Compared to other industries, healthcare expertise is a hot commodity and PR agencies are willing to pay top dollar for strategic visionaries to launch or expand their healthcare practices.
Healthcare PR and marketing experts are commanding some of the highest salaries, with senior VPs of PR at larger companies (sales above $2 billion) earning upwards of $275,000 a year, compared with $176,000 in industrial and manufacturing, according to an exclusive salary by Marshall Consultants published in our sister publication PR News.
In the marketing arena, healthcare SVPs at large companies can demand about $324,000 compared with $283,700 in financial services industry.
And agencies are feverishly expanding - both nationally and globally - to keep up with the demands of a growing healthcare client base in the areas of pharmaceuticals (over-the-counterand prescription), biotech, managed care and nutrition.
This trend is occurring across the agency spectrum from large, established shops to new, mid-size firms, says Marie Raperto, executive search consultant with The Cantor Concern in New York.
In this year alone, Raperto has placed 10 communications executives in these types of high-ranking healthcare positions with annual compensation packages that average $170,000 to $200,000, plus bonus in some instances.
If you're looking to make the move to an agency's top spot these are the skills that will put you in the running:
- Strategic client-counseling skills;
- New business/product launch expertise; and
- A comprehensive approach to client management that involves technical issues and key stakeholder initiatives such as IR, employee communications and consumer marketing.
These high-profile positions usually are filled by agency executives as opposed to high-ranking corporate communicators, says Larry Marshall, president of Marshall Consultants, an executive search firm with offices in New York and Malibu, Calif.
It's harder for provider-based communicators to make this transition, because they aren't as familiar with agency culture, client billing and being on the "sell" side of the industry.
However, hospital PR executives who have specialized expertise find consulting can be a lucrative next step.
Making The Transition
Industry credentials that demonstrate a proven track record of managing people and launching agency ventures is what got John Corcoran his shot at being considered for the newly created CEO spot at EURO RSCG Healthcare Worldwide, a New York-based advertising network of 140 agencies in 65 countries.
The opportunity represented the "ultimate career challenge," combining both his national and global expertise. The six-month interview process required that he sell EURO's executive management on his philosophical approach to managing clients and people, says Corcoran, adding "they wanted to make sure I knew what their needs were."
Corcoran was contacted about the job through a personal industry contact while working at Foote Cone and Belding Healthcare as executive VP, where he grew client business by more than 250 percent.
Prior to that, he spent 18 years working internationally, building a 10-agency network for Young & Rubicam, which included Australia, Japan and Germany.
His most immediate goals involve elevating the marketing presence in each of the markets he manages-over-the-counter (OTC) initiatives to direct marketing strategies and PR initiatives.
(The Cantor Concern, Marie Raperto, 212/333-3000; Marshall Consultants, Larry Marshall, 310/456-0666; EURO RSCG, John Corcoran, 212/886-2023)