MedReps’ 2015 Medical Sales Salary Report, based on a survey conducted in April 2015, collected income data from more than 3,000 medical sales professionals, of which 28% were medical device sales professionals.
As part of that overall report, the Medical Device Sales Salary Report found within it, highlights some very important numbers and figures that expand upon much more than simply the average annual salaries for medical device sales reps. Among them include income by job title, income by company size, income by gender, and even average income by travel distance. For the purpose of this article, however, we will focus on how age might affect income in the medical device sales field as well as the role that experience plays into it.
For starters, medical device sales jobs continue to be among the highest-paying jobs in medical sales. According to the MedReps report, the average annual medical device sales salary is $156,914, with an average base of $76,029. These are the averages, of course, so let’s break them down even further.
With Age Comes Pay
Similar to virtually every other profession, the longer you’ve been medical device salesperson, the more money you will make. Obviously, you have to put your time in before you start to see the fruits of your labor. So what kind of salary can you expect to earn and at what ages do these numbers change? Below are current salaries (including base and commission) based on the Medical Device Sales Salary Report:
Ages 20 – 30: $59,304 (average base salary) + $49,603 (average commission) = $108,906.
Ages 31 – 40: $71,142 (average base salary) + $88,866 (average commission) = $160,008.
Ages 41 – 50: $86,210 (average base salary) + $87,765 (average commission) = $173,975.
Ages 51 – 60: $96,415 (average base salary) + $65,275 (average commission) = $161,690.
Ages 60+: $87,714 (average base salary) + $63,714 (average commission) = $151,429.
Statistically speaking, medical device sales reps with more than 5 years of experience earn significantly more than those with less as the numbers below indicate. What’s more, most reps that are of older age make higher salaries than younger reps because they are seasoned sales reps. This basically means that while they may be older, they also have a longer work history and quite a bit more experience in the sales field. That alone, not simply age, typically warrants a higher salary.
Less than 2 years: $60,721 (average base salary) + $37,215 (average commission) = $97,936.
2 – 5 years: $62,990 (average base salary) + $67,651 (average commission) = $130,641.
6 – 10 years: $75,056 (average base salary) + $97,475 (average commission) = $172,531.
11 – 20 years: $88,458 (average base salary) + $92,147 (average commission) = $180,605.
20+ years: $99,147 (average base salary) + $83,087 (average commission) = $182,233.
You can see with the above sets of data that being older doesn’t necessarily translate into earning a higher salary as the “experience factor” proves. The data also suggests that equal parts of age and experience go hand in hand in helping medical device sales reps make high salaries.
The End Result
Medical device sales professionals continue to hold some of the most sought-after positions in the industry, pulling in an average annual salary of $156,914. Despite the challenges presented in recent years by the Affordable Care Act, the device excise tax, and even the rep-less sales model, this highly competitive field shows no signs of slowing down.
Other than a slight dip in overall salary in 2014, average incomes continue to increase, no matter what age group sales reps fall under. In addition, the medical device sales job market appears to be stable for the time being with an increasing number of jobs becoming available.