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What does a coronavirus vaccine mean for the medical sales industry?

Posted on: 20 Nov

When news of the first coronavirus vaccine broke, the Chairman and CEO of Pfizer announced, “Today is a great day for science and humanity”. Pfizer joined forces with BioNTech to deliver the first-ever mRNA vaccine which has been lauded as groundbreaking, revolutionary and a landmark.Initial reports showed the vaccine to have a 90% efficacy rate but soon after, biotechnology company - Moderna - announced their own vaccine with a boosted efficacy rate of 94.5%. So the race to distribute a coronavirus vaccine is well and truly ramping up and each day a new candidate could overtake the current frontrunner, but what does all this mean for the medical sales industry?

 

The growing vaccine market

The wider pharmaceutical market has long been known for its lucrative investment options but the outbreak of Covid-19 has exposed a growing vaccine market. Though the first case of human coronavirus was reported in the 1960s, it was six decades before Covid-19 began to dominate headlines around the world and became a standard topic of discussion even around the dinner table. As the global population has been on tenterhooks waiting for a vaccine, analysts have projected that the Covid-19 vaccine market has swelled to an annual value of $10 billion. But how will this impact the medical sales industry? Though it’s early days, more money flowing within Pharma can only mean good things for the medical sales job market.

Jobs are beginning to recover

While it’s true that few industries will have navigated the coronavirus pandemic and come out unscathed, there is the opportunity for many to come back even stronger and the vaccine signals the beginning of this transition. Following the announcement of a vaccine, the global stock market hit an all-time high and so the attention now shifts to the job market. Just days before the news broke, the number of jobs advertised increased by 16% week-on-week. Though, the early signs of recovery aren’t to be enjoyed by every industry, for those working in a ‘business as usual’ job – like many in the medical sales industry - the vaccine marks the beginning of the road.

Shift to remote working

It’s too early to know for sure the extent of the impact of coronavirus, but what can be claimed without a doubt is that the pandemic has left its stamp on the world. It’s become increasingly apparent that medical sales professionals will need to demonstrate an ability to communicate effectively in the virtual space. Because, although a coronavirus vaccine will precede a relaxing of restrictions and a steady return to the office, video conferencing isn’t going anywhere. Virtual meetings mean that everyone can join in, there’s the added flexibility of time and location, and with widespread immunisation not likely for some time, they are the best option to keep people safe.

The shift to remote working may have been a challenge for professionals in the various job roles within medical sales, particularly because it’s an industry dependent on making connections with people and establishing relationships, but there has been an unexpected benefit. With communication now reserved for the digital space, distance is no longer a barrier. Medical sales representatives can now engage with healthcare professionals that it would have otherwise been geographically impossible to. And, figures show that consumers are surprisingly receptive, with 70% preferring digital interactions and the greater effectiveness that it affords.
 

Your medical sales career

The outbreak of coronavirus has moved the medical sales industry closer to the precipice of change and the announcement of a vaccine, with many more treatments soon to follow, has accelerated this further. As technology continues to make many inroads into the pharma industry the digital transformation is opening up the roles of those in medical sales. All this change and advancement means there could not be a more exciting time to make a career change and we want to help you. View our medical communications jobs or use our filters to browse alternative job categories.