I am neither in the medical industry right now nor do I plan to be. I am oriented toward the academic lifestyle. However, from what I heard talking with various engineers working in industry, each aspiring industry-driven BME student should strive toward a graduate degree. The reason being that having a Bachelor degree is considered a standard nowadays. Thus a graduate will first of all set, in addition, to providing you set skills of not necessarily acquired during undergrad education. Being a grad student right now, I have noticed how much little I actually learned in my undergrad years. The way the program was designed required you to memorize most of the time rather than actually gaining a clarity of thought in a topic. In that regard, graduate studies not only give boost your resume but also provide you with better critical analytic tools. In term of Ph.D., I would suspect you might be less likely to employed, rather than someone with the master degree and years of experience. First of all, the company would have to pay you more than someone with a master, which I highly doubt they would want to invest that much. Second of all, Ph.D. with minimal experience is that attractive compared to someone with the master degree and years of experience under his/her belt. Depending on your own interest and the highest pay for which you are aiming, I will suggest having a master degree, then work in industry for a couple years, while debating if indeed you want to pursue a Ph.D. Then, perhaps go for your Ph.D. You would have solid credentials at the completion of your Ph.D.