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Here’s What the Top Medtech Firms Pay

Posted in Medical Device Business by Chris Newmarker… on January 6, 2016

This year might be the best year yet for medtech job salaries—at least in the U.S. Here’s a look at salaries for key engineering and other jobs at the largest medical device companies, courtesy of Glassdoor.

Qmed Staff

 

Employment has recovered in the U.S. since the Great Recession. But will wages catch up soon, too?

FiveThirtyEight sees some hopeful signs in 2016: By some measures, earnings were already showing some growth at the end of last year.

The medical device industry might be in a better situation than many after Congress’ recent suspension of the 2.3% medical device excise tax, along with other goodies that benefit medical device companies.

For now, an engineering job at a major medical device company seems to bring in anywhere from $69,000 to $133,000 a year, according to salary statistics on Glassdoor.

The data is not neatly structured and some job titles don’t have enough data points to warrant a title-by-title ranking of which firms pay the best for a given position. 

Here’s a look at how medtech jobs stack up at some of the major companies:
 

Johnson & Johnson 

Johnson & Johnson remains a medical device behemoth despite the fact that it faces increasing competition from Medtronic. As an employer, the company gets high marks from employees. On Glassdoor, the company has a 3.9 rating out of 4.

“The work is extremely challenging,” one reader told us last year. “There are ample opportunities for professional development and career advancement. The benefit package is first rate, and the pay scales are world-class. With offices and plants literally around the world the opportunities are everywhere. … My only regret is that I didn’t hook up with JNJ earlier in my career.”  

  • Senior Scientist: $102,694
  • Principal Engineer: $133,160

Medtronic plc

Medtronic is now clearly one of the biggest medical device companies in the world and may also be one of the best medtech employers as well. “When you factor in employee and industry respect for our CEO, employee compensation packages and the diversity of product and evolving healthcare services offerings I propose that Medtronic is the best device company to work for in today’s environment,” wrote one of our readers last year.

Medtronic has been on a growth kick following its Covidien acquisition, adding 43,000 jobs in 215 past year, in large part as a result of its acquisition of Covidien. The company has a 3.7 rating.

  • Senior R&D Engineer: $101,234.00
  • Manufacturing Engineer: $76,697.00
  • R&D Engineer: $84,790.00
  • Quality Engineer: $79,567.00   

General Electric Co. 

Installing a new CEO for its healthcare division, GE is hoping to rekindle growth. On Glassdoor, the company has a 3.4 rating out of 5. 

  • Engineer: $75,933
  • Design Engineer: $76,392
  • Manufacturing Engineer: $73,750
  • Quality Engineer: $86,048

Baxter International Inc. 

Baxter saw its profits nosedive in the third quarter of 2015, partly owing to costs from spinning off its pharma segment. The company cut roughly 5% of its non-manufacturing payroll. Reviews for the company are somewhat mixed.

  • Quality Associate II: $65,171
  • Senior Manager: $129,500
  • Engineer I: $60,390
  • Senior Principal Engineer: $115,277

Siemens Medical Solutions Health Services

Despite laying off nearly 8000 employees, Siemens’ medical division scores fairly high on Glassdoor, with a 3.4 rating. One employee states: “I wouldn’t have left if I didn’t have to.”

  • Senior Software Engineer: $90,421
  • Customer Service Engineer: $82,580
  • Staff Scientist: $110,485
  • Project Manager: $112,281

Philips 

  • Research Staff Member: $118,432
  • Design Engineer: $82,024
  • Mechanical Engineer: $82,702
  • Manufacturing Engineer: $81,667
  • Research Scientist: $103,588

Stryker

  • Design Engineer: $69,192
  • Senior Design Engineer: $83,059
  • Project Manager: $87,888
  • Sales: $61,684

Becton, Dickinson and Co.

  • Senior Quality Engineer: $92,085
  • Senior Scientist: $86,570
  • Senior Engineer: $93,469
  • Quality Engineer: $72,662
  • Product Manager: $119,357

Boston Scientific Corp. 

  • Quality Engineer: $81,386
  • Senior R&D Engineer: $93,230
  • Manufacturing Engineer: $77,413
  • Quality Engineer II: $81,359
  • Senior Quality Engineer: $99,281
  • Research and Development Engineer: $88,146

St. Jude Medical Inc. 

  • Process Development Engineer: $91,811
  • Quality Engineer II: $85,327

3M Co. 

  • Senior Research Engineer: $99,614
  • Engineer: $83,136
  • Manufacturing Engineer: $84,249

Abbott Laboratories 

  • Quality Engineer: $84,093
  • Senior Engineer: $102,925
  • Engineer: $80,536
  • Manufacturing Engineer: $93,152

Zimmer Biomet Holdings*  

  • Development Engineer: $66,368
  • Manufacturing Engineer: $63,170
    *Figures date from Zimmer figures, i.e. pre the Biomet merger

    Edwards Lifesciences

  • Staff Engineer: $113,341
  • Engineer II: $77,836
Learn more about cutting-edge medical devices at MD&M East, June 14–15, 2016 in New York City.

Brian Buntz is the editor-in-chief of MPMN and Qmed. Follow him on Twitter at @brian_buntz. Chris Newmarker is senior editor of MPMN and Qmed. Follow him on Twitter at @newmarker

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