MedReps.com Report Shows Biotech Workers Earn the Most in Medical Sales
Job board for medical sales representatives releases report that shows how income is affected by influential factors.
Alpharetta, GA (PRWEB) June 11, 2013
A new report by MedReps.com, a job board for medical sales representatives, revealed that biotech sales professionals are now the top earners in medical sales, with an average total compensation of $164,783. They also have the highest median income at $155,000. The 2013 Medical Sales Salary Survey, which was recently released, also broke down earnings by company size, job title, years of experience, age, sex, and other influential factors.
Notable findings from the The 2013 Salary Survey included the following:
- Younger professionals often earn more than their older counterparts (when years of experience are equal). In the group with 11 to 20 years of experience, professionals in their 30s earn more than those in their 40s. In addition, those in their 40s earn more than those in their 50s. This variance often lies in the amount of commission each group earns.
- Experience has more impact on earnings than age. Income increases significantly between the 20-30 and 31-40 age groups, but it stays relatively flat among the other age groups. Income steadily rises, however, as the years of experience increase.
- Professionals employed by manufacturers earn substantially more than those employed by distributors. The average income reported by those employed by manufacturers is $141,958, whereas professionals employed by distributors earn an average income of $112,264. The size of the manufacturer does not seem to affect earnings, but it did impact earnings for those working for a distributor.
- The job title commanding the highest income is "Sales Director" or "VP of Sales." These professionals reported an average total income of $214,528. "Sales Managers" reported the second highest average earnings at $175,898.
Wage gap by gender is still found in the medical sales industry. According to the survey, men reported an average base salary 5 percent higher than women and an average total income that is 20 percent higher. In 2012, this difference was one percent and 15 percent, respectively.
"The gender gap appears to be widening in medical sales, in part because men still hold the majority of medical sales management positions. Men are also more likely to work in high-commission fields such as biotech and medical devices, which is another reason men are earning more," said Robyn Melhuish, editor at MedReps.com.
The 3rd Annual Salary Survey analyzes data collected from more than 2,000 professionals currently working in medical sales. To access the full Medical Sales Salary Report, including the corresponding medical sales salary calculator, click here.
MedReps.com is owned and operated by Healthcare Staffing Technologies. As the leading job site in its niche, MedReps.com gives members access to the most sought after medical sales jobs and pharmaceutical sales jobs on the web. Members have access to approximately 9,000 jobs and can apply directly to the recruiters and hiring managers who post them. For more information on the #1 site for healthcare sales, marketing, and management careers, please visit MedReps.com.