Essential Qualities and Steps
To succeed in this field, it is important to have the necessary skills, a passion for the industry, and a strong ability to negotiate.
- Develop a Strong Work Ethic: A successful medical sales professional must always strive to get the job done and be willing to put in the extra effort.
The first step to becoming a medical sales rep is to choose a specialization such as medical devices, medical equipment, pharmaceuticals, and biotechnology. You’ll need to gain field experience and enroll in training. Be certain you have a real passion for the field.
According to one survey of over 1400 medical sales reps, they value autonomy, flexibility, and the ability to make an impact the most. To manage the inevitable stress of the job, the practices of exercise and meditation are recommended.
Continuous Learning and Growth Opportunities
The medical industry offers continuous learning opportunities due to the constant evolution of products. A thorough understanding of these products and those in development is crucial.
Education requirements will vary, but to become a pharmaceutical sales rep, you’ll likely need a bachelor’s degree.
Financial Aspects
What Determines Earnings?
Sales reps average $165,028 yearly. Here are some details about what affects earnings in the medical sales industry:
- Biotech reps earn $107,876 in base salary.
- Tech sales offer high commissions if quotas are met, with average compensation of $149,544.
- Reps with under two years of experience earn $92,725, with the average base salary being $94,918 and an average bonus constituting 38% of the total compensation.
- Cardiac sales, like pacemakers, historically offer the highest pay.
- Spine and orthopedic sales also present lucrative opportunities.
- Factors influencing the ability to earn over $250,000 include the product sold, experience, commission rates (typical range is 15% to 25%), and the employing company.
- Good communication skills play a significant role in success.
- Biotech sales are known to earn the most, with device reps able to earn up to $167,567.
- Pharmaceutical reps also have high earning potential.
The rapid growth of the medical industry suggests a need for careful consideration of which sales field fits you best. As an indication of the scale of healthcare spending, the US spends over $10,000 per person on healthcare, and McKesson Corp is the world’s largest healthcare company.