing the best reimbursement — a key component to product success,” said Michelle Vitko, senior research analyst at Cutting Edge Information. “To reach these goals, managed markets teams must work hard to prepare for payer meetings and build relationships with payers. Having experienced personnel in place goes a long way in saving time, ensuring smooth payer relationship management, and getting results.”
“US Managed Markets: Driving Commercial Success through Outcomes-Based Reimbursement” (http://www.cuttingedgeinfo.com/research/market-access/strengthen-payer-relationships/) provides best practices and benchmarks to help managed markets teams improve payer relationships and align their goals with payer demands. The study is designed to:
- Anticipate and meet payer demands.
- Explore budget and staffing benchmarks, ROI metrics and more.
- Get different industry perspectives on the US reimbursement landscape.
- Manage pricing pressures and the narrowing gap between US and Europe.
- Position account managers to gain access to payers.
- Make reimbursement an ongoing process to manage shifting competitive pressures.
For more information on managed markets benchmarking, contact Cassie Demeter at (919) 403-6583 or firstname.lastname@example.org.