Which medical device companies earned spots on the MedReps Best Places to Work list this year? We asked the MedReps community to tell us which companies they’d most like to work for, and these companies came out on top in the subfields of Medical Device, Pharmaceutical and Biotech.
Large Medical Device / Equipment:
Small Medical Device / Equipment:
Characteristics of Top Medical Device Companies
More than 70% of respondents indicated they prefer to sell medical device products, so it was no surprise that large medical device companies, or those with med device in the portfolio, claimed the very top overall spots. But more than two-thirds of MepReps’ medical device respondents don’t want to work for a large company. They selected from a list of small and medium-sized companies or wrote in the name of their preferred company in order to cast their vote. So it only seemed fair to name winners in these categories as well.
Consistent with their peers in pharma and biotech, medical device professionals consider a company’s product line to be of utmost importance when evaluating a potential employer. A focus on research and development is of secondary importance. Competitive compensation is the most important thing a company can offer, followed (distantly) by work-life balance.
Medical Device Sales Job Satisfaction
More than two-thirds (69%) of medical device respondents said they are very or somewhat satisfied with their jobs, however, 41% still said they are likely to leave their jobs in the next year. This could be due to the stressful nature of the job, which 20% of employed medical device respondents report as being the worst part of the job. Still, things like the life-changing products, a healthy work-life balance, and the autonomy afforded by the job, make medical device and equipment sales a highly desirable field.
Qualities of the Best Pharmaceutical Companies
Nearly 1,200 medical sales professionals took this year’s Best Places to Work survey, and 16% prefer to work for pharma companies. While the large pharma companies tend to have the strongest employer brands, half of pharma respondents would prefer to work for a small or medium-sized company (fewer than 10,000 employees).
Like their peers in device and biotech, pharma respondents value a strong product line above all else when evaluating the characteristics of top pharma companies. When it comes to corporate culture and employee growth, pharma respondents give equal importance to work-life balance and competitive compensation.
Pharma Sales Job Satisfaction
Are pharmaceutical sales reps happy with their jobs? Yes and no. Nearly half of employed pharma respondents said they are very satisfied or somewhat satisfied in their pharma sales jobs. However, 76% of respondents said they are somewhat likely or very likely to leave their pharma jobs in the next year – a sign of the uncertainty felt throughout the industry.
Despite the instability, there is still a lot to like about pharma sales jobs, starting with the autonomy and flexibility the job promises. This was what respondents most frequently cited as the best part of the job. Colleagues, customers, and the chance to make a difference in the lives of patients were also mentioned. The most commonly mentioned negative of the job was corporate culture. Many pharma companies clearly have a long way to go if they hope to earn a spot alongside the winners of the MedReps Best Places to Work list.
Best Large Biotech:
Best Midsize Biotech:
Best Small Biotech:
Qualities of the Best Biotech Companies
While big-name companies are the most familiar to candidates, our biotech respondents overwhelmingly prefer to work for small or medium-sized companies. In fact, less than 10% of respondents said they want to work for a large employer. Consistent with the overall results, a strong product line and commitment to research and development were the top two qualities respondents expect from the best biotech companies to work for. When it comes to what companies have to offer candidates, competitive compensation and work-life balance claimed the top two spots.
Biotech Sales Job Satisfaction
Are respondents happy in their biotech sales jobs? An impressive 68% of respondents said they are very satisfied or somewhat satisfied in their jobs. However, just like their counterparts in medical device and pharmaceutical sales, many (56%) still say it is somewhat or very likely that they will leave their job in the next year. The stat may be more reflective of the many mergers and acquisitions and other changes happening in the industry than it is a comment about the actual levels of job satisfaction.
When asked to name the best part of their biotech sales jobs, respondents most frequently said “making a difference,” followed closely by “autonomy.” It’s interesting that “biotech sales salaries” was a common answer to both the question, “What is the best part of the job?” AND “What is the worst part of the job?” Other complaints included unrealistic quotas, difficulty gaining access to customers, and reimbursement issues.
Despite these challenges, there is a lot to like about biotech sales jobs, and working for top biotech companies makes the experience even better.