How Much Can A Medical Sales Rep Make?
Today, we identify the highest paying medical sales job. The industry has changed a lot over the years. First off all, it has become much more consolidated. Hospitals purchase consumables, implants, medical devices, and capital equipment through the major players, not local distributors. Purchasing decisions are made based on contracts and GPO agreements. The reps play a smaller and smaller role in the big agreements.
Generally speaking, the top earners in the industry can bring home in the 250k-500k range. A high performing territory selling the right product may consistently generate 300k plus a year. These territories are becoming harder and harder to come by. Medical device companies know they do not need to pay 500k a year to get a quality sales rep.
Companies came to the realization that they can split a high performing territory and higher an associate rep to pick up some of the coverage. With this this structure they do not have to pay a single rep an astronomical amount in commission.
Related: How Much Is A Medical Device Salary?
What Type Of Medical Sales Makes The Most Money?
Historically, the highest paying medical sales job was in the cardiac roles such as those selling pacemakers. The spine and orthopedic roles can also be quite lucrative. These roles are heavily relationship based and a few key relationships can make all the difference. Capital equipment sales can also tread into this pay range. Compensation in the capital equipment space is extremely variable. So it is common for a rep to blow out their number one year making 300k plus and then be back at 150k the following year. The sales come in waves!
Finding The Highest Paying Medical Sales Job
The challenge is ending up in a role in which making this type of money is possible. Remember, the average compensation in the medical device industry is around 180k. And this is for those with industry experience. Everything has to align to get one of the jobs that pulls down 250k plus. These are usually territories that have benefited from a tenured rep that has built up the business over the years. So when the rep eventually leaves, everyone internally at the organization knows it is amazing position. It unlikely to stumble into a position like this from the outside. This why building a robust network in the industry is so important.
As you gain industry experience, it will become apparent which specific roles in your space are the most lucrative. Trust me, this is never clear from recruiters and the hiring company. When you interview, companies always try to sell you on the upside. If a territory is regularly pulling in 300k, the company will most likely not need to use a recruiter to fill the position.