Year after year, medical sales salary numbers have been on the rise. In 2019, however, our Medical Sales Salary Report showed the biggest increase (4.8%) since the survey’s inception in 2011.
Of course, salaries in this field vary depending on a variety of factors. The wide array of products, markets, and companies means that compensation packages will vary, but according to our report, medical sales professionals make an average base salary of $95,296 and an average total income of $156,785.
Given that salary is a major consideration as you decide to make a career change, here are a few of the highest-paid medical sales jobs you can work your way up to, once you’ve got some experience under your belt:
Capital sales rep
Potential Salary: $115,000
Average Total Compensation: $425,000 – $475,000
Capital sales reps are in charge of large investments that align with the long-term strategy of healthcare facilities. This can include medical equipment and devices, software, medical-grade cabinetry, and delivery services. For example, a facility’s new MRI machine would fall under this category.
A capital sales rep is one of many paths a sales rep can take as a next step in their career. The higher level of product is what offers the opportunity for increased earnings, as this position is often selling to executive clients. To be successful in this role, capital sales reps must have strong communication and presentation skills. Additionally, the role often involves travel to various clients, so a rep in this role needs to be available and capable to do so.
Potential Salary: $60,000-$90,000
Average Total Compensation: $275,000-$300,000
Account managers are an alternative next step that sales reps can take for career growth. Many sales reps, especially those new to the medical sales industry, believe they need a high-level manager role to earn top dollar. This isn’t the case, however.
Account managers are in charge of creating and maintaining relationships with customers, as well as hitting sales goals. While sales reps find new business, account managers also focus on retention and are compensated accordingly. As a result, account managers need to be strong at customer service and relationship building.
Potential Salary: $75,000-$85,000
Average Total Compensation: $500,000
The goal of a territory manager is to focus on increasing sales revenue. They can do this by influencing sales methods, marketing strategies, and more. Territory managers are outgoing self-starters who work to increase business in existing accounts and generate new business as well.
Beyond having a Bachelor’s degree, a territory manager often requires mid-level experience in both sales and management. They must be able to partner effectively with internal and external stakeholders, possessing strong collaboration skills bringing everyone towards the same goals Like many other sales roles, a territory manager also sees some travel as the frequently travel throughout their designated territory.
Typically, the territory manager is often a great next step for sales reps and purchasing agents.
Regional sales manager
Potential Salary: $115,000
Average Total Compensation: $350,000 – $500,000
Regional sales managers are responsible for medical products and services in a region made up of multiple territories.
The role requires them to support these sales teams to ensure products and services are distributed effectively and that the teams hit their sales quotas. This involves training team members, setting individual and team goals, and analyzing sales data.
Regional sales managers typically lead a team of sales reps and account managers across many locations, so they must have strong leadership and coaching skills.