Biotech sales reps aren’t just punching the time clock. An overwhelming majority of these reps are actually happy with their jobs. In fact, our 2019 Biotech Sales Salary Report revealed that 84 percent of biotech sales reps are satisfied in their current roles — and another 84 percent are satisfied with their salaries.
This high satisfaction isn’t happenstance. While, yes, we can point to an impressive salary as one of the reasons these reps are satisfied in their roles, our report found there are various factors positively impacting biotech sales reps.
Here are three of the top reasons biotech sales reps are so satisfied in their roles:
1. It doesn’t take forever to find success
Success in medical sales is often associated with many years of experience. The longer you’re in the sales game, the more impressive your salary grows. This can be frustrating for younger sales reps as they look ahead at how hard they must work to find success.
In biotech sales, we’ve found it doesn’t take as long to reach that ‘right’ amount of experience. Biotech respondents in our recent survey who stated they have less than two years of experience reported earning an average salary of $120,667.
That number leaps much higher almost immediately once those two years are completed. Biotech sales reps with just two to five years of experience see an impressive increase to $157,333.
Additionally, we discovered that biotech sales reps don’t have to wait until they’re out of their 30s to reach financial success in their roles. Younger reps in their 20-30s take home the second-highest average bonuses and commissions.
2. The gender gap is closing
Our Women in Medical Sales series proves females in the medical sales field are climbing the ladder of success. They’re making major changes in both leadership and in the sales field.
Unfortunately, there’s a factor that’s often out of their control — the gender pay gap. The results of our 2019 Medical Sales Salary Report revealed there is still a notable pay gap between women’s salaries and those of their male counterparts in most medical sales categories.
This year, though, biotech sales showed an improvement above all other categories. Actually, the gender pay gap is smaller in biotech than in any other medical sales field. Women earn 92 percent of what male sales reps take home. While we want to see the gender pay gap close completely, biotech is moving in the right direction.
3. There was an exciting pay increase
Of course, we can’t neglect to mention growing salaries overall. It’s definitely one of the top reasons biotech sales reps say they are satisfied in their roles — and we can see why. Our report showed the average total income for this medical sales category is $177,243. That’s up $13,000 from last year due to a rise in both salary and bonuses.
This boost in pay is also a sign that biotech sales companies are showing employees their appreciation. As a result, reps are more motivated to excel in their roles. There’s nothing like a boost in confidence and bank accounts to drive satisfaction through the roof.