Biotech or med device sales rep better?

Salary...future....experience needed?

 

Implantable med device better

www.medsalescareer.com/frequently-asked-questions/

Esp top 10 ortho. More product lines.

https://www.mddionline.com/top-ten-players-global-orthopedics-market

Good luck.

 

Look into stryker or zimmer.

Ortho friend of mine not suggesting medtronic or depuy.

 

Joints products like hips and knees higher bonus and commission, but many lawsuits and recalls. Next is spine, then extreme like shoulders ankle replacements. The best shot would be spine. Try Zimmer...zimmer is expanding their spine market due to medtronic has too much lawsuits in spine. Esp. They are getting new spine technologies.

www.cafepharma.com/boards/threads/amedica-and-zimmer-soon-to-be-one.612417/page-12#post-6019082

 

I have done both and if you have a family, I would suggest biotech over device. Simmer and Stryker churn and burn their people. The massive pay for device is all but gone these days. Biotech will open more doors in terms of smaller more lucrative companies.

Good luck!

 

No comparison, biotech. I’ve done both. Worked My you know what off at med device for $250k a year. I work 20-30 hours a week now at biotech for $250k+. Easy choice.

 

I concur

 

My experience as well. Worked 24/7 in device with zero time for anything else in life. Per hour biotech is WAY more money.

 

Which specific biotech companies (paying that well) should be on my radar? I understand that "biotech" sales positions pay better than "pharma" sales positions but the line between "pharma" and "biotech" has become so muddled nowadays. Thank you in advance for pointing me in the right direction!

 

Biotech does seem sort of niche, can someone reply to this poster please? Looking to break into Biotech or speciality pharma from Capital Sales...Thank you

 

I also have this question. TYIA!

 

^ Same question. Bump

 

Bump

 

There are a few things to consider when looking at different areas of medical device vs. biotech. Please throw the lab,genomics and healthcare technology industry into the mix as well. Here is my answer having been in the front lines and leadership in all of these areas:

1. Oncology Biotech: Most reps I have worked with in this area have very poor work ethic and are not as respected as they think they are. 20% are terrific and the customers hold this small percent in high regard. It is shameful how much 80% of these people are paid for doing absolutely nothing and they hate on the 20% who actually do the work. It is frustrating life for the workers and a depressing life for the people stealing a paycheck when they are finally discovered.

2. Medical Device and capital: 80% have terrific work ethic and 20% that probably came from pharma are horrific. If you work hard in this area you can make a ton of money. People don't have the time for all of the shopping, gossip and call entering because they are actually working.

3. Lab: The regulatory in the lab business is sometimes really loose, but you have a lot of really hard workers and can make a ton of money. Beware that anyone can set-up a CLIA lab in their garage if they have a D degree.

4. Healthcare IT: This is the are you want to play in right now if you are highly intelligent and hard working. This is not the are for Oncology biotech reps and managers to gravitate towards. There is so much more to healthcare than drugs. The interoperability and how healthcare IT intersects with healthcare reform and time of crises like Covid-19 is where the value is to our country. If you are networked and talented enough... Go to the future of healthcare and join IT.

The answer to this question is ultimately: Get experience in all areas and the select few that are good will have the opportunity to join the elite in Healthcare IT.

 

Above poster is pretty much spot on:

The best reps sell in Lab and Device; Data Diagnostics/AI/IT Healthcare blend is on the come up.

Lab has two side: CLIA and Research sides

Pharma and Biotech are one and the same these days, just selling a therapeutic; all are over paid, and don't work hard...Very few want to hire pharma/biotech/therapeutic reps in the Lab/Device/AI/IT spaces. Pharma reps are viewed as lazy, not hunters, zero work ethic

You need to get into a sell that gives you freedom, allows you to hunt, and one that you can prove yourself, and you will make 200-800k every year depending on your performance.

 

this guy is high, just like that range lol

 

I’m actually in medical device right now and enjoy it but looking at biotech roles (buy&bill, rare disease). Work/life balance seems better and base salary seems to be a lot better and total comp seems a lot better. Not having to cover multiple states and doing 3-4 overnights but making the same amount money seems like a no brainer to me. However, a lot of people seem to complain on this board about the industry.

 

I’ve done both, and it’s pretty simple. If you care about family time and work life balance, Biotech blows away Device. In this day and age, it’s only Possible to make a little more in device with much more pressure. Biotech also has much better base and stock grants. It’s a no brainer - go Biotech.

 

I’ll add this...some of which was brushed upon. Both terms are wildly ambiguous. What specific device vs what specific biotech? Someone brought up oncology. Not all oncology is biotech. So if you are going to go into oncology find a good start up opportunity and not Merck, BMS etc. Unfortunately they mainly only hire those with many years of experience, but if you can land one the base salaries are in the $180k to $220k with IC at plan being $40k to $60k. Typically far greater during launches but most are making $250 to $300k a year in normal times. Where you make money in biotech oncology(and other TA’s) is the equity. It’s not uncommon for these companies to get bought out and reps walk away with a few million after taxes. Like I said there are other non onc biotechs that fall into orphan/rare disease and can have similar comp packages. In terms of device, (I’ll lump equipment/capital goods into that as well) really matters on the product, the company, and competitive space. Selling a 3rd or 4th best in class device, implantable or equipment is no fun and rarely pays out well. It has a high churn rate as people are typically looking to gain experience to get to a best in class company or product. Once there again it really matters. Some can make big money in big years and others make very little. Selling joint replacement is very different than selling derm lasers and the income structure is very different. In terms of who is a better salesperson it who has better work ethic? Who cares? What matters is how much you make against how much time you put in and what’s the climate/culture if where you work. Not sure why working 80 hours a week to make $300k is more noble than working 20 hours a week to make $300k...

 

Too bad healthcare IT doesn’t pay well comparatively. I worked in both EMR and Rad Onc Dosimetry planning and it’s not even close to biotech year in and year out.