If you are interested in getting into medical sales, you may already be aware of the fact that the potential for a high income is huge in the field. In fact, according to Med Reps’ recent salary survey, the median total compensation for a medical sales rep is $149,544, with an average base salary of $92,698 and an average bonus of $63,318 in 2018.
That means an average 68% increase in payout simply because of commission on making sales. The numbers are pretty crazy, right? But that doesn’t make them any less true!
How Much do Medical Equipment Sales Reps Make?
The year 2018 witnessed an impressive jump of $2,000 in the average commission that increased the average medical sales rep’s salary to $149,544. The increase in annual payout came despite the slight drop in the base salary from 2018.
The result is a steady increase from 2011 and it gives credence to the fact that medical sales reps are enjoying more and more opportunities to be successful and are being compensated for them equally.
Although success in the field of medical sales can be found at every age, a Med Reps survey found that the highest earners fall between the age of 41 and 50.
Medical Equipment Sales Rep Salary by Market Segment
A mark of a great medical sales representative is that he uses whatever means necessary to build strong relationships with his client base. For about 33% of the medical sales reps, that means spending as much time in the operation room, understanding the surgical market segment.
As a result, they take home the highest average total compensation of $166,819, even though their base salary is the lowest at an average of $87,094 when compared to the pharmacy and hospital market segments. That means that medical reps in the surgery/OR market make a jaw-dropping average commission of $94,563.
In contrast, the medical sales representative salary in the pharmacy market is an average of $158,818, with a base salary of $93,688 and a commission of $67,970. Meanwhile, medical sales representatives in the hospital market have an average base salary of $94,253 and a bonus of $72,199, totaling their average annual compensation to $161,216 — not too far behind the market segment of surgery/OR.
Although their annual income is quite high, medical sales reps prove that it is not just about making quick, one-time sales. Instead, their job responsibilities involve maintaining a trusting and long-lasting relationship with their clients and seeing the impact of their products through till the end to make sure they are exceeding the expectations of their clients.
Medical Equipment Sales Rep Salary by Product Sold
Currently, the new leaders for top income are capital equipment/durable medical equipment sales representatives, with the highest total annual compensation of $167,554. Interestingly, the base salary in the category is one of the lower ones at $88,146.
However, due to a high average bonus of $88,577 (which is more than the actual base salary), it looks like the durable medical equipment sales reps are reaping amazing rewards for their hard work.
Medical sales reps who sell surgical devices earn a slightly lower annual compensation of $165,962, with a base salary of $86,518 but boast an even higher average commission than that of sales reps for capital equipment at $92,856.
Meanwhile, medical sales reps of biotechnology products have a huge base salary of $112,711 and an average bonus of $55,214, bringing their total yearly compensation to $164,214 — an almost $2,000 increase from 2017. Yet again, a great commission is a reason for the continued success.
Medical Equipment Sales Salary, Year-Over-Year
The field of medical equipment sales is fiercely competitive; fortunately, the rewards are big, as well.
According to MedReps, medical equipment sales reps earned over $21,000 in average bonus since 2017, despite the fact that their base salary dropped by almost $1,000. Because of the stunning average commission, the average compensation increased by over $16,000 and totaled $167,544 in comparison to 2017’s $151,882.
Medical equipment earnings were influenced by several aspects:
Experience: Medical equipment sales reps enjoy an almost $50,000 boost after working for two decades in the field, taking home $116,915, as compared to the $65,714 compensation that they took in their first two years. Medical equipment sales reps also see an average of $97,259 in bonuses between 11 and 20 years of working in the field.
Professional level: Sales managers take home $211,308 in average compensation, which is $50,000 more than what sales representatives make.
Company Size: Predictably, sales reps in large companies earn the most average bonus and total compensation at $102,928 and $182,118 respectively. However, mid-size companies pay the biggest average base salary at $90,470 and are the second-highest when it comes to paying total compensation ($163,271).
Company Type: Distributors pay more than service providers when it comes to average base salary, commission, and total compensation at $79,323, $83,556, and $151,861 respectively. However, manufacturers win out in all three categories; their employees enjoy an average base salary that is $10,000 more than what distributors pay. Their average commission at $92,277 is more than double what service providers pay at $43,200.
Travel: Interestingly, medical equipment sales reps who don’t travel take home an average of $102,200 in bonuses, which is more than reps who travel sometimes take. However, those who travel just 50 percent of the time, earn $186,689 in average total compensation.
Gender: About 83 percent of medical equipment sales personnel say gender does not impact their income, even though wage inequality is the biggest in this category. This may be because women only make up only 4 percent of the management and executive positions in the field.