Highest Paying Medical Sales Jobs
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.
Highest paying Medical Sales Jobs:
1. Medical Device Sales Rep
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.
2. Pharmaceutical Sales Rep
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.
3. Medical Equipment Sales Rep
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.
4. Biotech Sales Rep
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.
5. Surgical Sales Rep
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.
By: David Bagga Company