One of the most important things we want to know before we accept our job is how much are we going to get paid.
At the end of the day. We work for the money right. So I’m going to talk to you about that. And I’m gonna give you the short and the long answer. And why is that? Because even though there’s a range for the pharmaceutical sales salary there are other factors that you must understand because they have a huge impact on how much money you can make as a pharmaceutical or medical sales representative. So if you’re just starring in this senior seat in pharmaceutical sales you have no experience whatsoever. I can tell you that you can expect about between $75 to $80 total compensation in your first year. However, that is going to vary because if you let’s say for instance if you’re coming from another industry where you have a huge sales the sales experience and an amazing track of free salt. Back and even though you’re coming as a new ramp. Back in you know to push your salary to a point that is even higher. The other point is let’s say that the company wants to pay $80 thousand but your previous job you were making $9 thousand two if things are going to happen one. They’re not going to hire you. Why? Because they’re not going to bring you to their company to make less money because you’re not going to be as motivated and probably you’re going to leave the job as soon as you can. The other thing that they can do is try to match what you were doing in those cases even though you’re coming new to the industry and you’ll never work before as a pharmaceutical sales representative.
Salary Raise and Bonus
They can raise their salaries so you know they can bring you and you can feel satisfied and happy to be here. Now there are other factors that will have an impact on how much money you can make. For instance, there are companies that they are famous for having a very high base salary. But the bonus is smaller. So if that’s the case you may get a higher salary but obviously you know when you sell your quarterly bonuses are not going to be as high. Some other companies they decide to give are lower base salary but the bonuses are really huge. Like in the case of medical sales in general medical devices you’re going to see lower base salaries but their bonuses. Are a pharmaceutical and Medical Sales Representative Globally. Really significant right and also depends on the company. There are companies that they have an amazing compensation package. Some others they don’t really motivate that you know that much to the reps. I’ve been in companies where I have made $22 thousand a quarter but you know that is not every single company. Another element that is going to determine how much money you have is how you’re ranking nationally. Usually the reps there are top the top perhaps in the nation the top 10 the top 12%. Those sales representatives make significantly more money than the ones at the bottom. Some pharmaceutical companies can have an average of let’s say from $18 thousand a year in bonuses to $24 thousand a year.
That somehow the average. But once again it really depends on the performance. I have been in companies where I make $22 thousand in a quarter. It really depends on the compensation package and it really depends. How you rank in the nation. Another element could be if you if the company you’re working for is going out to launch a new product let’s say that you get higher. Because of a company’s expanded day they get a product that was recently approved by the FDA and they just launch it. Usually when when when the company introduces a new product. They offer a very good compensation package especially during that first year you’re going to have more possibilities to make money than then if you’re selling a drug that is being out there for a while. Another element is how often the company pays for their bonuses. Most of the pharmaceuticals most of the pharmaceutical companies they pay the bonus of four times a year. That means quarterly while there are a few out there that deal they pay their bonuses only three times a year. That’s by trimester. So in my experience I work for two companies that they’ve been paid 3 times a year. Honestly the compensation was never that great. I have found that the companies that pay the bonuses more often the reps tend to make more money. And maybe one of the reasons because.
You know they grow. And the results of their sales are never 100% instead of you know every once in a while you know you have a bad quarter for any reason 1.0. One is good top doctors went on vacation. You know that the company assigns a quarter that was really too high. Things like that are going to affect their performance of one quarter or one trimester and when you are paid four times a year versus three times a year you have more time to recover if you have. You know a difficult season. Another element is whether you’re working in pharmaceuticals or medical devices. You know the best there are some top companies out there made in the medical device arena where a representative can make a small chest you know $300 thousand you know that’s those are one of the best but that that’s more money than what many doctors make in a year. So it really depends also knowing what area you’re at you’re performing in the term in the side of pharmaceutical sales. You know once you have a couple of years of experience it’s not rare to see making six figures as a matter of fact I know representative that they make one point 81 40 so it depends once again on your experience how would you rank assign match. I their element is how you hire you know usually entry level positions they have a lower salary but then if you’re promoted one year or two you know later on down the road you’re promoted to what is called specialty sales position.
Usually, your salaries will not go well between $12000 to $15000 a year. So that’s another element. Sometimes companies. Can Hide can bring people from all their industry and they can hire them as special to a representative for those representative. Are going to receive a higher base. Being hired for a compensation package. But once again that is based on experience. So based on all these elements you can see that the compensation can be all over the board but once you know this factors ones you know these elements you know how to handle them. The most important part is to get you in the. And then you know with your work with your work ethics and your performance you can have control of how much you do base on your performance. But right now I’m going to tell you if you’re serious about you breaking in this industry stay focused.