Ding, ding, ding. A new leader has reached the top of the medical sales income board.
Last year, health IT/software took home the No. 1 income spot with an average total compensation of $176,012. This year, however, it dipped below the top three spots, according to our 2018 8th Annual Medical Sales Salary report. Rising up the charts this year is durable medical equipment with an average total compensation of $167,554.
In addition to a promising financial future, durable medical equipment, defined as any equipment or device that is primarily beneficial for a patient’s therapeutic use, is a product category medical sales reps can put their passions behind.
Let’s take an in-depth look at why you need to start considering a career in this exciting category:
1. Growing income potential
As the new leader in total average income, according to our medical sales salary survey, durable medical equipment is currently an exciting field to work in. However, you can’t jump careers every time there’s a high-point in sales.
So, what makes us so confident the earning potential in durable medical equipment won’t drop below the top three spots in one year, like health IT/software? The proof is in the numbers — and our numbers aren’t the only ones making the case for this category’s bright future.
In fact, Transparency Market Research predicts the global durable medical equipment market to be worth $228.65 million by the end of 2025. That’s up from $112.30 million in 2016.
This drastic rise in demand is due to healthcare’s shift to patient-centered care. As healthcare professionals are more aware of a patient’s comfort level, the need for therapeutic devices to alleviate discomfort and illness increases.
2. Take control of your earnings
In general, high income potential is exciting. However, for determined medical sales reps, what’s even more exciting is the ability to take control of those earnings. With a career in durable medical equipment, you can do just that.
Surprisingly, those in durable medical equipment earn a base salary that’s nearly $25,000 less than reps in biotechnology, according to our previously mentioned salary report. While biotechnology’s average base salary is impressive, its total compensation leaves it trailing in third place.
This is due to durable medical equipment’s high average bonus/commission of $88,577. For up-and-coming reps, that means you have power over your potential income — more than in any other category.
3. Make a difference
Compensation is a powerful factor — especially in a competitive medical sales market. But it certainly isn’t everything. Making patients comfortable and offering therapeutic solutions may not seem like the most exciting medical sales job, but the results are life-changing.
Take Barbara Carlos, for example. Carlos shared her inspiring story of fighting stage-three breast cancer in a recent Cure Today article. As she reached for a bit of normalcy in her life, and body, she found herself shopping for mastectomy bras and breast prostheses — both considered durable medical equipment.
From the most unexpected places — like the lingerie department — to helping homecare nurses make patients comfortable, durable medical equipment developments are popping up everywhere. This category’s ability to customize care solutions allows healthcare providers to cater to patients’ needs.
Why are you considering a career in durable medical equipment? Let us know!