Samir is the CEO and Co-founder of Veloxy. After spending 20+ years creating corporate systems, boosting revenue, and eliminating inefficiencies, Samir started Veloxy to help sales professionals shorten sales cycles, accelerate pipelines, and close more deals.
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Dreaming of a rewarding and challenging career in medical device sales? You should be! The medical device industry is poised to reach nearly $800 billion in global annual sales by 2030.
If you’re looking to cut yourself a piece of that pie, then you’re in for an exciting journey! In this guide, we’ll explore the ins and outs of becoming a medical device sales representative, from the role itself to the essential skills and qualifications, as well as success strategies, job search tips and resources to help you excel in the field.
Key Takeaways
The Role of a Medical Device Sales Rep
In my tenure as a CEO in field sales software, I’ve seen how vital medical device sales reps are. They’re not just selling; they’re essential to healthcare innovation, guiding providers to use medical devices effectively. With an average yearly compensation of $111,303, it’s a lucrative field, yet the real reward lies in improving patient care.
Success hinges on understanding the products and forming strong bonds with healthcare professionals. My journey taught me that aligning your passion with your role and building trust are key. It’s a challenging yet fulfilling path, offering a unique chance to impact healthcare significantly.
Types of Medical Devices
Embarking on a medical sales career path, you’ll discover a spectrum of devices that are instrumental in patient care:
Each category demands our keen expertise and continuous learning. Staying abreast of the latest innovations not only bolsters our skill set but also directly impacts patient care, making our role deeply rewarding.
Here are the top 8 medical devices needed to provide high quality service.
Working Environment and Travel
The landscape of medical device sales is characterized by its fast-paced and dynamic nature, often leading you on adventures to clinics and hospitals.
Your role propels you across various regions, embracing travel and route planning as core aspects of your job, which looks something like this:
This lifestyle not only offers a taste of adventure but also cultivates a deep understanding of the medical landscape, enriching your professional journey with every mile traveled.
Download Now: The Big Blue Book of Field Sales
Medical Sales Representatives will find all of the emerging best practices for closing more deals from the field in this one book!
Get Your Free EbookEssential Skills and Qualifications
Mastering a set of critical skills is fundamental for anyone aiming to excel as a medical sales representative, drawing from extensive support provided to sales professionals.
Drawing from my years supporting sales professionals, I’ve seen firsthand how crucial a solid foundation is. Here’s what sets you apart as a medical sales rep:
Beyond sales prowess, clinical knowledge is non-negotiable. It equips you to understand the profound healthcare impact of your products, elevating your pitch from mere sales to meaningful solutions.
Educational Requirements
Launching a career in medical device sales typically begins with a comprehensive educational background, ranging from health science to business studies.
While a bachelor’s in fields like health science, sales, business, or life sciences sets the stage, some go further, obtaining a master’s or other advanced degree to stand out and underline their dedication.
For those with a knack for technical details, degrees in engineering or biology can be a game-changer, equipping you to deeply understand your products’ practical impact. Yet, it’s not just about the degree. We’ve seen shining stars without these specific qualifications thrive by highlighting their distinct skills and passion for the role.
This journey emphasizes not just academic achievements but the unique value each person brings to the table, showcasing a blend of knowledge and personal drive.
Professional Certifications
Earning certifications from bodies like the National Association of Medical Device Representatives can be a game-changer. These recognitions bolster your profile by:
Holding a certification, such as the Certified National Pharmaceutical Representative, not only marks you as a committed professional in the medical sales arena but also significantly boosts your career trajectory, proving to be a wise move for those looking to excel.
Building a Strong Foundation: Gaining Experience and Networking
Diving into medical device sales, both experience and networking play pivotal roles. Here’s how you can lay a solid groundwork:
This approach not only equips you with essential sales skills but also enriches your understanding of the healthcare landscape, setting you up for success in this demanding field.
Sales Experience
To stand out in medical device sales, a year in competitive B2B sales, like copier or payroll services, is key. Such roles, especially with renowned companies like ADP or Xerox, not only beef up your resume but also fine-tune essential skills:
This background lays a robust groundwork, propelling you into one of the most competitive arenas with confidence.
Medical Industry Exposure
Initiating your journey with internships or shadowing experiences can offer a deep dive into the nuances of the healthcare sector.
This approach not only familiarizes you with industry jargon and market dynamics but also lays a robust foundation for your career. Here’s how to break in:
Such experiences enrich your understanding and prepare you for the challenges and opportunities in medical device sales.
Networking Strategies
Have you ever considered how vital networking is in carving out a successful path? It’s the bridge to invaluable insights, broader professional circles, and fresh opportunities. Leveraging platforms like LinkedIn can catapult your presence, enabling you to weave meaningful connections and peer into the heartbeat of medical companies.
Don’t overlook the power of trade shows, seminars, and both sales and medical conferences. These gatherings are goldmines for relationship-building and visibility enhancement among healthcare professionals and industry connoisseurs. Engaging in these networks not only elevates your profile in the medical sales realm but also paves the way for unforeseen opportunities.
Job Search Tips and Resources
Finding medical device sales jobs can be a challenge, but utilizing online job boards like:
As well as industry-specific resources like MedReps.com, can greatly increase your chances of landing a great position. These resources offer numerous job listings for sales reps, making it easier for you to find and apply for the perfect position.
In addition to these general job search platforms, there are also industry-specific job search resources for medical device sales, such as:
By leveraging both general and industry-specific resources, you can cast a wide net and increase your chances of finding the perfect sales position.
Online Job Boards
Did you know that platforms like Glassdoor, Indeed, Monster, and LinkedIn can be gold mines for aspiring sales professionals? Here’s how to shine on these job boards:
A polished online persona on these platforms not only boosts your visibility but also pulls in recruiters eager to staff medical device reps. Such a strategic online footprint can significantly tilt the odds in your favor for snagging your ideal position.
Industry-Specific Resources
Navigating the medical sales job landscape? Platforms such as MedReps.com are invaluable, offering a curated selection of roles tailored for both newcomers and veterans in medical sales. This site stands as a premier destination for discovering prime positions across the spectrum, directly from employers or through recruiters.
Don’t forget to explore BioSpace for an even broader scope of opportunities. These specialized resources are designed to align your unique skill set and background with roles that promise growth and advancement in the medical sales arena.
Compensation Insights for Medical Device Sales Careers
Compensation in sales careers can be highly rewarding. Entry-level medical device sales representatives can expect an average total compensation of $95,057, which includes an average salary of approximately $66,793. With experience, the earnings significantly increase.
Medical device sales representatives with two to five years of experience earn an average increase of $68,694 and an average salary of $74,005.
Understanding Salary Expectations
Initial roles often yield a $66,793 base salary, plus bonuses. Specialists, like a surgical sales representative, can start at around $82,337, with medical equipment sales reaching up to $95,057.
Gain experience, and you’re looking at a significant jump, with seasoned pros making an estimated $121,946 by 2023. This trajectory underscores the lucrative potential within this field.
Read the full breakdown on salaries at MedReps.com here.
Bonus and Commission Structures
Beyond the base, medical sales representatives often enjoy commissions ranging from 15% to 25%, enhancing their overall earnings. For disposables, commissions might be a bit lower, around 5% to 14%, due to order volumes. Challenges like launching new products could push commissions beyond 25%.
Bonuses in this field are tailored to individual achievements, team performance, or company objectives, with specific targets set for reps to hit for extra rewards. This setup allows reps to negotiate their compensation structure, balancing between a higher base salary and lower commissions, based on their confidence in selling.
Excelling in the Medical Device Sales Field
To thrive in the medical device sales field, staying abreast of industry trends, establishing trust with healthcare providers, and exercising efficient time management and organization are of utmost importance. By staying up-to-date with industry trends and developments, you can ensure that you are knowledgeable and competitive in the market, allowing you to respond to relevant questions related to the product you are selling.
Building trust with healthcare providers involves becoming an expert in the product or medical specialization and providing excellent customer care. Time management and organization are essential for success in sales, and utilizing tools such as CRM platforms and sales planning software can help you stay on track and reach your goals.
Staying Informed
Keeping up-to-date with medical advancements and industry news is key to maintaining a competitive edge. Attend workshops, webinars, and conferences to ensure you have the latest insights and expertise to stay competitive in the ever-evolving world of medical device sales.
Prominent medical device industry news sources such as MedCity News, MassDevice, Medical Device News Magazine, MD+DI, and MedTech Dive can help you stay informed about the latest developments and trends in the industry. In addition, platforms such as Medscape, UpToDate, and Medical News Today can keep you up-to-date with the latest medical breakthroughs.
Building Trust with Healthcare Providers
Establishing trust with healthcare providers serves as a cornerstone for success in medical device sales. By becoming an expert in your product or medical specialization and delivering outstanding customer care, you can foster long-lasting relationships with healthcare professionals and ensure a steady stream of business.
Some strategies for building trust with healthcare providers include:
By demonstrating your expertise and commitment to excellent customer care, you can build trust with healthcare providers and excel in establishing relationships.
Time Management and Organization
Mastering time management and organization is crucial for excelling as a medical sales representative. Organize your day with task lists and priorities, set and review daily goals, automate routine tasks, plan efficient routes, minimize multitasking, and allocate specific times in your calendar for focused work.
Key CRM tools to boost your efficiency include:
Leveraging these resources enhances sales productivity, helping you meet targets and excel in the competitive realm of sales.
Integrating Veloxy, our innovative field sales software, can revolutionize the way sales professionals, especially those in the medical and healthcare industries, operate.
We’ve designed it with ‘you’ in mind, simplifying tasks that otherwise eat up your day. Our users often report doubling or even tripling their sales productivity by harnessing Veloxy’s intuitive features. It’s not just about managing your time better; it’s about transforming how you approach your sales process, making every minute count. With Veloxy, we’re right there with you, ensuring you have the tools you need to excel and exceed your targets.
The Competitive Landscape of Medical Device Sales Jobs
Navigating the competitive world of medical device sales reveals a landscape filled with diverse players and dynamic opportunities. In the realm of capital equipment, giants like Intuitive Surgical and Stryker’s MAKO Division lead the pack with cutting-edge innovations. Meanwhile, the sports medicine device sector boasts heavyweights such as Arthrex and Smith & Nephew, underlining the sector’s robust nature.
The urology field sees leaders like Coloplast and Boston Scientific setting the pace, while in joint reconstruction, Zimmer Biomet and DePuy Synthes stand out. Each area brims with companies renowned for their pioneering contributions, making the industry a vibrant, yet challenging battlefield for a sales representative aiming to make their mark.
Download Now: The Big Blue Book of Field Sales
Medical Sales Representatives will find all of the emerging best practices for closing more deals from the field in this one book!
Get Your Free EbookMarket Trends and Company Profiles
Medtronic, Abbott Laboratories, and Danaher Corporation lead the medical device market in 2023 by revenue. Where there’s revenue, there’s lucrative job opportunities.
Companies like Edwards Lifesciences Corporation and Terumo Corporation are also establishing their prominence in the market. Specialized medical device sectors have their own leaders, with companies like DePuy Synthes, Stryker, and Medtronic dominating in areas such as Trauma and Extremities, Craniomaxillofacial, ENT, Neurovascular, Endoscopy, Spine, Neurosurgery, and Cardiovascular sales.
The medical device industry, a significant sector within the medical industry, is characterized by a diverse and evolving market, where the pursuit of innovation and the generation of revenue heavily influence competitive positioning, particularly in emerging technological sectors like minimally invasive devices, the Internet of Medical Things (IoMT), and medical robotics.
What is The Internet of Medical Things you ask? Go here to find out.
Strategies for Standing Out
In the competitive landscape of medical device sales, standing out is all about delivering value and personalization. Understanding your Buyer Personas is the first step; it guides you to craft content that speaks directly to the unique needs and concerns of your target audience. We know the power of sharing valuable insights that truly help, rather than just sell.
Social media like LinkedIn isn’t just for outreach—it’s a goldmine for gathering insights into what your prospects care about, offering a springboard for meaningful conversations.
Here’s where we’ve made a difference with Veloxy: it’s not just software; it’s your digital ally. By centralizing customer information on a single screen, Veloxy ensures you’re always in tune with your client’s latest needs and conversations, keeping your interactions timely and incredibly relevant. This personalized approach doesn’t just capture attention; it builds lasting relationships.
Navigating the Sales Process in Medical Devices
Navigating the sales process in medical devices involves understanding the sales cycle and building customer relationships. The sales cycle for medical devices includes specific stages that sales representatives must navigate to successfully sell products.
Steps in the Sales Cycle
Navigating the sales cycle, which can span from a few weeks to years, demands strategic finesse, often averaging eight months. Tailoring your approach to align with each phase of the Buyer’s Journey can significantly enhance efficiency. Here’s how:
Matching content to each stage guides prospects more smoothly through the sales cycle. Key to clinching the deal are impactful demos that showcase the device’s features, patient benefits, and cost-effectiveness, aligning with healthcare providers’ objectives.
To refine your sales pitch:
Employing these tactics not only sharpens your pitch but also elevates your success rate, fostering deeper connections and driving conversions.
Building and Maintaining Customer Relationships
In medical device sales, the heart of success lies in the strength of your relationships with clients, like hospital staff and physicians. It’s about building trust and rapport, often through regular conversations and demonstrating how your products meet their specific needs.
Key to nurturing these relationships are:
As medical sales reps, tailoring your approach with a clear understanding of your ideal customer profile sharpens your relevance and impact, ensuring your strategies resonate directly with their unique requirements.
Final Thoughts
Wrapping this up, stepping into medical device sales is an adventure of both challenge and reward. Staying on top of industry shifts, cultivating trust with healthcare providers, and sharpening your organizational prowess are your tickets to thriving. Don’t miss out on tapping into job boards, dedicated resources, and networking avenues to unlock the ideal role in this dynamic domain. Commitment, skill, and the right mindset are your companions on this exciting journey.
Don’t overlook a secret weapon: Veloxy. This premier app, for field and outside sales reps of all industries, transforms challenges into triumphs. Give it a whirl with a 14-day, no-risk trial and discover why it’s celebrated among the top sales tools. You’ll soon ponder how you navigated without it.
Eager for a deeper dive? I’m here to guide you. Let’s schedule a session on my calendar for a one-on-one field sales mastery discussion. Through these sessions, I’ve empowered reps by refining their strategy, optimizing their routines, and leveraging Veloxy to its full potential. We’ve tackled everything from crafting persuasive pitches to mastering time management – all tailored to skyrocket your sales figures. Join us, and let’s unlock your full potential together!
Frequently Asked Questions
How hard is it to break into medical device sales?
Breaking into this profession can be challenging, but it’s not impossibly difficult. With the right education, experience, and connections, individuals from various backgrounds have successfully entered and thrived in this sector.
What are medical device sales?
Medical device sales is an essential role in the healthcare industry, where sales representatives network with medical facility stakeholders to promote medical equipment and services. They work to provide product demonstrations, support, and upsell and cross-sell additional products, forming relationships with their clients in the process. As selling experts, they market their company’s devices to various markets, detailing unique product features and benefits to influence buying decisions.
Is it worth getting into medical device sales?
Medical device sales is an incredibly rewarding job, allowing you to make a real difference to people’s lives. With 82% of today’s workforce looking for purpose in their jobs, it’s no surprise that most medical sales reps are living a purpose-driven life.
Is medical device sales a stable career?
Medical device sales can be a stable career, with high performance guaranteeing job security. It is relatively insulated from market fluctuations, and procedures often being non-elective.
What experience do you need for medical device sales?
A bachelor’s degree is recommended with 82% of reps in 2021 having one. Majoring in life sciences can be a great way to get the necessary qualifications if you are seeking a degree.
What medical device sales makes the most money?
Capital equipment/durable medical equipment sales representatives make the most money in medical device sales, with the highest total annual compensation of $188,351.
What is medical device rep?
As a medical device rep, your role involves promoting and selling medical products and equipment to doctors, clinics, healthcare facilities, hospitals, and more. You’ll be responsible for detailing the product features and benefits that drive customer buying decisions, ultimately driving sales for your company.