What Is The Average Biotech Sales Salary?
Biotech sales jobs command the highest salaries in medical sales. According to the 2016 Biotech Sales Salary Report, the average biotech sales salary is $165,028, with an average base of $107,876 (Median Base $105,000, Median Total $155,000). Money isn’t the only perk of working in biotech sales though, and overall job satisfaction among these survey respondents is high.
About the Survey
Nearly 300 participants in the 2016 salary report noted that they sell Biotechnology products – that’s nearly 10% of all respondents. The survey asked about the details of respondents’ incomes, as well as information about their job titles, the products they sell, the type and size of their employers and more. Even gender, age, and ethnicity were not off limits as we looked for correlations with biotech sales salaries.
Biotech Sales Salary by Job Title and Company Size
Manufacturers employ 81% of the biotech sales respondents, and 76% work in field sales jobs. The average biotechnology sales representative salary for those working in the field is $159,858, but those working in management and director or VP roles earn even more. Biotech Sales Directors and VPs report an average total income of $245,000, and while the number of respondents in this category was relatively low, the figure was largely consistent across respondents and $245,000 was also the median for this group.
There were not enough respondents working for distributors or service providers to fairly compare biotech sales rep salaries by employer type. When looking at the size of the employer, medium-sized biotech manufacturers pay more than large biotech manufacturers. It appears small manufacturers pay more than large manufacturers too, but the low number of responses in the small manufacturer category make the data less reliable.
Biotech Sales Salary by Age and Experience
Age and experience are rewarded in biotech sales jobs. Biotech sales respondents who are over 50 and have more than 20 years of experience earn the highest average incomes. As is true in most industries, the first few years may be spent learning and paying your dues, but those over 30 with more than 2 years of experience see a significant jump in average biotech sales salary.
The Impact of Gender and Ethnicity on Biotech Sales Rep Salary
As is the case in other product segments, white sales professionals make up the majority (79%) of respondents, so not surprisingly, the average and median biotech sales salary for this group is in line with the overall average. Respondents identifying themselves as African American/Black make up 6.3% of respondents and report an average income of $134,500 (Median $155,000). Those identifying as Asian / Pacific Islander make up 3.8% of respondents, and this group reported the highest average income at $222,273 (Median $215,000).
Women account for 30% of respondents and earn an average income that is 87% of that of their male peers. This is actually a smaller discrepancy than what is seen in the overall survey’s findings, as well as in other product categories, but there is still a long way to go.
Biotech Sales Salary by Travel and Location
According to the data, those who travel the most, earn the most in biotech sales jobs, with respondents who report spending 75% or more of their time traveling overnight earning an average total biotech sales salary of $227,308. However, this accounted for only 4.5% of all respondents. Biotech sales jobs requiring any amount of overnight travel pay more than those that don’t require travel at all.
The state in which respondents reside also impacts biotech sales salaries. The states with the highest reported average biotech sales rep salary are Alabama ($225,000), Indiana ($217,000), and Wisconsin ($215,000). However, the relatively low number of respondents (each with between 1-2% of respondents) in these states makes these figures less reliable. The states with the highest number of respondents are listed below.
Year-Over-Year Biotechnology Sales Representative Salary
There’s a notable increase (4.4%) in the average biotech sales salary from 2015 to 2016. This year’s average even surpasses the spike seen in 2013. At the individual level, an impressive 81% of biotech respondents received a pay increase in the previous year, at an average increase of 6.3%.
It’s a great time to work in biotech sales jobs. These complex products are in demand and require smart, hard-working sales people to introduce them to the medical community. The level of complexity of most biotech products may explain why biotech employers offer higher base salaries and pay more in total compensation than employers in any other product niche.
The perks of biotech sales jobs don’t stop at income. Benefits such as company cars or car allowances (93%), expense accounts (80%), stock options (68%), and more are common. This, in part, explains why job satisfaction is high among biotech sales respondents – 42% report being very satisfied with their overall job and 40% report being somewhat satisfied. Also driving job satisfaction are things like the ability to make a difference and relationships with healthcare providers. Money is certainly important too though, and as is proven by this report, most biotech sales professionals have little to complain about in that regard.