What is the earning potential of a medical sales rep? This question is expected from those breaking into the industry or already working in medical sales. Sales reps want to know, “Am I earning as much as my peers?” But the bigger question for many coming out of 2020 is how did the global pandemic […]
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.
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.
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