In the spring of 2020, we asked surgical sales reps for predictions about how the global crisis would impact the future of medical sales. A shocking majority (91%) said they expected the pandemic to negatively impact their 2020 earnings. This year’s results are consistent with those predictions.
Salary
Biotech sales reps saw a record-breaking increase in total average compensation at the end of 2019. Following a steady rise in compensation before the global crisis, it’s no wonder 50% of biotech respondents said COVID had a negative impact on their 2020 earnings. However, just 17% earned less in 2020 than they did the previous year.
Medical equipment sales representatives continued on a slow but steady overall salary increase. These reps saw a slight increase in base salary and a significant jump in reported commissions despite challenges brought on by the global crisis.
While 2020 presented unique challenges to meeting commissions goals, pharmaceutical companies rose to support pharma reps through the pandemic. Reps reported higher base salaries and more benefits than the previous year. While the majority of reps expected to earn less in 2020, only 14% of pharmaceutical sales respondents reported taking home less income.
Social distancing mandates in 2020 presented unique challenges to meeting commissions goals, negatively impacting the total average compensation for medical device sales reps. However, medical device companies rose to support reps through the pandemic. Reps reported higher base salaries and more benefits than the previous year.
Surgical sales reps saw one of their largest jumps in total compensation in the history of our Medical Sales Salary surveys. What’s extra unique about this incredible jump is that their base salaries decreased while their bonuses/commissions took a giant leap, 0
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. 0
Medical equipment sales representatives ended 2019 on a slow but steady salary increase. No one could have ever predicted what the start of 2020 would hold. According to our survey, 78% of medical equipment sales respondents believe the COVID-19 crisis will negatively impact their earnings. 0
In ten years of collecting this data, MedReps has consistently documented increases in the overall medical sales rep income across most product categories. 2019 was another impressive year of growth for medical sales salaries. It’s no wonder med reps have always been predominantly satisfied with their incomes and confident in future earnings–until now. 0
After seeing a 9% increase in total average compensation, medical device sales representatives ended 2019 on a high note. But no one could have ever guessed what the first quarter of 2020 would deliver. 0