We get a lot of questions about compensation. People thinking about getting into the industry want to know much money they can make. In this article we have compiled a list of the most insightful medical device sales rep salary videos on YouTube.
Can You Make 300k In Medical Sales?
Yes, it is feasible to make 300k in medical sales. This is not typical or average by any means. But a life long rep that works at some good companies may have a few years in this range. This sweet spot is finding a role in which this amount can be pulled in somewhat regularly.
Related: Are Medical Sales Reps Rich?
How Much Do Top Medical Device Sales Reps Make?
As of 2022 the top reps make in the 200k-300k range. This entails being at a good company, in a strong territory, and performing well. There are many roles in which high performers will bring in about 250k. But there are so many variables. That is the tough thing about medical sales. The high upside compensation is rarely guaranteed.
Five Insightful Medical Device Sales Compensation Videos
1. Medical Device Sales Rep Salary in 2021
According to Jacob McLaughlin the average medical device salary in 2021 was around 172k. This seems about right. A lot of the focus for new reps is landing one of the highest paying roles. But you have to remember that the majority of roles do not pay 200-300k. There are many surgical sales, consumable, and distributor roles in which at plan performance brings in around 120-150k. Again, this takes into account salary and commission compensation. With most roles only about half of the compensation is guaranteed. The remaining portion is based on exceeding your sales quota. Lastly, remember that many of the entry level medical sales roles, such as associate rep positions, pay much less.
2. Orthopedic Medical Device Sales Salary
Pierre Pacini is a Youtuber that shares his experience working in medical sales. In this video he shares how much he made as a rep at Stryker. He goes through his pay stubs and shares the specifics of how much he made for the year.
It is interesting to see that Stryker only pays reps once a month. This can be difficult from a cash flow perspective. His compensation package included a 40k base salary, a 13% commission rate, and 15% commission rate on territory growth. His territory was over 1M, but he had to split the territory with another full line rep. This brings up an important point. New reps don’t always understand the details of their compensation and just accept what a manager tells them. It is critical that you understand the commission structure details and ask questions.
3. How Much Money Can You Make As A Drug Rep?
Pharmaceutical rep roles are known for offering higher base salaries and smaller bonuses. A higher base salary can be nice from a consistency standpoint. The bonus part of the compensation plan is usually paid out 3-4 times a year.
Related: Medical Device Sales Car Allowance
This video points out some obvious facts. Some companies pay more than others. And rep rank matters. According to this video from Pharmasales Rep the entry level pharmaceutical sales roles pay in the 70-90k range. According to SalaryExpert an experienced pharmaceutical sales rep can expect to earn in the 120-150k range. This is line with what we hear from other folks in the industry.
4. Average Medical Sales Rep Salary By Company Size
This video breaks down the average medical sales rep salary by company size. In short, large companies pay a bit more. Not surprising. Sometimes smaller companies do offer reps stock options. This can be a great perk. But everything has to align with the trajectory of the company for these stock options to payout.
5. High Paying Healthcare Careers
This video by Income Over Outcome is different from the typical Medical Sales Authority content. It is a little broader in nature. It tackles two high paying healthcare job that no one talks about in school. Medical device sales and healthcare consulting. This video doesn’t get into the weeds on compensation. But it does go to show that many are surprised to learn that medical sales provides a six figure income with only a bachelors degree.