Every year, MedReps conducts a survey to answer this question and more:
“What size pharmaceutical company pays the highest salary?”
“How much commission do pharmaceutical sales jobs pay?”
“How does travel impact pharmaceutical sales salaries?”
“How does location, age, and gender impact pharmaceutical sales earnings?”
But this year, no one could have predicted that one of the questions would be, “How is the global crisis impacting the future of pharmaceutical sales?”
2020 Pharmaceutical Sales Salary Key Findings:
- Those with the highest average total compensation work at medium-sized companies
- Pharmaceutical field sales reps see a nearly $8,000 increase in average total compensation
- Pharmaceutical sales reps who sell in hospitals take home at least 10% higher salary than the majority selling in physician offices
2019 ended on a positive note for pharmaceutical sales reps reporting they saw an impressive increase in total average compensation. But no one could have predicted what the first quarter of 2020 would bring.
According to our survey, three-fourths of pharmaceutical sales representatives expect the COVID-19 crisis to negatively impact their income. However, they’re not letting this deflate their confidence. In fact, 58% of respondents say they expect to earn more in 2020 than they did in 2019.
This confidence has likely been influenced by the nearly $8,000 increase in total average compensation representatives in this field saw in 2019. Their determination stems from the impressive potential earnings pharma yields year-after-year. Pharmaceutical sales representatives will surely press beyond the many uncertainties 2020 brings to see another successful year.
Check out our full findings below to learn more about how you can develop a successful pharmaceutical sales career in the future:
View Previous Pharmaceutical Sales Salary Reports:
- 2019 Pharmaceutical Sales Salary Report
- 2018 Pharmaceutical Sales Salary Report
- 2017 Pharmaceutical Sales Salary Report
- 2016 Pharmaceutical Sales Salary Report
- 2015 Pharmaceutical Sales Salary Report
- 2014 Pharmaceutical Sales Salary Report
- 2013 Pharmaceutical Sales Salary Report
- 2012 Pharmaceutical Sales Salary Report
- 2011 Pharmaceutical Sales Salary Report