There’s no doubt that a career in medical equipment and devices sales can be a challenging one. Starting out in such a highly competitive field may seem like an uphill climb and inexperience is often exposed and exploited. However, it can be quite rewarding for top producers and salespeople that work tirelessly for their customers.
The good news is that landing your first few accounts or even a single large one can really propel your career and help get your foot in the door where you otherwise might not have an opportunity. Medical sales professionals are known to do quite well, financially-speaking, and depending on your official title and position, you definitely have the chance to earn a healthy salary.
So, once you get the ball rolling and start developing relationships with your clients while making sales, how much can you expect to earn?
While medical sales jobs may include any of the following: medical equipment sales, medical device sales, surgical sales, pharmaceutical sales, or biotech sales, for this particular purpose, we’ll provide averages taken from all related sales positions. Figures can and do fluctuate based on a number of variables which include age, industry, number of years as a salesperson, gender, and others. The salaries mentioned below factor in both salary and commissions earnings. Further research can be found in our recent medical equipment sales salary survey.
The Facts
* By title, Sales Directors and VPs make the highest salaries, averaging $215,000 annually, followed by Sales Managers ($202,368); Field Salespersons ($147,320); and Contractors ($130,625), respectively.
* By age, sales professionals aged 41-50, earn the highest salaries, averaging $177,456 per year. Next are 51-60-year olds, who average $162,407 annually; followed by those aged 60 and older, averaging $168,333 annually. Salespersons who fall into the 31-40 category earn $153,688 per year on average, while 20-30 year-olds make an average of $109,821.
* Experience-wise, medical sales reps with between 11 and 20 years of experience average the highest annual salaries of $181,436; reps with 6-10 years of experience earn the next highest pay at approximately $164,796; followed by those with 20+ years of experience who average 163,966 per year. Salespeople with between 2-5 years of professional medical sales experience will make on average, $134,231 per year; and finally, those with less than 2 years of experience earn approximately $122,016.
* Gender-wise, men make up approximately 81% of capital medical sales representatives (large investments with long-term strategies like MRI machines at hospitals, etc.), and make roughly 21% more than women in the same field. Men average $162,972 annually, compared to their female counterparts, who average $128,378 annually. While the primary explanation for the discrepancy may be the fact that very few women hold higher-paying positions (sales director, VP, or manager), nevertheless, differences in salaries between men and women do exist, which is similar to other professions.
Other Perks
Besides earning an above-average salary, sales reps are often eligible for a host of benefits, which can make their careers even more lucrative and personally rewarding.
In fact, medical sales reps are quite famous for the perks they receive. Interestingly, recent years have seen a shift from the somewhat standard company car and free lunch gigs and more towards valuable, real-life advantages.
In a 2014 domain URL report on perks and benefits, sales reps were asked which benefits were made available to them. A large majority stated that they had access to health insurance (84%); a 401k (78%); and an expense account (73%). Other perks that were offered included a company gas card (47%); a car driving allowance/mileage (44%); stock options (38%); and even profit-sharing (12%).
While driving a company car and refueling it on a corporate credit card and wining and dining a potential client is still a large part of the job of a medical sales rep, it’s clear that other benefits have become increasingly available and quite useful. Perks that aid in the actual well-being of sales reps are being introduced as options now more than ever and many in the industry agree that it’s a step in the right direction.
