I see completely opposite. I have been in this field for long, big and boring companies such as GE, Siemens, J&J, Abbott Laboratories, Philips offer much much higher than 40K for Biomed Engeering undergrads. I worked a stint at several of them, hired many.
I am now with a small but fast paced shop based off of Toronto, and there is a network of similar shops that I partner with. I think I am in a good position to tell you that the hiring is competitive so is salary. 40K? you made my grin, buddy.