How much do Medical & pharmaceutical sales reps make?
One of the top questions asked is how much someone in Pharmaceutical Sales, Medical Sales, or Medical Device Sales earns. I will provide some insights into this topic.
Many different “sectors” fall under the umbrella of Medical Sales, including pharma, devices, surgical, equipment and supplies, and biotech. All sectors have high earning potential that typically includes a base salary plus a variable compensation component which is the commission earned. The commission is tied to your monthly, quarterly, or annual goals. The combination of salary + commission is considered on target earnings (OTE), meaning your base salary plus how the rep performed towards their goals. Salary is fixed and commission is not. Depending on the sector a higher base and lower commission may be offered or visa versa. Pharma and biotech typically offer a higher base/lower commission, while device and surgical are the opposite. But it is important to remember each company is different and the compensation structure can vary from company to company.
According to MedReps 2024 Salary Insights Survey (https://medreps.com/salary/), 67% of medical sales reps reported earning more than $80,000 per year. Below is an overview of the average and median income reported by all sectors.
Medreps broke down the numbers by sector:
Medreps is a great resource for those trying to break into the industry as well as experienced reps. I highly recommend subscribing to get access to their resources and job boards that, oftentimes, provide exclusive job listings.
Some sectors, like medical devices, surgical, and some biotech (like diagnostics), have entry-level positions (sometimes called Associate Reps) that will be hired at a lower total compensation as they are learning the about company and product. These positions usually are a support role to a Territory Business Manager (title may vary by company). Associate Reps who perform well in their positions will be considered for promotions into a TBM role that comes with a much higher OTE. Below are the 2024 averages for an associate medical device rep in the US (according to ZipRecruiter):
* https://www.ziprecruiter.com/Salaries/Medical-Device-Sales-Associate-Salary
Some states now legally require job postings to include the compensation range. The ranges will vary based on years of experience and the location of the territory.
In a future blog, I will discuss ways to determine salary ranges (if they are not included in the job description). I can also share salary/compensation discussions in the early phases of the interview process.
Thank you for taking the time to read my latest blog. If you have any future blog ideas please reach out through my contact page or email me directly at elisa@epcareercoach.com.
Elisa
*Credits to Medreps.com and ZipRecruiter.com for salary insights
