One of the most sought-after medical sales jobs remains in the pharmaceutical sector — and why not? The field continues to grow and becomes more rewarding every year.
According to Med Reps, pharmaceutical sales reps boasted an average salary of $133,563 in 2018. Although this is a drop of almost $3,000 from 2017, it is because of a drop in base salary, which was estimated to be an average of $98,815. As far as bonuses are concerned, at $36,398, this is the highest average for a pharmaceutical sales rep in three years.
In 2017, the average base salary was $103,082, with an average commission of $35,024, bringing the total compensation amount for pharmaceutical sales reps to $136,480. In contrast, in 2016, the average base at $93,516 was the lowest in three years, with a bonus of $35,286 — higher than 2017’s — bringing the total compensation to $128,802.
Top Earners in Pharmaceutical Sales
Sales reps in pharmaceuticals take home a significantly high paycheck at $128,482, with a base salary of $95,550 and a bonus of $35,015. Those in specialty pharma take home a yearly compensation of $142,093, with a base salary of $104,221 and a commission of $37,872.
These high earnings are based on various factors:
Experience: Pharmaceutical reps with less than 2 years of experience can earn a base salary of $69,711; however, if you persist, after 10 years, you can experience a jump of $36,000. Those who have experience of 11 to 20 years can earn as much as $140,797, which is approximately $47,000 more than an entry-level pharmaceutical sales rep can make.
Professional level: Unsurprisingly, senior-level pharmaceutical sales reps earn more than twice as much as entry-level sales reps. Sales directors or vice presidents can take home as much as $245,000 in average yearly compensation, while entry-level pharmaceutical sales reps earn about $88,727. Sales managers can take home as much as $191,000 in total compensation.
Company Size: Large companies have the money to pay more; their average base salary is $104,075 while their total compensation package is $39,451. However, those in smaller organizations still take home six-figure salaries, and it is estimated that their average bonuses are $10,000 higher than big or medium-sized companies.
Company Type: Although manufacturers pay the highest average base salary at $103,989, distributors pay the most when it comes to the average bonus ($39,698).
Travel: Although most pharmaceutical sales reps do not travel overnight for work, those who do earn a much higher total compensation. Sales reps who travel half the time earn an average compensation of $174,641, which is $50,000 more than those sales reps who don’t travel.
Gender: The gender pay gap in the pharmaceutical sales industry is the smallest gap in the medical sales industry. Women get average compensation of $125,117, which is 90 percent of what the average male sales rep makes.