What is a “farmer” in medical device sales?
Farmers strengthen pre-existing relationships at accounts by providing superior support. There are a few reasons to do this, the first being the ethical obligation. You are selling products used on living people in medical procedures. You should take a lot of pride …
Breaking down the medical device sales cycle – Stage Four: Purchasing
After completing a successful trial, you must proactively obtain your stocking order. Feet drag during this step in the sales cycle, and that’s not because the hospital doesn’t want your product. It takes effort to introduce your product into the hospital’s purchasing …
Breaking down the medical device sales cycle – Stage Three: Trial
At this point in the sales cycle, you will be sharing your product with physicians and staff. Before attending your first case, you must in-service those who come in contact with your device. This type of presentation explains how your device is …
Breaking down the medical device sales cycle – Stage Two: Value Analysis Approval
This committee discusses the clinical, fiscal, and logistical factors of bringing a new product into a hospital. The department manager, supply chain, and physician head attend these periodic meetings, usually held monthly. It is essential to understand the motivations of each member …
Breaking down the medical device sales cycle – Stage One: Support
The sales cycle starts by gaining product support. The “decision-maker” is a group of people who must align to bring your product into the hospital. In most situations, you will begin by earning the support of at least one physician. However, the …
What does the sales cycle look like in Medical Device Sales?
Compensation is high in this field because a limited number of sales professionals can endure its long sales cycle. This career is more complex than meeting with a physician, gaining interest, and receiving an order. There are hospital protocols and numerous stakeholders …
What can monthly compensation look like in medical device sales?
The industry’s most extensive survey shows that the average Medical Device Rep compensation is $176,000 annually- that’s a monthly income of $14,667. As we’ve shared, your specific employer will have their unique compensation plan. The model below depicts a typical medical device …
Hardware Explained
We’ve shared the differences between the two most common classifications of medical devices, disposables, and capital equipment. However, another category does exist- hardware. Hardware Explained: These Reps typically sell surgical instruments (needle holders, forceps, scissors, etc.). Hardware is used in one case …
Capital Equipment Explained
Generally speaking, two classes of medical devices exist- disposables and capital equipment. Capital Equipment Explained: These are high-dollar pieces of equipment that are purchased from a hospital’s capital budget. Physicians and departments will often have “wish lists” for capital equipment they want …
What are the different kinds of medical devices sold?
Generally speaking, two classes of medical devices exist- disposables and capital equipment. Disposables Explained: These single-use devices are purchased as needed and discarded after surgical use. Unlike a piece of capital equipment, you can anticipate and forecast disposable sales if you …
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