5 factors to describe about medical sales rep salary
Luckily, the 2021 Medical Sales Salary Report brings uplifting news!
Nationwide salary for medical sales rep expanded year over year by 2.64%. The Medical Sales Salary Survey uncovered other positive news, too, with respect to variations in the business, work fulfillment, and expanded admittance to benefits. With everything taken into account, it’s as yet an incredible chance to work in medical device sales.
We realize that it tends to be elusive exact data on medical sales reps compensations, particularly when you need to check out the compensation for every particular claim to fame. So, we have done all of the hard work for you. We have compiled the most up-to-date information from sites like medreps.com, and provided a high-level summary.
We have given the average salary for medical device sales, the normal incentive compensation (pay from commissions and bonuses), and have expressed the normal yearly total salary.
Overview of medical sales Job
Medical devices sales representatives are responsible for selling medical devices to both companies and clinics in private practice.
The sales representative is tasked with locating potential customers and showing interest in a persuasive demonstration of the devices.
As with other sales jobs, an effective sales representative medical device possesses strong communication skills and a friendly personality to effectively address potential customers’ questions and concerns.
1. Income by Company Size & Job Title
Large companies of every type pay more than small and medium-sized companies.
However, those in smaller organizations still take home 6-figure salaries and it is estimated that their average bonuses are $10,000 higher than big or medium-sized companies.
Total compensation by employer size and type
Obviously, nothing impacts medical sales salaries more than work title — salary of a medical sales rep increments with responsibility. Project managers acquire a normal base compensation that is 40% more than the field reps they make.
Medical sales director and VP jobs pay base compensations that are 24% more than project managers. Notwithstanding, regardless of the outrageous contrasts in base salaries, normal commissions for all medical device sales jobs titles recorded were inside a 10% range. Field reps detailed the least normal commissions at $80,704, and chiefs and VPs revealed the most elevated at $89,255.
2. Income by Age & Experience
It has been observed that the more time a medical sales rep spends in the fields, the higher their compensation and other benefits.
Income bonuses most remarkably for sales reps going into their 30s and it is this age bunch acquiring the most elevated commissions. Respondents in their 40s report the most interesting complete pay, just the same making a lower base compensation than those in their 50s and 60s.
The sums for age line up with the information on experience also. Once you have ten years of involvement added to your band (which occurs for most in their 30s), extra experience doesn’t much affect income as it does in prior phases of a medical sales career.
3. Income by Gender
The continued wage inequality between men and women in medical device sales cannot be denied. The total income reported by female respondents in the 2021 survey is 14% higher than it was in 2020.
Women earn an average total compensation of $150,586, which is more than $30,000 less than what their male co-workers earn at $184,652.
The lower total compensation reflects the lower base salary and low bonuses earned by women. Meanwhile, only 23% of women hold management and executive-level titles like marketing or sales manager, director, or VP in medical device sales.
4. Income by Product and Market
These are the most lucrative medical products to sell
Medical Device Sales Rep Salary
To be successful in the medical device sales field, sales reps need to be hardworking, dedicated, and optimistic. If you have these characteristics, you are sure to excel when it comes to monetary compensation and career growth.
Medical sales reps have high earning potential, especially because they make a large portion of their income from commissions and bonuses. In fact, many medical device sales reps find that their commission earnings are the majority of the income, especially if they have a good year.
In 2021, the average base salary was the highest in three years at $104,649, but the average commission was slightly higher than the 2020s at $79,682, resulting in total compensation at $172,527. Meanwhile, in 2020, the total compensation was $168,090, with a base salary of $99,939 and a commission of $78,963.
Pharmaceutical Sales Rep Salary
One of the most sought-after medical sales jobs remains in the pharmaceutical sector — and why not? The field continues to grow and becomes more rewarding every year.
According to Med Reps, pharmaceutical sales reps boasted an average salary of $158,013 in 2021. Although this is a high of almost $6,000 from 2020, it is because of a high base salary, which was estimated to be an average of $115,244. As far as bonuses are concerned, at $44,798, this is the highest average for a pharmaceutical sales rep in three years.
Medical Equipment Sales Rep Salary
Capital Equipment sales respondents report the biggest year-over-year increase of any category. Total average medical equipment sales salary increased by 8%.
Medical equipment sales reps continued on a slow however consistent in general compensation increment. These medical reps saw a slight increase in base salary and a huge leap in reported commissions despite challenges brought on by the global crisis.
Currently, the new leaders for top income are capital equipment/durable medical equipment sales representatives, with the highest total annual compensation of $188,351. Interestingly, the base salary in the category is one of the lower ones at $95,748. However, due to a high average bonus of $105,508 (which is more than the actual base salary), it looks like the durable medical equipment sales reps are reaping amazing rewards for their hard work.
Biotech Sales Rep Salary
As mentioned above, the medical sales sector is one of the best paying industry and its high-income changes have been reflected in biotech sales rep salaries.
Biotech sales reps saw record-breaking growth in total normal remuneration toward the finish of 2019. Following a consistent ascent in pay before the worldwide global crisis, it’s no big surprise half of the biotech respondents said COVID adversely affected their 2020 profit. Nonetheless, simply 17% procured less in 2020 than they did the earlier year.
The greatest negative impact on biotech sales earnings is in commissions based on travel. The individuals who travel a part of the time saw decreases in commissions no matter how you look at it. In any case, the individuals who travel 25% of the time or more acquired altogether higher base compensations than the earlier year, with that traveling fifty percent of the time taking home the most base compensation.
In 2021, the average base salary was the highest in three years at $142,776, but the average commission was slightly lower than the 2020s at $61,240, resulting in total compensation at $198,523. Meanwhile, in 2020, the total compensation was $196,029, with a base salary of $134,388 and a commission of $63,168.
Surgical Sales Rep Salary
Surgical sales reps are slightly less likely than other product categories to receive common health benefits and matching 401k. However, this category is represented by the highest number of independent sales contractors.
Surgical sales reps report a higher base and commissions, but lower total compensation this year due to economic and social challenges.
Medical sales reps are experiencing exciting changes in the surgical sales industry. According to the 2021 Med Reps report, surgical sales reps experienced a slight drop in total salary in 2021; however, they saw an enormous spike in average bonus which turned from an average of $101,288 in 2020 to an average of $104,899 in 2021. That’s an increase of over $3,000. As a result, the average total compensation for 2021 was $176,056.
5. Income by Location & Travel
Steady with last year’s discoveries, the people who travel half of the time report the most noteworthy total pay.
Checking out the country regionally, medical sales salaries don’t change remarkably. Medical sales experts in New England report the most noteworthy pay, and those in the South West report the least.
Medical device sales reps must be out and about a lot of times. Medical reps have to be on the road a lot of times.
Stats show that medical sales reps who spent 75% of their time traveling earn the highest total compensation. Compared to the compensation earned by those medical device reps that don’t travel.
Both medical sales job and income satisfaction increased from earlier years. A turbulent year like 2020 allowed medical employers an opportunity to help their salesmen in manners they hadn’t expected to before.
From offering a predictable, serious paycheck in any event, when commissions weren’t promptly possible to offering adaptable schedules for caregivers to sending care bundles to the group via mail, employers moved forward, and medical sales experts took note. Thus, notwithstanding the many difficulties of the previous year, medical sales professionals appear to be happier than ever.
In spite of worries about the continuous effect of the pandemic, the future for medical sales professionals is splendid. The current year’s information shows normal compensation increases in almost every product category. Employers are offering more and better advantages, and the general opinion shows that while conditions might be unique, medical sales experts are as yet tracking down ways of succeeding
A career in medical sales can be highly rewarding but a novice, just fresh from college, may find it takes hard work, dedication, and time to turn into a pro. One of the reasons behind this is that experienced medical sales professionals have an already established list of clientele at their disposal. They know who to visit, who to avoid, and who will give them a deal worth big bucks. Someone who is just starting out will not have this kind of insider knowledge.
Though medical sales reps have challenging jobs, with the right experience, skill-set, and a thirst for knowledge, they are achieving great success and advancement.
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