RELEASED JULY 2019

Salary Increase............................................................................................................03

The Gender Gap.........................................................................................................04

Salaries by Hotbed Region...............................................................................06

Impact of Advanced Degrees........................................................................08

Salaries by Therapeutic Area.........................................................................09

Salaries by Title & Discipline.............................................................................10

The Job Hunt...................................................................................................................12

TABLE OF CONTENTS

INTRODUCTION

ife sciences professionals reported an increase in their base salary at an overall growth rate of 4.4%, placing the average salary for the industry at $113,654. This salary is on par with the annual mean wages for fields like chemical engineering ($114,470), developers of system software ($114,000) and industrial production management ($113,370) according to the Bureau of Labor Statistics (1). In addition, 56% of life sciences professionals reported receiving a bonus with the average bonus amounting to $27,791. While merit-based raises were the leading cause of the increase, changing employer, internal promotions and cost of living adjustments were also factors. Conversely, 4% indicated a decrease in salary with the average decrease being 12.5% and the leading causes identified as changing employers and becoming unemployed. Throughout this report, we’ll share salaries by key life science Hotbed regions, industries, disciplines, titles and therapeutic areas. We’ll also share an analysis of the biggest surprise in our findings: the life sciences aren’t immune to the gender gap.

L

02

+3.9%

+3.9% +5.4%

+2.8%

+9.3%

+10.9%

Reasons for Salary Increase

Amount of Increase

57%

Full-Time$114,723

Part-Time$60,330

Consultant$149,459

EMPLOYMENT TYPEAverage salary by employment type

REASONS FOR SALARY INCREASEPercentage of salary increase

Merit-based Raise

SALARY INCREASE

5%

O

the

r

2% Became Employed

11% Changed

Employers

11% Internal Promotion

8%

Cost of L

iving

Adjustment

5%

Com

pany

-

wid

e In

crea

se

03

REASONS FOR

THE GENDER GAPSALARY BY GENDER

n average, men reported receiving 16.8% higher salaries than their female counterparts despite 52% of the respondents being female. Furthermore, neither advanced degrees nor experience narrowed the gap.

The salary gap also fluctuated significantly by industry, discipline and region of the country. The Hotbed regions of Pharm Country, BioMidwest and Biotech Bay reported the three highest salary discrepancies by gender, with men’s salaries in Pharm Country a staggering 41.5% higher than women’s. However, BioCapital seems to be the smallest disparity with less than a 1% difference in salary by gender.

From an industry perspective, men in healthcare earn 34.5% more, men in medical devices earn 25% more and men in academia earn 22% more than women. The narrowest gap by industry can be seen in biotech where men earn almost $10,000 more salary than women, or roughly 7%.

The largest gender salary gap by discipline is in the clinical arena where men earn a whopping 42.5%, roughly $43,000, more than women. Conversely, quality systems seems to fare better with only a 5.2% salary difference in favor of men.

O

Total Compensation

Salary

Bonus

$145,127

$122,892

$32,774

$122,549

$105,199

$23,667

18%>

17%>

39%>Men’s Salary

Men’s Bonuses

Men’s Compensation

Overall Compensation by GenderWOMEN MEN

04

R&D ClinicalQuality Sales

$103,416$90,717

$104,657$99,478

$153,006

$110,300

$171,069

$115,216

Salary by DegreeWOMEN MEN

The Gender Gap | Salary by Gender

$95,590$110,752$101,901

$110,237$130,320$120,053

$109,166$126,195$118,155

$56,708 $72,761

ACADEMIA

$79,000 $106,248

HEALTH CARE

$112,270 $140,359

MEDICAL DEVICES

$126,705 $135,690

BIOTECH

$128,175 $147,034

PHARMA

Top 4 Disciplines

+21.8% +34.5%

+25%

+14.7%

+7.1%

WOMEN MEN

OVERALL

Gap by Years of Experience

Salary 1-10 years experience

$74,658 $86,758

10+ years experience

$126,604 $142,163

Bonus 1-10 years experience

$12,583 $15,06910+years experience

$28,518 $42,036Total Compensation 1-10 years experience

$80,240 $95,862

10+ years experience

$147,739 $171,312

Top 5 IndustriesWOMEN MEN

MASTER’S PhDBACHELOR’S

05

$127,714

$146,036

$103,226

$126,957

$139,553

$118,170

$123,600

$129,287

$119,260

YR/YR Average Salary Increase

YR/YR Average Salary Increase

Average Bonus

Average. Bonus

$29,9275.0%

M

M

W

W

M

OO

O

W

$31,804YR/YR Average Salary

IncreaseAverage Bonus

$34,5645.3% 5.7%

WOMEN MENOVERALL

06

U.S. 2018 Life Sciences Salaries by BioSpace Hotbed Region

Connecticut, New York, New Jersey, Pennsylvania & Rhode Island

San Francisco and other Northern California regions

GENETOWN Massachusetts

U.S HOTBED REGIONSALARIES BY

PHARM COUNTRY BIOTECH BAY

07

U.S. 2018 Life Sciences Salaries by BioSpace Hotbed Region

San Diego and other Southern California regions Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri,

Nebraska, Ohio & Wisconsin

BIOTECH BEACH BIOMIDWEST

$103,363

$104,702

$92,441

M

W

$94,402

$101,825

$85,935

M

W

$108,041

$114,753

$102,789

YR/YR Average Salary Increase

Average Bonus

$22,4485.1%YR/YR Average Salary

IncreaseAverage Bonus

$29,8275.9%

BIOFORESTIdaho, Montana, Oregon & Washington

BIOCAPITAL Delaware, Maryland, Virginia & Washington D.C

BIO NC North Carolina

OO

$101,901

$120,053

$118,155

ADVANCED DEGREES

DEFINING CHARACTERISTICSof Qualified Canidates

M

08

any life sciences roles require applicants to hold advanced degrees. With the ever-growing cost of college tuition, it’s important to understand the return on investment of those degrees. Whether a master’s degree or a doctorate, our research shows those with advanced degrees do earn more. Salaries for professionals holding advanced degrees were almost $20,000 higher than those with only bachelor’s degrees. Furthermore, those holding master’s degrees and doctorate’s received comparable base salaries. The biggest difference for earning potential lies with bonuses – 66% of those holding master’s degrees reported receiving a bonus versus only 47% of professionals with a doctorate. But having the degree isn’t enough. BioSpace also polled hiring managers to understand the importance of holding advanced degrees when defining characteristics of qualified candidates. Employers ranked advanced degrees fifth with relevant work experience, strong communication skills, leadership experience or the potential for leadership, and decision-making ranking higher, respectively.

Bachelor’s Degree

Master’s Degree

Doctorate/ PhD

Salary Overallby degree type & 10+ years experience

32% Decision-Making39%

Leadership Experience or Potential

11% Exhibit Confidence

8% Attended Highly-RecognizedEducational Institute

24%Hold Advanced Degrees

12% Other: Culture Fit

65% Strong

CommunicationSkills

91% Relevant Experience

THE IMPACT OF

THERAPEUTIC AREASALARY BY

09

Rare Diseases & Disorders Average Base Salary - $140,160

1.

Hepatology Average Base Salary - $138,156

3.

12. Immunology

13. Musculoskeletal

14. Cardiology/vascular diseases

15. Nephrology

16. Genetic diseases

17. Infections & infectious diseases

$122,676

$122,637

$122,338

$119,923

$114,590

$112,771

6. Rheumatology

7. Urology

8. Oncology

9. Pulmonary/respiratory diseases

10. Endocrinology

11. Hematology

$133,326

$131,660

$129,968

$125,629

$124,854

$123,172

Pediatrics / NeonatologyAverage Base Salary - $138,945

2.

GastroenterologyAverage Base Salary - $136,586

4.

Neurology Average Base Salary - $135,886

5.

TITLES & DISCIPLINESSALARY BY LIFE SCIENCES

10

CFOAverage Base Salary - $257,222

Senior Director/ Managing/ Executive Average Base Salary - $219,447

$161,333

$158,165

$142,807

$142,500

$139,571

$126,167

$124,068

CEOAverage Base Salary - $293,944

1.

2.

VP/ Senior VP Average Base Salary - $234,848

4.

C-Suite- OtherAverage Base Salary - $249,192

3.

5.

Leadership Roles

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

Director of Sales/marketing

Associate Director

Director of Business Development

Sr. Project Manager

Principal Scientist

Senior Engineer

Clinical Manager

Business Development/Sales/ Marketing Manager

Consultant

Senior Scientist

Scientist II

QA/QS Manager

Project manager

$121,406

$120,912

$114,187

$109,561

$103,823

$98,161

11

Vice President

Director/Sr. Director

Associate Director

Principle Scientist

Manager

Sr. Scientist

Project Manager

Sr. Scientific Researcher

Scientist I/II

Sr. Research Scientist

Associate Scientist

Research Associate III/ Sr. Research Associate

Research Scientist I/II

Research Associate I/II

Research Assistant

Sr. Clinical Research Associate

Clinical Manager

Clinical Project Manager

Sr. Clinical Scientist

Clinical Research Associate

Clinical Research Coordinator

$223,400

$171,712

$155,833

$139,571

$119,517

$111,857

$109,464

$108,000

$96,378

$90,177

$87,619

$83,359

$80,839

$57,185

$34,637

$137,286

$124,068

$120,300

$109,400

$74,643

$52,500

R&D

Clinical

Director/ Sr. Director

Manager/ Sr. Manager

Associate/ Sr. Associate

Specialist/ Sr. Specialist

Scientist/ Sr. Scientist

VP, Business Development

Director/Sr. Director of Business Development

Sr. Specialist

Sr. Sales Representative/ Sr. Manager

Sales Representative

$178,102

$108,780

$74,782

$74,000

$72,232

$274,166

$146,535

$120,657

$103,313

$64,036

Quality

Sales

Salary by Life Sciences Titles & Disciplines

1.

2.

3.

4.

5.

1.

2.

3.

4.

5.

1.

2.

3.

4.

5.

6.

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

19.

20.

21.

22.

23.

24.

25.

26.

27.

28.

29.

30.

Senior Analyst

Senior Research Scientist

Scientist

Account Manager

Senior Research Associate

Research Scientist I/II

Engineer

Lab Manager

Analyst

Research Associate

Research Assistant

Lab Technician

$93,954

$93,659

$90,176

$89,200

$84,066

$82,396

$81,553

$74,091

$68,000

$56,887

$44,087

$41,338

Fewer than 50

50-99

100-499

500-999

1,000-4,999

5000+

$115,958

$108,261

$130,246

$110,658

$105,487

$113,075

BY COMPANY SIZESALARIES

THE JOB HUNTSEARCHING FOR NEW ROLES

hile life sciences salaries are on the rise, 11% of the respondents indicated changing employers as the reason for their salary increase in 2018. BioSpace research also shows that of the more than 67% of life sciences professionals who are likely to search for a new role in the next year, a desire for greater compensation was one of the primary factors for leaving their current employer.

Life sciences professionals are not opposed to relocating to increase their compensation. In fact, 78% of respondents indicated they would consider relocating for a new opportunity with salary being the primary reason for relocation.

However, compensation isn’t everything. Whether you’re a jobseeker or hiring manager, it’s important to know there are a few other factors life science professionals will consider when taking a new role or considering relocating for a new opportunity. Those reasons are as follows:

W

1 2

12

Ready for a new challenge

Looking for more

rewarding work

Greater pay

Other response trends to keep an eye on: cultural fit, career growth/development, family benefits like job opportunities for spouses and strength of public education system.

#1

Health InsuranceSalary Flexible Work Schedule

BonusGeography

#2 #3 #4 #5

3Reasons for Leaving

Top 5 Relocation Motivators

METHODOLOGY

13

BioSpace’s proprietary Salary Survey was conducted to explore life sciences professionals’ salaries and salary trends. The BioSpace Salary Survey was fielded from March 14, 2019 to April 8, 2019 and data was collected via a Web-based survey. Participation in the survey was promoted by email, social media and advertising to readers of BioSpace and visitors to biospace.com. The data was filtered to eliminate misleading or irrelevant responses and to eliminate salaries less than $10,000 USD and greater than $1 million USD. The majority of respondents resided in the United States. BioSpace received a total of 2,009 responses. Respondents were asked to provide demographic information about themselves in 10 areas. Respondents were then asked to report their job title, compensation such as annual salary and bonus, and indicate increase or decrease of salary trends. Question formats included a mix of closed-ended, open-ended and contingency questions. An incentive was provided for one respondent to receive a $100 Amazon gift card.

Any additional citations come from the Bureau of Labor Statistics’ Occupational Employment Statistics (https://www.bls.gov/oes/current/oes_nat.htm#00-0000).