Pharmaceutical Sales Vs. Medical Device Sales

Regardless of what sales industry you work in, there will be advantages that can help you make massive deals and commissions.

There are many similarities and differences between pharmaceutical sales vs. medical device sales, but ultimately, the same concept of selling applies.

There are multiple factors to consider when comparing the two industries. The main one is probably the compensation plan which we’ll discuss briefly.

However, other factors such as the products you’re selling, the training you receive, and the people you work with will make the difference between the two.

What Are Pharmaceutical Sales?

There are a few key differences between pharmaceutical sales vs. medical device sales.

Pharmaceutical sales are where sales reps build rapport/relationships to sell drugs to doctors, hospitals, and other health care facilities.

These products can be anything from over-the-counter or more specialized drugs requiring a doctor’s prescription.

Sales reps that work for pharmaceutical sales can work for big pharmaceutical companies or independent contractors.

Big pharma companies usually have more rigorous training programs, and the pay is generally higher.

On the other hand, working for an independent contractor can be more flexible, and you might have the opportunity to sell a wider variety of products.

Pharmaceutical companies rely heavily on their sales teams to sell their drugs because it’s a competitive market. Similar to any other business, the main goal is to increase the prescription volume of the drugs being sold.

What Are Medical Device Sales?

For those of you who’ve seen the famous Will Smith movie, The Pursuit Of Happiness, you are already familiar with medical device sales.

This is where sales reps sell medical devices to hospitals, doctors, and other types of health care facilities. These devices can be anything from as simple as a stapler to X-ray machines.

Similar to pharmaceutical sales, medical device sales reps can work for big companies, or they could be independent contractors.

One key difference we’ll discuss next with Pharmaceutical sales vs. medical device sales is that medical devices are more expensive.

This is because they are generally more complex. Because of this, the sales reps usually have a higher level of experience and compensation than those who work in pharmaceutical sales.

Who Makes More Money?

The compensation plan is probably the most important factor when comparing pharmaceutical sales vs. medical device sales.

Pharmaceutical sales

You can make a base salary plus commission. Your commission is usually a percentage of the products that you sell.

The average commission in pharmaceutical sales is about 10-15%, but it can be higher or lower depending on the company you work for.

Medical device sales

The compensation is usually a base salary plus commissions and bonuses. The average commission is about 20-30% but similar to pharmaceutical sales, which can be higher or lower depending on the company you work for.

The bonus structure in medical device sales is usually based on how much revenue you generate for the company. The more income you generate, the higher your bonus will be.

So, when it comes to pharmaceutical sales vs. medical device sales, the medical device sales reps usually make more money because the products they sell tend to be more expensive.

Who Has The Harder Training Program?

The training for pharmaceutical sales vs. medical device sales is a big difference.

Pharmaceutical sales

The training is generally more focused on the products that are being sold.

You will learn about the different drugs, how they work, and the different diseases and conditions that these drugs are used to treat.

Medical device sales

This is more focused on the devices sold and how they work.

You’ll be trained on the different types of devices and what they’re used for, along with the various diseases and conditions they are used to treat.

When it comes to pharmaceutical sales vs. medical device sales, there is no clear winner. It depends on what you are looking for in a career.

If you are looking for a more strict training program and the opportunity to sell a wide variety of products, then pharmaceutical sales may be the better option.

If you want to sell more expensive products and make more money, medical device sales may be the better option for you.

Which Profession Is More Stressful?

Aside from comparing pharmaceutical sales vs. medical device sales, every sales profession brings a certain degree of stress relative to each individual.

Medical device sales

It’s generally more stressful because the products are usually more expensive, and the stakes are higher if you don’t make the sale.

Since there’s a smaller pool of products to choose from, if you don’t make the sale, it’s a bigger deal since you may not have another product to sell that can generate the same amount of revenue.

Pharmaceutical sales

The products are generally less expensive, and there’s a wide variety of products to choose from.

In this case, if you don’t make the sale, it’s not the end of the world because there are other products you can sell and still reach your quotas.

Both professions have their pros and cons.

The training program, compensation, and stress levels are all factors you should consider when deciding.

What Are The Similarities?

Now that we’ve gone over each type of sales let’s compare and contrast the two. The similarities between pharmaceutical sales vs. medical device sales are:

• You’re working with hospitals, clinics, and medical facilities.
• You’re working with doctors, nurses, and medical professionals.
• You need to have a strong understanding of the products that you’re selling.
• You need to be able to work under intense scrutiny and make the sale.

What Are The Differences?

The differences between pharmaceutical sales vs. medical device sales are:

• You’re selling different products.
• The training programs.
• The compensation.
• The levels of stress.

Conclusion

When it comes to pharmaceutical sales vs. medical device sales, there will be high levels of stress, but that’s the same with any well-paying and demanding job.

Once you choose which career you want to move forward with, work hard, be resilient, and you will be successful in it.