Medical Sales Employers Step Up Offering Greater Support to Reps in 2020
The annual salary report by MedReps, a job board for medical sales representatives, found the 2020 average medical sales rep total compensation increased by $3,500 over the previous year, with most of the increases in pay coming from base salaries.
While the rise in pay was notably less than previous years, the 2021 survey findings are encouraging. The negative impact of the COVID-19 global crisis was not as bad as feared. In fact, both income satisfaction and job satisfaction numbers are at record highs in 2021.
The MedReps 2021 Salary Survey revealed, yet again, biotech sales reps take home the highest total compensation ($198,523). However, pharma, medical supplies, and medical equipment reps saw the biggest year-over-year increases.
For the purpose of the survey, MedReps analyzed salary data by product classification, job title, company size, and other influential factors such as travel and state.
“This time last year, we were bracing for the impact of the pandemic on medical sales jobs — 81% of medical sales reps predicted that they’d see a negative impact on their salary. In this year’s survey, we found only 22% of respondents earned less overall. It’s encouraging that COVID-19 did not impact the industry as negatively as anticipated,” said Karyn Mullins, President at MedReps.
Some notable findings from MedReps’ 2021 Medical Sales Salary Report include:
- The average income reported by women grew by 14% and took a small step toward equity. Women hold 23% of the manager or director-level jobs, increasing from 17% in the prior year.
- The industry’s DEI efforts appear to be making an impact. The percentage of non-white respondents grew from 12% to 14%. More significantly, the percentage of management-level or higher positions held by women or People of Color increased from 29% to 42%.
- Respondents reported more access to every benefit covered in the survey, from 401ks to unlimited PTO to paternity leave. Employers are offering more and better benefits in 2021.
“While 2020 will largely be remembered for the pandemic, we also saw a rise in social justice activism,” Mullins said. “While there is still a long way to go, medical sales reps continue to see an effort by employers to improve in all areas of compensation and advancement through their DEI initiatives.”
“Overall, we’re encouraged by how current and future reps can use this year’s survey data to make the best career choices going forward.”