Epoch 25: Biotech Salaries Under Pressure

Should I Stay or Should I Go?

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Hello Avatar! Welcome back for another week of biotech analysis. Today is Sunday, which means this is our Building Biotech newsletter that is focused on discussing biopharma strategy topics. In today’s edition, we turn our attention to the recent findings from the BioSpace 2024 Salary Report, which reveals a significant cooling in biopharma salary growth. We'll examine the trends in salary increments over the past five years, the factors driving these changes, and their implications for job satisfaction and retention within the industry. This detailed analysis provides critical insights for both employers and professionals navigating the current economic landscape. Join us as we unpack the data and explore what it means for **YOU. We will conclude with an exploration on when a job switch is justified before getting into geographical and position specific salary comps covering R&D, Clinical, Manufacturing, Regulatory, and Enabling Functions.

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BIOTECH SALARIES SLOW

While biopharma salaries haven't dipped, their growth has cooled significantly compared to the boom years of 2020-2021. Last year's economic challenges brought layoffs (i.e., RIFs), closures, and slower hiring. Biopharma professionals crave interesting work, but money matters too. A BioSpace survey found that 55% of job seekers prioritize higher pay, and a lack of it was the top reason candidates rejected offers. Most (61%) aren't budging on their salary expectations.

With a cautious job market and a talent pool to choose from, employers have become picky. Salary growth is likely to stay modest until investments pick up again and as we have shown, things remain uncertain on the finance side of things despite some promising signs.

Below we will get into all of this as well as what most of you are hear for the actual salary comps for specific roles within biopharma.