Average Pharmaceutical Sales Rep Salary - SalaryInfoGuide.com (2023)

Job Description For Sales Representative

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Sales Representative is an incentive eligible position. Responsibilities include developing new prospects, establishing customers, and selling an organization’s products and/or services. Being a Sales Representative may require an associate’s degree or its equivalent with 2-4 years of experience in the field or in a related area. Familiar with standard concepts, practices, and procedures within a particular field. Additionally, Sales Representative relies on limited experience and judgment to plan and accomplish goals. Performs a variety of tasks. Works under general supervision. A certain degree of creativity and latitude is required. Typically reports to a manager or head of a unit/department. … View full job description

How Much Can You Make As A Medical Sales Rep In The Us For A Year

Medical equipment sales rep jobs will forever remain in high demand.

If you are interested in getting into medical sales, you may already be aware of the fact that the potential for a high income is huge in the field.

In fact, according to Med Reps recent salary survey, the median total compensation for a medical sales rep is $149,544, with an average base salary of $92,698 and an average bonus of $63,318 in 2018.

That means an average 68 percent increase in payout simply because of commission on making sales. The numbers are pretty crazy, right? But that doesnt make them any less true!

How Much Does A Pharmaceutical Sales Representative Make

Pharmaceutical sales representatives make $68,571 per year on average, or $32.97 per hour, in the United States. Pharmaceutical sales representatives on the lower end of that spectrum, the bottom 10% to be exact, make roughly $42,000 a year, while the top 10% makes $110,000.

Location impacts how much a pharmaceutical sales representative can expect to make. Pharmaceutical sales representatives make the most in Massachusetts, New York, Connecticut, Nevada, and Vermont.

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Pharmaceutical Sales Rep Salary Year

One of the most sought-after medical 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 2017s 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.

Additional Skills And Preferences

Bilingual skills as aligned with territory and customer needs
Live within the territory or within 30 miles of territory boundaries
Excellent interpersonal skills with ability to coordinate with partners
Excellent communication and organizational skills
Ability to collaborate in a team environment
Ability to build and maintain lasting relationships with key accounts and caregivers
Demonstrated ability to learn, apply, and communicate technical/scientific knowledge

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Grow Your Online Presence

Today’s medical sales recruiter seeks a “total picture” view of candidates. They’re increasingly turning online to learn more about job seekers, including their interests and hobbies, personal and professional background, and more.

In fact, MedReps’ survey What Medical Sales Recruiters Look for in the Digital Age found 76% of recruiters go online before deciding whether to reach out. It’s important to have a strong online presence.

What Do They Sell And To Whom

The types of pharmaceuticals a sales rep sells fall into the categories of general pharmaceutical products and specialty pharmaceutical products. Typically, specialty pharmaceuticals are sold by specialty pharmaceutical sales reps, which may require additional training. Examples of specialty products include specialized treatments for specific conditions like cancer or innovative medications that are relatively new and may need more education and training. General pharmaceutical medications include vaccines or opioids. The types of medications you sell depend on the pharmaceutical manufacturing company for which you work.

Sales reps for pharmaceutical companies typically sell to medical providers like doctors, so they will likely spend most of their time in doctorsâ offices. In fact, the 2020 Pharmaceutical Sales MedReps Salary Survey found that of the sales reps surveyed, two-thirds reported physiciansâ offices as their primary market. Only 9 percent reported selling to hospitals .

Pharmaceutical sales reps can essentially sell to any provider who can write prescriptions to patients, which can range from psychiatrists to dentists and even veterinarians.

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What Is A Pharmaceutical Sales Rep

Pharmaceutical sales representatives are people tasked with informing clinicians, pharmacies, and other healthcare professionals about the potential medical benefits of their companys product line. They frequently meet with healthcare professionals to describe the drugs chemistry, uses, possible side effects, and potential interactions.

A good pharmaceutical sales rep should have excellent people/social skills as they will be interacting with potential customers for most of their effort. A good sales rep should have strong product expertise, high-level prospecting and closing skills, and be able to travel at any given time.

How Do Education Levels Affect Salaries

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Displayed below is the average salary difference between different Pharmaceutical Sales Representative who have the same experience but different education levels.

We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Pharmaceutical Sales Representative salaries by education level in order to make a comparison.

When the education level is Bachelor’s Degree, the average salary of a Pharmaceutical Sales Representative is 250,000 NGN per month.

While someone with a Master’s Degree gets a salary of 393,000 NGN per month, 58% more than someone having a Bachelor’s Degree degree.

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Medical Device Sales Rep

A medical device sales representative is a salesperson that will have a designated territory for selling medical devices and related equipment. The medical device sales rep will have a salary that varies depending on the type of product they are selling.

This job requires strong communication, route planning, impressive customer relationship building, and the vision to grow and expand a territory. A medical device sales reps salary almost always has a base plus commission, and many companies offer benefits.

Salary Range: $46,000 to $112,000

Requirements For The Job

Bachelors Degree in Business or similar
Strong sales background

Pharmaceutical Sales Rep Pay Faq

The national average salary for a Pharmaceutical sales rep is $103,988 per year in United States. Filter by location to see a Pharmaceutical sales rep salaries in your area. Salaries estimates are based on 4 salaries submitted anonymously to Glassdoor by a Pharmaceutical sales rep employees.

The highest salary for a Pharmaceutical sales rep in United States is $172,356 per year.

The lowest salary for a Pharmaceutical sales rep in United States is $62,740 per year.

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Career Prospects For Pharmaceutical Sales Professionals

For pharmaceutical sales professionals, there are many opportunities for advancement within the field. If you start as an entry-level pharmaceutical sales representative, you may have the opportunity for promotion to account executive or sales specialist with gained experience and possible certifications, depending on your employer. From there, pharmaceutical sales professionals may become territory managers, district managers, marketing managers, directors of sales, and more.

Your career prospects may look a little different depending on whether you work in specialty pharmaceutical sales or general pharmaceutical sales that typically sell to primary care providers. However, both sales categories are seeing an increase in overall base salary as the profession grows, so choose the field thatâs best for you and consider your prospects as you move up in your career.

If you want to eventually move out of pharmaceutical sales and into a different area of sales, your experience is beneficial to you and your resume moving forward.

The Median The Maximum The Minimum And The Range

Salary Range
Pharmaceutical Sales Representative salaries in Nigeria range from 146,000 NGN per month to 451,000 NGN per month .
Median Salary
The median salary is 291,000 NGN per month, which means that half of people working as Pharmaceutical Sales Representative are earning less than 291,000 NGN while the other half are earning more than 291,000 NGN. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Pharmaceutical Sales Representative are earning less than 197,000 NGN while 75% of them are earning more than 197,000 NGN. Also from the diagram, 75% of Pharmaceutical Sales Representative are earning less than 371,000 NGN while 25% are earning more than 371,000 NGN.

What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

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Education Experience And Other Requirements

Minimum of a bachelors degree from a four-year accredited college or university
Minimum 2+ years business to business sales experience preferred
Documented sales results and examples of awards/achievements is required
Working experience during college highly preferred
Travel within territory, and to/from meetings/trainings, required
Must live near the center of territory or be willing to relocate to it
Must hold a valid drivers license
Must produce documented sales results and examples of awards/achievements
Working experience during college preferred
May need to work evenings and weekends as needed

A Guide To Pharmaceutical Sales Jobs: Salaries Resume And Skills

Learn about pharmaceutical sales jobs skills, educational requirements, and salaries that can prepare you for a career in this fast-growing industry.

You can find pharmaceutical sales jobs such as sales representatives, territory managers, and sales managers working for pharmaceutical manufacturing companies around the world. In these positions, sales professionals market and sell pharmaceutical medication and devices and, in some roles, educate and train other sales reps or medical providers on certain pharmaceuticals.

Pharmaceutical sales salaries vary by job title, years of experience, certification, and sometimes level of education. Some employers provide on-the-job training, while others require certifications or other formal training. Through experience and training, you can build key resume skills to support a successful career in pharmaceutical sales.

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Nigeria / All Professions

The term ‘Annual Salary Increase’ usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

Medical Sales Rep Salary

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A medical sales representative is a highly sought-after position. Not only is this field interesting and competitive, but it can also be lucrative. Medical sales rep salaries will change depending on geographic location, experience level, and of course the category of products that are being sold. Most medical sales reps are paid a base salary plus a commission but this can also be unique to a company. On average sales representatives have more than 300 accounts to manage and spend close to four days a week in the field. If you are interested in getting into the medical field or are already involved in medical device sales, we have valuable information to help you fully understand what a medical device sales reps salary is.

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What Is The Average Pharmaceutical Sales Salary

How much do pharma and specialty pharma reps earn? According to the 2016 Pharmaceutical Sales Salary Report, the average pharmaceutical sales salary is $122,107 . Perhaps due to the increased complexity of the product, specialty pharma reps earn significantly more. The average specialty pharma sales salary is $138,150 .

The good news is the average salaries for both pharma and specialty pharma are up from 2015. The bad news is, pharma reps earn the lowest average incomes compared to the other product categories in the MedReps survey. Specialty reps were higher on the list but still in the bottom third. However, despite the relatively lower average incomes, pharma sales jobs are still heavily pursued by sales professionals hoping to break into healthcare sales.

Pharmaceutical Sales Representative Average Salary Difference By Education Level In Nigeria

Bachelor’s Degree

Is a Master’s degree or an MBA worth it? Should you pursue higher education?

A Master’s degree program or any post-graduate program in Nigeria costs anywhere from 1,690,000 Naira to 5,080,000 Naira and lasts approximately two years. That is quite an investment.

You can’t really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

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Educational Requirements For Pharmaceutical Sales Jobs

The educational requirements for pharmaceutical sales jobs will vary greatly among pharmaceutical companies, with some commonalities. Most employers require at least a high school diploma or GED. Many employers will prefer you to have a bachelorâs degree and even a master’s degree, in some cases. Expect some employers to provide their own on-the-job training.

Surgical Sales Salary Year

Medical sales reps are experiencing exciting changes in the surgical sales industry. According to the 2018 Med Reps report, surgical sales reps experienced a slight drop in base salary in 2018

however, they saw an enormous spike in average bonus which turned from an average of $77,471 in 2017 to an average of $92,856 in 2018. Thats an increase of over $15,000. As a result, the average total compensation for 2018 was the highest in three years at $165,962.

However, 2017 and 2016 did not fare badly at all in terms of total compensation, with 2017 showing an average of $161,492 and 2016 showing an average of $163,654, the second-highest of the three years.

This is what impacted the sales personnel high earnings:

Experience: Surgical sales reps who have been in the field for over 20 years earned total compensation of $192,232, which is a whopping $105,000 more than what entry-level medical sales reps earn.

Professional level: People in surgical sales management teams earn over $38,000 more in base salary than sales representatives.

Company Size: Large companies have been observed to reward the highest compensation to surgical sales reps at $170,348. However, it is the sales reps working in small companies that earn the highest base salary at $95,176. Meanwhile, mid-sized companies offer only $2,000 less than large companies.

Thats a total of over $33,353 in the gap in commissions. Overall, women earn $29,000 less than men in this field.

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Medical Equipment Sales Salary Year

The field of medical equipment sales is fiercely competitive fortunately, the rewards are big, as well.

According to MedReps, medical equipment sales reps earned over $21,000 in average bonus since 2017, despite the fact that their base salary dropped by almost $1,000.

Because of the stunning average commission, the average compensation increased by over $16,000 and totaled to $167,544 in comparison to 2017s $151,882.

Medical equipment earnings were influenced by several aspects:

Experience: Medical equipment sales reps enjoy an almost $50,000 boost after working for two decades in the field, taking home $116,915, as compared to the $65,714 compensation that they took in their first two years.

Medical equipment sales reps also see an average of $97,259 in bonuses between 11 and 20 years of working in the field.

Professional level: Sales managers take home $211,308 in average compensation, which is $50,000 more than what sales representatives make.

Company Size: Predictably, sales reps in large companies earn the most average bonus and total compensation at $102,928 and $182,118 respectively.

However, mid-size companies pay the biggest average base salary at $90,470 and are the second-highest when it comes to paying total compensation .

Company Type: Distributors pay more than service providers when it comes to average base salary, commission and total compensation at $79,323, $83,556 and $151,861 respectively.