MedReps.com conducted its 2nd Annual Medical Sales Salary Survey in April of 2012. In an effort to compile as much data as possible, we sent our 2012 Survey to Premium Members, Basic Members, and former Members too. Only responses from those currently working in healthcare sales were considered – bringing the number of eligible responses to 1,457. This report focuses only on those respondents working in medical device sales.
Medical Device Sales Professionals report the highest earnings.
At $154,753, the average total income reported by our survey respondents working in medical device was higher than that reported by professionals in any other field. Device professionals earn 1% more than those working in health IT/software and 2.5% more than those in biotech/biopharma.
2011 vs 2012
The 2012 average indicates a 6% increase over the average total compensation reported by device professionals in 2011 ($146,061). Base salaries did not change significantly; rather the increase was seen in commissions and bonuses, which were up 12%.
Sales Reps vs Management
The jump to management in medical device sales has a significant impact on income. Base salaries for those working in med device sales management are a reported 36% higher than those in a sales role, and commission and bonuses for those in management are a reported 8% more.
Men vs Women
Men working in medical device earn, on average, 15% more than women. The difference may in part be explained by the fact that 90% of the med device management positions are held by men. Additionally, men in this field have an average of 2 more years of experience than women.
Income by Age
Income appears to increase with age. The most significant jump (30%) occurs between the 20-30 and 31-40 age groups. Afterwards, it levels off somewhat with a 4% increase reported by the 41-50 group and <1% change in the 51-60 group. There were very few respondents in the 60+ category, but the income they reported was significantly higher than any other age.
Income by Experience
One might think the more experience a professional has, the higher their income would be, but this is not always the case in med device. With a total income of $175,575, those with 11-20 years of experience earn the most, followed by those with 6-10 years. Those with 20+ years earn an average of $171,837.
Income by Company Size
Medical device professionals working for large companies (1,000+ FTE) earn, on average, 12% more than those working for smaller companies (<50 FTE) and negligibly more than those working for medium sized companies (51-999 FTE).
Income by Travel
The results of the survey suggest that travel has very little impact on earnings. Regardless of the amount of time spent on the road, the average base salary and commissions stayed relatively steady, with the exception of those traveling 75% of the time. While their base salary was higher, their commissions were significantly less.
Medical Device Sales Rep Perks
Three-fourths of medical device professionals have access to an expense account. Half receive a car allowance and nearly one-quarter drive a company car. Only 13% of medical device respondents said they did not have access to any of these perks.
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