The medical sales industry offers a lot of value to professionals. Not only is the work itself rewarding, but the high earning potential keeps reps climbing to new heights. In fact, second to health IT and software, biotech sales reps are among the top earners in medical sales.
The 2017 Biotech Sales Salary Report found that their average total compensation is $162,544, with an average base of $115,545. They also earn an average bonus/commission of $47,250.
With medical sales growing, more opportunities are emerging, making it one of the most exciting industries to work in.
About the Survey
Out of the nearly 2,854 employed medical sales professionals who participated in the 2017 Medical Sales Salary Report, 8 percent of them said they sold biotechnology products.
The survey respondents varied in age, experience level, gender and race, time they spend traveling for work, and much more.
Let’s take a look at how biotech sales salaries are impacted by these various factors:
Title and Company
Just like other subcategories in medical sales, biotech sales professionals’ earnings can vary greatly with their job titles. In fact, the survey found that those who work in national accounts earn the most, with an average total compensation of $215,500.
Sales management, sales directors/sales VPs, and marketing managers earn the next highest in total compensation. While sales directors/sales VPs take home the most in base salary ($159,250), sales management earns the most in bonuses/commission ($68,750).
The lowest earners work in inside sales and clinical research/clinical support, taking home $68,833 and $105,500, respectively. However, their base salaries are still generous — inside sales earns a base of $60,500 and clinical research/clinical support takes a base salary of $95,500.
Employer size makes a big difference in salaries as well. While medium-sized companies pay the highest bonus and total compensation, large employers pay the highest base salary.
Age and Experience
Generally speaking, incomes increase significantly with age. Those in their twenties make a little more than half in total compensation compared to their colleagues who are in their sixties.
More experience also results in higher income. While bonuses/commission peak around 11-20 years of experience, total compensation still increases a bit. The average base is nearly double for those with over 20 years experience compared to those who have less than two years experience.
Gender and Ethnicity
The gender gap in medical sales extends to biotech as well. Females earn about 89 percent of what men take home in total compensation.
Medical sales also has a diversity gap, however, despite the lack of diversity in biotech, professionals of all races and ethnicities can climb well above $130,000 in earning potential.
Travel and State
Biotech sales reps who travel half of their time earn the highest amount in average total compensation, thanks to their average bonuses/commission of $48,064. Those who travel more than 75 percent of their time earn less, but they still climb higher than those who don’t travel at all.
The following states had the highest amount of respondents. The average total compensation can vary by as much as nearly $40,000 for those who work in California and those who work in Texas.
Year Over Year
The medical sales field saw a fairly consistent climb in incomes over the last several years. For biotech, the average base salary saw a boost of over $7,000 since 2016.
Biotech sales reps climb high in the medical sales industry. They earn the second highest salary, just behind health IT/software reps.
In general, as the 2017 Medical Sales Salary Report found, medical sales reps also enjoy several awesome perks. These include company cars (42%) or car allowances (47%), expense accounts (74%), stock options (39%), 401k with matching (80%), health benefits (87%), and profit sharing (13%).
Between these generous salaries and cool perks, it’s no wonder the field sees high job satisfaction — overall, 77 percent of medical sales professionals are satisfied with their job.
Selling biotech is perfect for self-starters and go-getters. Those who thrive independently and are passionate about improving healthcare by connecting medical professionals with biotech products are sure to reach new heights in their career.
View Previous Biotech Sales Salary Reports