Annual MPO Salary Survey
Readers’ Feedback Indicate Average Base Salaries In Medical Device Industry May Soon Reach $100,000
When former AdvaMed President Pam Bailey said last year that the average worker in the medical device industry earned 49% more than the average U.S. worker, it was a glimpse into just how rewarding the field can be. Indeed, if MPO’s annual survey is any revelation, then be glad that you are employed in a robust and rewarding business, whose workers make significantly more money than their counterparts in many other sectors.
The survey revealed not only the strong earning power of the industry but also that of its suppliers, consultants, distributors and other associates. Moreover, it showed the disparity in salaries of workers, with the lowest reporting a base salary of about $10,000 and the highest at $2 million. One telling tale of the wide spectrum is the spread between the annual average ($97,450) and annual median ($78,500) base salaries.
With a few exceptions, raises were held to about 5% from the year before, according to the readers. However, many saw their incomes augmented by handsome stock options. Of those who reported receiving options, the average was $16,390 while the median was $8,000. In addition, benefits added another $16,080 on average (or a median of $10,000).
Survey participants reported that they worked in a variety of specialty areas, including disposable medical devices, orthopedic products, contract research organizations, hospitals, materials suppliers and pharmaceutical manufacturing. Job functions spanned from purchasing to management to sales and marketing and regulatory affairs.
Participants Are an Educated Lot
Perhaps one reason for the high salaries reported by MPO’s readers is their education and work experience. Of all the respondents who answered questions about their education, 87% said they had a bachelor’s degree or higher. On average, they reported having 18.3 years of industry experience (a median of 19 years). They also said that they have been at their current job for an average of 5.6 years.
The number of men who participated in the survey far outweighed the women, with a nearly 5:1 ratio.
The average age of the respondents was 43.9 years, or a median age of 44 years old.
More respondents to the survey were based in the northeastern U.S. than any other location. However, a significant number of participants were also located in Canada and Mexico.
Balanced Participation by Job Function
While outsourcing may be the domain of an OEM’s procurement or manufacturing department, our readers indicated a broad spectrum of job functions, with sales and marketing accounting for the largest portion, followed by corporate management.
Common Frustrations at Work
Medical device manufacturing might be a unique line of work, but its workers experience the same frustrations that many other sectors face. Internal politics, feeling under appreciated and the desire to switch jobs are seen in offices everywhere. A large block of readers say they aren’t paid enough for the amount of responsibilities they must shoulder. Similarly, more workers say they are likely to change jobs over the next two years than not. And when it comes to most frustrating aspect of their work, internal politics was No. 1 by a large margin.