dailypharmkorea

Opinion
[Reporter’s View] The dark side of the coveted MNC jobs
by Eo, Yun-Ho May 10, 2024 05:47am
Multinational pharmaceutical companies have become the wannabe companies for job seekers. With high salaries that are comparable to those of large companies and the flexible working arrangements that allow remote work, generous vacation days, generous in-house benefits, and a horizontal corporate culture, it seems anyone would jump at the chance to join these companies. However, there is a catch. For such a good foreign pharmaceutical company, labor conflicts are not uncommon. Layoffs that accompany various changes, such as divestitures, spin-offs, and reorganizations, are not a big deal in the industry anymore. Some people refer to labor unions in foreign pharmaceuticals as labor aristocracy and elite unionism, but there are definitely conflicts. Although the layoffs are coined differently in each company – including the Early Retirement Program (ERP), and Volunteer Separate Program (VSP) - these retrenchment programs all serve the same purpose and offer a substantial compensation compared to other Korean companies. Some joke that "you must have done well in your previous life to get ERP". For those nearing retirement age and those who can find another job, an ERP from a multinational can be an opportunity. The problem is that despite the compensation, many just feel despair. The medical representatives are affected the most. More recently, also the marketing staff, which were once the crown jewels of the pharmaceutical industry, are now the companies’ No.1 candidate for retirement. The irony is that the current era of new high-priced drugs is what is pressuring these business units. Contrary to how the drugs that the company sells have become better and more expensive, the departments that make the profits are subject to the layoffs. The reason is simple: the drugs that pharmaceutical companies are selling are no longer "competition-based.” Drugs these days are sold as long as they receive reimbursement, so are “reimbursement-based.” There are no longer 4 or 5 new drugs competing for the same mechanism of action for diabetes, hypertension, high cholesterol, etc. This is an era where a petition for reimbursement of a single drug gains 50,000 consents, an era of all-purpose drugs with characteristics as unique as their high price that are expanding indications like an octopus, an era where only 1-2 competitors exist for each condition, rendering the speed of reimbursement key. Market access (MA), Government Affairs (GA), and Patient Advocacy (PA) are the hottest positions right now. And the traditional commercial staff are feeling the pinch. Multinational companies are replacing the names of their sales personnel with terms such as "medical assistant," "expert information providers.” These vague and general terms were coined by the reporter to avoid referring to a specific company. on. They have drastically reduced their numbers and given them new tasks and motivations as literal “supporters,” but this new culture has not settled well. Global Big Pharmas are driven by profit. There's nothing wrong with that, but the workforce that has become irrelevant in the new era has done no wrong either. It remains regrettable that the wannabe companies don't seem to have the foresight to evolve and foster the unique talents of their employees.