* Median base and total increased from $85,000 / $145,000 in 2019
Related reports
- Salary report of the sale of medical devices.
- Surgical Sales Salary Report
- Pharmaceutical Sales Salary Report
- Salary report of the sale of biotechnology.
- Medical Equipment Salary Report
"How much do medical representatives earn?"
This is the central question at the heart of MedReps' annual healthcare payroll survey. Of course, salaries in medical sales are not as simple as you might think.
So the initial question leads to others:
- What is the average base salary for a medical sales representative?
- How much commission do medical representatives earn?
- What type of product pays the highest commissions in medical sales?
But product isn't the only factor affecting wages in medical sales. Job title and years of experience are important, of course, but the type and size of the employer, the product market, and the amount of travel required also affect income. Our study also considered age, race, and education level to find salary-related correlations in the sale of medical products.
Over the ten years of collecting this data, MedReps has consistently documented increases in overall revenue for medical sales representatives across most product categories. 2019 was another impressive year of salary growth in the medical industry. Not surprisingly, medical reps have always been overwhelmingly satisfied with their income and confident of future earnings—until now.
The 2020 Survey was launched in early March, coincidentally when the first disruptions occurred in the US as a result of the global COVID-19 crisis. Respondents were asked how they thought the crisis would affect their income, and 81% anticipated a negative impact, which likely explains why half say they expect to earn less in 2020 than in 2019.
Hopefully next year's poll will prove his prediction wrong, but the 2019 numbers have raised the bar. At $168,899, median total income saw a 7% increase over the prior year. For now, at least, hard work pays off in selling medical products.
key takeaways
- Most medical retailers fear the COVID-19 pandemic will have a negative impact on revenue, with half believing they will earn less in 2020 than in 2019.
- Specialists in the sale of biotechnological products register the highest increase in income
- Those who earn only commissions (no base salary) earn more than double the total income of those who only receive base salary (no commissions)
About the respondents
The Health Care Industry Compensation Survey received 2,411 responses from health care sales professionals currently working in the industry. The majority of respondents work in field sales (73%), most of whom work for manufacturers (74%). A third (31%) sell medical devices and 22% sell pharmaceuticals or pharmaceutical specialties. A third of those surveyed are around 40 years old (32%) and a third have between 11 and 20 years of experience (36%).
*Men have always outperformed women in selling medical products, but we speculate that the decline in women this year may be due to women working in the healthcare industry having less time during the pandemic as they focus in full-time caregiving responsibilities. HeInstitute of Agingmore than 75% of all caregivers are women, and women can spend up to 50% more time caring than men.
In ten years of medical payroll research, MedReps has made a few small changes to the way it collects and calculates data to improve the accuracy of our findings.
By inviting respondents to enter their specific salaries, we are now able to show more significant changes between specializations and salary structures.
156 respondents (7%) do not receive a base salary, but what they lack in the database they make up for in the form of commissions and bonuses. His median total salary was $187,284. More than half of people without a basic salary sell medical devices. One third are independent contractors.
108 respondents (5%) receive zero commissions or bonuses. Their median total income is $86,937.
Company size and position
The majority of respondents (74%) work for manufacturers, earning an average of $178,015. Large and midsize manufacturers pay significantly more than any other type and size of employer. Even small producers earn more than distributors and service providers.
The position probably has the biggest salary impact on medical salespeople, with sales managers, directors and vice presidents earning 40-50% more than field representatives. Independent contractors earn only 81% of the income reported by employed field representatives.
Total remuneration by size and type of employer:
product and market
Biotech respondents reported the highest total salary of $198,282 and the highest base salary ($134,388). Biotechnology also experienced the highest year-on-year growth (11%). Professionals who sell medical devices report the next highest total income of $180,865 and saw a significant 9% increase over the 2019 total.
As in 2019, healthcare and diagnostic imaging IT sales specialists had some of the highest total revenue, but accounted for only 4% of the total number of respondents.
Respondents primarily sell to physicians, clinics/ORs, and hospitals. Of these markets, the most profitable market for sales representatives is surgery/OR. They report lower base salaries but higher commissions than those who sell to other markets. Cath Lab was ranked as the most lucrative market with a total payout of $209,361, but only 4% of respondents listed Cath Lab as their top market.
age and experience
Sales representatives in their 20s earn significantly less than older sales representatives. Similarly, people with less than 5 years of experience earn significantly less than those with more experience. It seems like it may take some time to pay off your medical bill, but for those who stick with it, the hard work pays off! Once you have 10 years of experience on your account, the additional years won't make much of a difference to your earnings.
gender and race
Women and minorities are still underrepresented in the sale of medical products; however, as noted, the timing of our survey (coinciding with the country's lockdown) may have influenced who participated in the survey. Still, as in previous years, the majority of those surveyed are white men who report a higher median income than any other race or ethnic group.
The data collected shows that women report an average income of 80% of that reported by men. One of the main factors contributing to this overall average is the fact that only 16% of managerial and executive positions are held by women. The highest-paying jobs are held by men, so their overall average is much higher. Women are also more likely to work in pharmacy and home health care, which provide the lowest total earnings.
location and travel
The 2020 Medical Sales Salary Survey received responses from all states, but not all states had enough respondents to provide statistically significant data. As for the states with the most respondents, New York had the highest total income of any state.
With the exception of Pennsylvania, most states reported total median income that was generally in line with the overall average. Of the states with the most responses, Texas had the lowest total income. This was also the case in 2019.
Countries with the largest number of respondents:
Most medical product sales jobs require some level of overnight travel, but the amount varies widely. Respondents who spend nights at work earn more than those who don't.
Those who travel half the time have the highest total earnings.
Benefits
Medical sales professionals continue to enjoy many privileges. Most common benefits: health insurance (84%), 401,000 (79%), expense accounts (72%), car allowance (48%) - registered a similar level to previous years. Benefits such as paternity leave (36%), telehealth services (28%) and adoption assistance (25%) were recorded in higher numbers than in 2019.
the future has passed
Year-over-year, medical product sales specialists posted a 7% increase in total revenue. However, when asked how they expect the COVID-19 crisis to affect their earnings, most said they felt it would negatively affect them. Many reported that they could no longer enter hospitals and doctors' offices to visit prospects and clients, others said hospitals canceled elective surgeries or changed priorities and are no longer viable prospects for their products.
However, for some (9%), the impact of COVID-19 is likely to be positive. Those who said they expect a positive impact mainly work for companies that sell personal protective equipment, breathing devices or laboratory testing services. Some respondents also said they expect more than to make up for losses as soon as things return to "normal."
The time to return to "normal" remains to be seen. However, medical sales professionals tend to be hard-working people who can overcome any obstacle they encounter. The COVID-19 hurdle may be tougher than others we've seen, but if any group can come out stronger than ever, our money goes to medical sales reps.
View Past Medical Sales Compensation Reports:
- 2019 Medical Sales Salary Report
- Medical Sales Salary Report for 2018
- Medical Sales Salary Report for 2017
- Medical Sales Salary Report for 2016
- Medical Sales Salary Report for 2015
- Medical Sales Salary Report for 2014
- Salary report in medical sales for the year 2013
- Salary report in medical sales for the year 2012
- Salary report in medical sales in 2011
FAQs
What medical sales reps make the most money? ›
- Capital sales rep. Potential Salary: $115,000. Average Total Compensation: $425,000 – $475,000. ...
- Account manager. Potential Salary: $60,000-$90,000. Average Total Compensation: $275,000-$300,000. ...
- Territory manager. Potential Salary: $75,000-$85,000. ...
- Regional sales manager. Potential Salary: $115,000.
The average base medical device salary is $94,918 and the bonus commission is $60,440 in 2021, making the commission percentage you earn 38% of your total compensation. Compensation can vary widely on tenure, division, and company — but make no mistake, medical device sales is lucrative.
How much do medical device sales reps make in California? ›The average salary for a medical device sales in California is $107,000 per year.
Is biotech sales lucrative? ›In fact, biotech sales reps with less than two years of experience reported an average total compensation of $136,429. And the reps sticking it out for the long haul of 20 years or more earn approximately $195,716. The earning potential in biotech sales doesn't just come from hard-earned commissions and bonuses.
Do medical sales reps have a good work life balance? ›One in three medical device reps surveyed in a MedReps poll reported that their job negatively impacted their personal life. Too much travel, administrative tasks and lack of work-life balance were among the top five things reps said they liked least about their position.
How much does a clinical territory manager make at Medtronic? ›$181K. The estimated total pay for a Clinical Territory Manager at Medtronic is $180,879 per year.
How much do top Stryker reps make? ›Average Stryker Sales Representative yearly pay in California is approximately $62,922, which meets the national average.
Why do medical sales reps make so much money? ›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.
How much do Abbott pacemaker reps make? ›The chart shows total cash compensation for the ABBOTT LABORATORIES Territory Representative CardioMEMS in the United States, which includes base, and annual incentives can vary anywhere from $53,625 to $73,495 with an average total cash compensation of $63,560.
Is medical device sales a stressful job? ›Medical device sales jobs can be very stressful.
Being a medical device sales professional can be stressful at times. The responsibility of selling a product that is important to people's health is heavy, and the pressure to perform and meet quotas can be overwhelming, but at the end of the day, it's just a job.
Is being a medical device sales rep worth it? ›
A job in medical sales often compensates very well. This is largely because it requires a certain amount of medical or engineering expertise while also providing the close customer service support that your clients need.
How much do medical sales reps make USA? ›Some related job titles are Medical Device Associate Sales Representative Salaries with median pay of $70,663, Medical Device Sales Salaries with median pay of $151,343, Medical Device Sales Representative Salaries with median pay of $110,410, Pharmaceutical Sales Representative Salaries with median pay of $116,587.
Can you make 100k in sales? ›Yes, you can make $100,000 per year as a sales person.
The chances of earning over $100k for a sales person are actually pretty good because the highest-paid sales person positions typically pay at least $155,000 per year. The average annual salary is $55,381 for sales person jobs.
- Product Strategist. ...
- Biostatistician. ...
- Clinical Research Manager. ...
- Process Development Scientist. ...
- Biotech Consultant.
| Rank | Company | Average Biotechnology Salary |
|---|---|---|
| 1 | 1.Meta | $101,628 |
| 2 | 2.Google | $91,742 |
| 3 | 3.Apple | $83,359 |
| 4 | 4.Novartis | $78,401 |
As a Medical Sales Representative, job satisfaction is not something to stress. You will most likely be happy with your position in terms of salary, commission, work environment, opportunity for growth, and tasks.
Is it hard to break into medical sales? ›Believe it or not, personality plays into how likely you are to succeed as a medical sales representative and if you'll be happy in the role. Medical sales is a fast-paced industry. It's highly competitive and requires fairly constant travel and in-person meetings to meet sales targets.
Do you travel a lot as a medical sales rep? ›Travel is a regular part of working as a medical sales rep. Medical sales reps have to be comfortable with frequently traveling to meet with customers. Depending on the company a rep works for, they might travel within a small geographic area by car or they might need to fly to and from meetings with customers.
How much does a Territory Manager at Zoll Hospital make? ›Average Zoll Medical Corporation Territory Manager yearly pay in the United States is approximately $98,455, which is 41% above the national average.
What is the salary of Medtronic MDR? ›Total Pay Estimate & Range
The estimated total pay for a MDR/Vigilance Specialist at Medtronic is $60,779 per year.
How much does a Medtronic SR product manager make? ›
Average Medtronic Senior Product Manager yearly pay in the United States is approximately $145,054, which meets the national average.
How much are Stryker bonuses? ›Yearly bonus of up to 10% but typically less.
What is the highest paying job at Stryker? ›employees with the job title Senior Staff Engineer make the most with an average annual salary of $120,445, while employees with the title Medical Device Sales Representative make the least with an average annual salary of $55,417.
What is the average raise at Stryker? ›2-3% per year.
Can sales people make millions? ›While salespeople tend to be some of the highest paid employees in most organizations, there aren't too many who are making a million dollars a year, or even every two years for that matter. But that certainly doesn't mean that it's impossible.
Is pharmaceutical sales better than medical sales? ›While your base salary may be lower than in pharmaceutical sales, usually the upside is higher. Pharmaceutical comp plans usually pay quarterly bonuses while medical sales companies usually pay an uncapped monthly commission. As you can see from above, there are major differences between these two types of sales.
Are pharmaceutical sales reps attractive? ›"Usually pharmaceutical reps are attractive people, but they are also usually trained in the products they are selling," Gundersen said. "They are salespeople, but they are familiar with the products and the risks and benefits and the research behind those products."
How much does a Medtronic valve rep make? ›Average Medtronic Sales Representative yearly pay in California is approximately $66,996, which meets the national average.
Which company sells the most pacemakers? ›Jude Medical produced nearly $1 billion in global pacemaker sales, followed by Boston Scientific, which booked $514 million.
How much does a production group lead IV at Medtronic make? ›The estimated total pay for a Production Group Leader at Medtronic is $68,634 per year.
Does medical sales have a high turnover rate? ›
Hiring medical sales reps can feel like a never-ending project thanks to the rapid turnover rates that are common to the industry. Our recent Best Places to Work Report found that while 80 percent of medical sales reps are satisfied with their current position, more than 50 percent are still looking for a new job.
How long do most people stay in sales? ›Permalink. According to HubSpot, the average sales rep tenure is 18-20 months. This is problematic because typically sales reps hit their peak performance between two and three years in their role. This means that most of the reps are leaving before they even reach their maximum potential.
What is the average turnover in medical device sales? ›The inventory turnover ratio within the medical equipment and supplies industry, according to CSIMarket.com, averages 10.9. Why is this metric important? Inventory turnover is important because it relays how fast or slow a medical device company takes to sell its products.
What degrees are best for medical device sales? ›Most medical device sales job listings require a bachelor's degree. Any degree from a 4-year college or university is enough. But a degree in business, biology, or kinesiology might help your chances. Employers prioritize sales experience and industry knowledge over education.
Why you should go into medical sales? ›You can make a difference
Whether you opt to work with medical devices or new medical drugs, the product you sell could prolong a patient's life by years - or drastically improve the quality of life for a person with a chronic disease. For many sales representatives, that's a key reason for working in the industry.
You need to dress the part, which includes standard office wear, like suits and ties, pant or skirt suits, dresses and dress shoes. This shows the people you're meeting with you're there to do business.
What is the job outlook for a medical sales rep? ›The US Bureau of Labor Statistics predicts a 9.1 percent increase in pharmaceutical and medicine manufacturing sales roles between 2021 and 2031 [3]. These projections are also in line with the growing salary and average compensation for sales reps in the pharmaceutical industry.
What is the highest paying occupation? ›| OCCUPATION | 2022 MEDIAN PAY | PERCENTAGE INCREASE OVER NATIONAL MEDIAN |
|---|---|---|
| Chief Executives | $189,520 | 309.20% |
| Orthodontists | $174,360 | 276.50% |
| Computer and Information Systems Managers | $164,070 | 254.30% |
| Architectural and Engineering Managers | $159,920 | 245.30% |
Pharmaceutical sales are more about the relationship factor, rather than the hands-on technical aspect as seen in medical device sales. To be in medical device sales, reps need to expect unpredictable service calls and have the motivation to continually check-in on products to ensure everything is running smoothly.
How much is $100,000 a year per hour? ›$100,000 is $48.08 an hour without vacation time.
If you work a full 40-hour week for 52 weeks, that amounts to 2,080 hours of work. So $100,000 a year in income divided by 2,080 is a $48.08 hourly wage.
Can you make six figures in sales? ›
Six figures, in most sales jobs, is doable if you're working. The question is, are you batting around looking for an excuse to justify why you're not doing it? Because the reality is, to get to six figures, you just need to talk to more people assuming you have a good product or a good service.
What is the highest salary sales rep? ›The best Sales jobs can pay up to $284,000 per year.
You can also become a real estate agent or sell technical and scientific products as a sales engineer. Financial service providers require salespeople to understand their services and present them to people who may benefit from them.
Biotechnology graduates in USA earn an average salary of 82,000 USD (67.69 lakhs INR) per year.
What is the salary of MBA in biotechnology in USA? ›The average tuition fees for MBA in Biotechnology in USA is 70,871 USD (57.58 lakhs INR). The estimated average salary of an MBA in Biotechnology graduate in USA is 93,000 USD (76.19 lakhs) per annum.
Do people in biotech make a lot of money? ›As of May 28, 2023, the average annual pay for the Biotech jobs category in the United States is $94,662 a year.
Which big pharma pays the most? ›The median salary at Infinity is $495,513, making it the highest-paying pharma company in the United States and placing it at number two on a new list of the country's most generous employers.
Which healthcare company pays the best? ›- St. Jude Medical. ...
- Biogen. AP Images. ...
- Abbott Laboratories. Tim Boyle/Getty Images. ...
- Eli Lilly. Eli Lilly and Company/Facebook. ...
- Celgene. Courtesy of Celgene. ...
- Merck. Merck/Facebook. ...
- TIE: AbbVie. AbbVie/Facebook. ...
- TIE: Johnson & Johnson.
| Pharmaceutical Science career options | Salaries in India |
|---|---|
| Quality Control Chemists | Estimated Rs 2.2 lakhs per annum |
| Quality Assurance | Estimated Rs 6.5 lakhs per annum |
| Forensic Scientists | Estimated Rs 7.0 lakhs per annum |
| Product Developers/Formulators | Estimated Rs 6.0 lakhs per annum |
Earning a bachelor's degree is often the first step in how to become a medical sales rep. That degree can be in a sales or healthcare-related field, such as a bachelor's degree with a concentration in healthcare.
What makes a successful medical sales rep? ›Building better relationships is the key to a successful medical sales representative career, important both with new and existing clients. In the early stages of a relationship, clients will be hyperaware of whether you deliver on your promises, show them respect and make them feel valued.
Can sales reps make a lot of money? ›
Do Sales Reps Get Paid Well? A career in sales pays well, and ranks third on this list of highest-paying jobs without a degree. A sales representative's earnings are directly linked to their sales performance, which means that a sales career offers excellent earnings potential.
Is medical sales a stressful job? ›Medical device sales jobs can be very stressful.
Being a medical device sales professional can be stressful at times. The responsibility of selling a product that is important to people's health is heavy, and the pressure to perform and meet quotas can be overwhelming, but at the end of the day, it's just a job.
A job in medical sales often compensates very well. This is largely because it requires a certain amount of medical or engineering expertise while also providing the close customer service support that your clients need. It is a tough balance but can be extremely rewarding for those who master it.
What is the personality of a medical sales person? ›The best medical sales managers have excellent communication skills. To secure new deals, salespeople need to be persuasive and effectively convey information about medicines and different equipment. Having strong communication skills and the ability to influence is essential for driving relationships and results.
How happy are medical sales reps? ›As a Medical Sales Representative, job satisfaction is not something to stress. You will most likely be happy with your position in terms of salary, commission, work environment, opportunity for growth, and tasks.
What is the lifestyle of a medical sales rep? ›A medical sales rep often travels to a variety of healthcare facilities and locations throughout their workday, which may include travel to other cities and states. They might make phone calls or write emails to schedule future meetings.
Can you make 6 figures in sales? ›Six figures, in most sales jobs, is doable if you're working. The question is, are you batting around looking for an excuse to justify why you're not doing it? Because the reality is, to get to six figures, you just need to talk to more people assuming you have a good product or a good service.
How many calls should a sales rep make a day? ›It's all about finding what works for your team. According to Sales Trail it takes 6 calls on average to gain a lead. At the rate of 6 calls per lead, if you're hoping to gain 25 leads a week, that means your reps need to make 150 (or 6 x 25) calls a week (or 30 calls a day).
Is medical sales or pharmaceutical sales better? ›While your base salary may be lower than in pharmaceutical sales, usually the upside is higher. Pharmaceutical comp plans usually pay quarterly bonuses while medical sales companies usually pay an uncapped monthly commission.
Is a career in pharmaceutical sales worth it? ›Pharmaceutical sales jobs can be lucrative with enough training and experience—and a strong dose of tenacity on your part. If this sounds like a potential career path, you can build the key skills needed to become a pharmaceutical sales representative.
Are pharmaceutical reps attractive? ›
"Usually pharmaceutical reps are attractive people, but they are also usually trained in the products they are selling," Gundersen said. "They are salespeople, but they are familiar with the products and the risks and benefits and the research behind those products."