Have you ever wondered How Much Does a Medical Sales Rep Make? here everything you need to know about the earnings of a medical sales rep is unveiled.
Medical sales job is a profession that appeared quite simple but involves a good deal of knowledge and some technicalities.
The demand for medical sales reps will continue to rise as the need for drugs medical services and products will always be on the rise.
Medical sales representatives cannot take the place of doctors or other health professionals. However, they are exposed to a lot of medical knowledge which can come in handy while making medical decisions.
In our update today, we shall be looking into one question that can either make you jump into the offer of becoming a Medical sales representative or take up other jobs. How much does a medical sales rep make?
In addition to answering this question, we shall also look into other areas like how to become a medical sales representative, who is a medical sales representative, and what does he/she do?
How Much Does a Medical Sales Rep Make?
The medical sales representative job is very demanding and carries quite a workload. Salaries and compensation from this profession depend largely on wealth of experience, health field, size of the company, and state wage policies among other things.
On a general scale, medical sales reps make enough and are compensated well enough for their time and work.
Pharmaceutical representatives are currently the highest-paid because of the steady rise in demand for pharmaceutical products and drugs.
Medical equipment sales representatives make a lot too with many other incentives and compensation coming from bonuses.
In a detailed analysis obtained from MedReps, the average salary of a medical representative is pitched at $149,544 with an average base of $92,698 and an average bonus of $63,318.
You can make even more if you desire to build a sustainable career around medical sales representative jobs.
How Much do Medical Equipment Sales Representatives Make?
What we highlighted above is the general medical sales representative base salary. We will break it down by industry to help you make a choice on which field to venture into.
Medical equipment sales representatives are those in the surgical equipment market, medical tools, gadgets, and other handy products.
They make as much as $145,000 annually, with the highest average total compensation of $167,567 while the lowest average total is $87,094.
Like we said, experience, bonuses, and the number of closed deals play a vital role in making more above these or below it.
How Much do Pharmaceutical Sales Representatives Make?
According to a statistical analysis released by MedRep, Pharmaceutical sales representatives make an average of $128,000 in annual salary.
The base average is not the same for entry-level sales representatives rather those with at least three years of experience doing medical sales jobs.
Company size, company type, professional level, experience, etc can make one earn way above the average salary as a pharmaceutical sales representative.
- Who is a Medical Sales Representative?
A medical sales representative is a professional charged with the duty of persuading health professionals to purchase a company’s medical product. It could be a drug, medical product, or equipment.
They provide descriptions, samples, and advice while using all the marketing skills to meet sales targets and onboard customers for a particular medical product.
How to Become a Medical Sales Representative
A good number of people that embraced medical sales representative jobs took it because of the salary and the financial freedom it can afford.
It is not actually your typical kind of out-of-passion job, rather it is for the compensation companies give people that help sell their product.
The first step in becoming a medical sales rep is to choose a specialty. It can be medical equipment, pharmaceutical products, biotechnology, or medical devices.
- Choose a Specialty.
For you to choose a suitable specialty in medical sales rep, you must have to evaluate yourself. Exploring and evaluating your professional interests and areas you know you can sound convincing in.
While some sales reps’ jobs can be just transactional others might require you to meet with potential clients and discuss the benefits of your products and why they should patronize you.
Don’t join a specialization in medical sales reps job because of the potential earnings. If you fail to meet up with the skills required to scale in that field you will be left frustrated in the job. Only go for fields you believe you can bring your skills to good use.
Resource platforms like Medreps, provide advice and steps on how to choose specialties that suit your skill.
- Acquire the Needed Experience
If you have decided on the niche you want to specialize in, the next step is to acquire the experience.
Apart from your degrees and certifications, most recruiters especially, in a field like medical sales rep lookout for those with experience and proven records of accomplished work in medical sales representative jobs.
Below is how you can gain experience as a newbie in the industry.
- Medical sales internships with medical sales companies.
- Engage with an established expert to mentor you on medical sales rep jobs
- Volunteer works in hospitals and medical professionals can also come in handy.
A good number of Medical sales representative jobs don’t require specific certifications. It all comes down to the skills and experience displayed.
- Enroll for Either Online or Physical Training
Medical sales companies and employers offer training that showcases some industry policies and practices. The intention is for you to quickly learn their processes and procedures.
Therefore, registering for training in your chosen field remains the surest way of staying ahead and learning quickly when employed in a medical sales job.
Through the help of our resource associates, we have obtained platforms like Persuasion Consultants, MedsalesCareer, and Sales Momentum. They offer the necessary training needed to kick-start a career in medical sales representative jobs.
You must be always on course and follow the trends. Learning industry terminologies, and acronyms. You obviously don’t want a situation where an interviewer asks you a question using a sales acronym or term and you fail to understand what he/she said. It is very damaging, especially for someone that is just starting.
Therefore, it is very much important you google and research extensively in your chosen field while also taking up training and classes on medical sales representative careers.
- Build Relationships and Network
In this field, networking is very essential. With the steady growth of the industry, it is important your network and maintains relationships with people who have the potential of linking you with career-changing opportunities in medical sales representative work.
Having a rich network of experts and professionals increases your chances of getting more job opportunities and some sales secrets and tips. Recommendations from certain people might just be all you need to scale a job application.
You can build confidence with employers by just a reference you got from a group of people or a certain professional in the industry.
Join a community of like-minds and contribute while also drawing from the wealth of experience of others.
Platforms like LinkedIn had done quite a lot in helping individuals build their professional profile and network.
Medical Sales Representative Skill
Below are the ideal skills required of a medical sales rep.
- Marketing Skills
- Sound interpersonal and Communication skills.
- Strong work ethic and positive attitude
- Thorough and very detailed
- Excellent organizational skills.
- Proficiency in the use of Microsoft Office.
- Technical writing
- Basic knowledge of project management tools (Trello, Basecamp, Harvest)
- Social Media savvy
- Sound analytical skills.
This and many more accounts for what employers are looking for in medical sales rep. Tech-savvy medical sales reps know how to use technology and scale marketing of products.
How to Become a Pharmaceutical Sales Rep
With the increased interest in how to become a pharmaceutical sales rep, we have equally outlined all you need to know and how to become a Pharmaceutical sales representative.
- Obtain a Bachelor’s Degree
Educational requirements for pharmaceutical sales rep job vary a lot based on the employer. Nonetheless, to become one you are likely to obtain a bachelor’s degree. The majority of pharmaceutical sales reps have degrees or associate degree certificates.
Enroll and obtain a degree, brightens the chances of getting hired for a sales rep job in a pharmacy. Pharmaceutical Business, Pharmacology, Business, and Marketing are some of the ideal degrees pharmaceutical rep can earn.
- Get The Required Training
Through training, whether virtual or physical training you will get hands-on industry knowledge and skills that will earn you the confidence of employers. Employers often provide this training. But, you will be at an an advantage if you are already knowledgeable enough to start the work.
- Get Certified with a License
Pharmaceutical sales representative job is a job that deals more with marketing and persuasion skills. However, an additional certification from a recognized body will go a long way in advancing one’s career and also earn you an industry rating.
The National Association of Pharmaceutical Sales Reps conducts training programs and also issues certificates to become a Certified National Pharmaceutical Representative (CNPR). You can enroll and get licensed with them.
Top Companies for Pharmaceutical Sales Representatives in the United States
Below are some companies that pay the highest in Companies.
Anton Paar USA
$112,375 per year
$102,374 per year
$98,387 per year
$87,909 per year
- Highest Paying Cities for Pharmaceutical Sales Representative in United Sales
Los Angeles, CA
Benefits of Pharmaceutical Sales Representative Job
- Flexible work hours
- Health Insurance Packages
- Paid vacations and work-leave allowances
- Can be easily combined with other jobs
- Easy entry as one can start with little or no certification or degree.
- One of the highest paying jobs.
- Easy learning process
- Pet insurance
- Cell Phone reimbursement
- Relocation assistance.
Duties of Medical Sales Representative
- Product Sampling description and presentation.
- Using selling skills to onboard doctors to patronize a product.
- Engage in sales meetings, training sessions, conferences, e.t.c
- Work hand in hand with the sales department to meet sales targets.
- Plan schedules, weekly and monthly timetables with team leaders and decide on future targets for the marketed product.
- Assist in mentoring new recruits of the company.
Apart from the duties listed above, Medical Sales Representatives can also be engaged in other administrative arms of the company while also working as medical sales representatives.
A final thought on How Much Does a Medical Sales Rep Make
Medical Sales Representatives are among the in-demand jobs with many companies looking for salesmen who have mastered the art of persuasion both in-person and digitally.
As we stated earlier, you can enter this profession almost with no certificate because it deals more with skills than certificates.
However, ensure you obtain at least a training certificate as it will help scale up your career. The question of how much medical sales representatives make comes down to a lot of variables ranging from experience, certifications, company size, commissions on product, location, bonuses, e.t.c. But, just know sales representatives are compensated well enough for their time and efforts.
FAQs on How Much Does a Medical Sales Rep Make
Do medical sales reps make a lot of money? With an average base salary of $98,765 it is obvious that medical sales reps make enough for their time and energy.
How much do beginner medical sales reps make? Many Entry Level Medical Device Sales representatives’ salaries are currently between $34,500 to $77,000 with top earners making $108,000 annually across the United States.
How long does it take to become a medical sales rep?
There is no set time for becoming a medical sales representative. Most sales representatives enter the industry as Associate or Junior Sales Consultants normally between the ages of 22 – 30. They typically spend between 6 months to 2.5 years in this position before being promoted to a sales representative.