What Is The Salary For A Medical Sales Representative ?
Feb 05, 2024
Sales professionals aspire to enter a career in medical sales due to its potential for utilizing their expertise and skills in a dynamic and fulfilling sales environment, promoting products that enhance patients' quality of life. Medical sales is renowned for being a lucrative career path for dedicated representatives who are willing to invest the necessary time and effort to excel in their roles.
When you sign up for the The Road To Medical Sales online training program, You’re guided by Scott Macon an experienced instructor who possesses a deep understanding of the requirements for success in this fiercely competitive industry. Participants will acquire a customized sales methodology, equipping them with transferable skills applicable across various sectors.
The Earning Potential in Medical Sales The high salary potential in medical sales is a motivator for sales professionals. According to the latest numbers available from MedReps in its Medical Sales Salary Report, the average compensation for a medical device rep is $177,992. For medical sales reps, the average wage is $172,527, with a base salary of $104,649. These figures have increased by at least 2 percent over the previous year.
The following are highlights from the report. Medical Sales Rep Average Income By Product Total compensation for sales reps in biotechnology ranked the highest for the third year in a row, although salaries for pharmaceuticals, medical supplies, and medical equipment increased. Physician, Surgery/OR, and hospital markets ranked as the most common markets to sell, with surgery/OR proving the most profitable market for sales reps. Although base salaries are lower, they receive higher commissions than those selling to other markets.
- Biotechnology – $198,523
- Capital Equipment / DME – $188,351
- Medical Device – $177,993
- Surgical Device – $176,056
- Medical Supplies / Disposables – $170,971
- Pharmaceutical – $148,475
What is The Average Medical Sales Compensation by Age Group?
Although there are occasional exceptions, sales representatives entering their 30s typically undergo a notable increase in income and garner the highest commissions. Conversely, medical sales representatives in their 40s tend to earn the highest overall income. The figures provided below represent averages within each designated age bracket.
- Ages 20-30. Base salary, $73,615. Commission, $55,158. Total compensation: $114,208
- Ages 31-40. Base salary, $93,233. Commission, $88,744. Total compensation: $170,459
- Ages 41-50. Base salary, $113,925. Commission, $84,882. Total compensation: $189,806
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What Is The Average Income A Medical Sales Rep Can Make Based on Employer Size?
Approximately half of all medical sales representatives are employed by large manufacturers. Regardless of the size of the company, medical sales representatives working for manufacturers consistently report the highest income levels. The figures below represent average salaries categorized by employer size and company type.
Large (1,000+ full-time employees)
- Manufacturer: $186,202
- Distributor: $183,691
- Service Provider: $131,556
Medium (51-999 full-time employees)
- Manufacturer: $172,854
- Distributor: $121,817
- Service Provider: $152,508
Small (50 or fewer full-time employees)
- Manufacturer: $174,686
- Distributor: $142,217
- Service Provider: $129,579
What Is The Average Income in Medical Sales Rep by Job Title?
Job titles often have a substantial impact on salaries within the medical sales representative sector. Generally, income sees a notable increase alongside increasing levels of responsibility. For instance, sales managers command a base salary that is 40 percent higher than the representatives they oversee. Similarly, medical sales directors and vice presidents earn a base salary approximately 24 percent higher than sales managers. Despite variances in base salaries, the average commissions for the medical sales job titles listed remain within a 10 percent range.
- Sales Director/Sales VP – $247,450
- Sales Manager – $215,609
- Account Manager – $170,919
- Sales – Field Rep – $166,359
- Independent Rep/1099 Rep – $133,185
What is The Medical Sales Job and Income Satisfaction Level?
As anticipated, the majority of sales representatives express satisfaction with both their job and income. The figures presented are derived from a salary survey conducted among medical sales professionals.
Job Satisfaction
- 82 percent – very or somewhat satisfied with their job
- 37 percent – very satisfied
- 45 percent – somewhat satisfied
- 13 percent – somewhat dissatisfied
- 5 percent – very dissatisfied
Income Satisfaction
- 78 percent – very or somewhat satisfied with their income
- 28 percent – very satisfied
- 50 percent – somewhat satisfied
- 15 percent – somewhat dissatisfied
- 7 percent – very dissatisfied
In conclusion, the allure of a career in medical sales lies not only in its potential for substantial earnings but also in the opportunity it offers for professionals to apply their expertise in a rewarding and impactful way. The prospect of promoting products that enhance patients' quality of life adds a meaningful dimension to the role, making it attractive to sales professionals seeking fulfillment in their careers.
The Road To Medical Sales online training program, guided by experienced instructor Scott Macon, provides participants with a tailored sales methodology designed to equip them with skills that transcend industry boundaries. With the potential for lucrative compensation, as evidenced by the latest salary data, medical sales offers a pathway for dedicated individuals to achieve financial success. Read more about this online course that will get you on the path to a medical sales representative, Here!
The figures presented demonstrate the significant earning potential across various sectors within medical sales, with opportunities for substantial income growth as professionals progress in their careers. Moreover, high levels of job and income satisfaction reported by medical sales representatives underscore the rewarding nature of this profession.
Overall, the combination of financial rewards, career development opportunities, and the chance to make a positive impact on patients' lives makes medical sales an attractive and fulfilling career choice for sales professionals looking to excel in a dynamic and competitive industry.
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Be Sure To Read These Other Articles That Will Help Jumpstart Your Medical Sales Career!
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