Should you be earning more or paying more in medical device sales? An overview of the 2017 salary report…
The Medical Device market is soaring! We’re not just saying it… it is actually reported to be worth $500 billion by 2020. That’s a lot of medical devices. But how can those who sell the products expect to benefit in 2017? Well, we’ve taken a look at the last 6 months of our salary data to tell you just that!
Here’s a quick overview of the key findings, but you can find the white paper at the bottom of the blog.
- Candidates who have sold more than one medical device type are likely to earn 15% more than others – largely down to employers benefiting from the experience they bring so therefore paying more.
- Medical device sales candidates looking for a new job are hoping for a 17-25% uplift in total earning – this isn’t too dramatic, the national average in the market is a 20% uplift when moving positions. Candidates have more leverage if they bring knowledge from direct competitors.
- ‘Territory Manager’ as a job type was the most abundant in 2017 – there are a lot of sales job titles that cross over in the sector, but ‘Territory Manager’ is the most common in medical devices and we’ve accrued the most data on them as a result.
- More medical device sales people (44%) prefer taking company car allowance over a company car (40%) – this is a general trend we’re seeing with people optimising the tax benefits.
- Those who specialise in Urology sales earn the most – We’d say this is largely down to the nature of those products. They are often more costly to the end user, so one sale will earn you as much bonus as two sales of other product types.
- Wound management sales people earn the least – Again largely down to the nature of the products, a lot of these are smaller products that involve a more transactional sale and sales people don’t benefit from the large accelerators seen with other products.
- Medical device sales people in the North East earn the least – In our opinion this is down to population density and fewer manufacturers, clinics and hospitals.