The 2015 results indicate that we continue to be into a building phase. Our survey helps you see which sectors are expanding, how compensation structures are changing, and what the noticeable trends are. We saw some interesting trends and surprising results:
- The healthcare vendor space is leading sales growth at a rate of 12%, followed by medical device at 7%. Marketing team growth is led by medical device and biotech at 8%. Across the board, sales and marketing team average growth remains strong at 6%.
- Biotech sales compensation takes a jump in 2015 with top sales rep compensation up 40% over 2014. Biotech top sales reps earn the most at a total compensation of over 259K. This is the first year biotech top sales reps out-earn medical device top sales reps.
- There is a high cost to both poor hiring and leaving positions open. The cost of a marketing or sales mis-hire is approximately $82K. The monthly cost for each open sales position is on average $45K, while the cost of an open marketing position is $39K.
- At-risk compensation models are becoming even more risk/reward focused. The highest leveraged compensation packages were for top healthcare vendor reps, with up to 59% of their compensation in commissions. Not far behind were top medical device reps, with 57% of their compensation in commissions.
Check out our annual survey of what sales and marketing execs are earning across the healthcare spectrum. See what’s happening in the pharma, bio, device and vendor sectors, which are experiencing the most growth, and the consequences of bad hiring – and not hiring. Click here to get your copy!