For those without a medical degree, there is still plenty of money to be made in healthcare. Just ask the professionals selling medical devices, equipment and disposables into hospitals, labs, and private practices. According to a recent survey conducted by MedReps.com, medical sales professionals earn an average total compensation of $136,819. These high paying medical sales jobs come with considerable perks too.
For the purposes of the survey, the term “medical sales” encompasses sales and sales management professionals working in medical device, equipment, disposables, pharmaceuticals, biotech/biopharma, health IT/software, dental, lab/diagnostics, and medical distributors. Of course, which one of these products or services the professional represents can impact income considerably. In the MedReps.com survey, medical device professionals reported the highest average total compensation at $154,753. Those selling health IT/software and biotech products reported similarly high incomes.
The 2012 survey not only looks at how income breaks down by product sold, but also by company size, amount of travel, experience, even age and gender. The results of the survey found that employees typically earn more than contractors, and those working for large companies make more than employees of smaller companies. Age and experience have a predictable impact on income, with those with more years typically earning higher incomes than those with less. The survey shows that the wage gap still exists in medical sales, with men earning on average 15% more than women. Travel also impacts income, with those traveling half the time earning more than any other group.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Not surprisingly, those in management earn more than those in straight sales roles. However, the report notes that of those earning more than $300 thousand annually, only 30% were in management. These high earning sales professionals may earn more than some of the doctors they call on!
The 2012 Report compares this year’s data to the 2011 survey, finding less than a 1% increase over the average total compensation reported last year. However, the average medical device income was up 6% over 2011, and the average pharma income was up by 4%.
Now in its second year, the MedReps.com Salary Survey will continue to monitor medical sales salaries and analyze the factors influencing their growth or decline. Find out more about the survey on MedReps.com.
