10
May
Biotech/Pharma Salaries and Growth Opportunities
Posted by: Career Staff / Category: Pharmaceutical/Biotech-
A recent article was posted on the Pharmalot Blog by Ed Silverman highlighting the average salaries, employment growth rates, and job opportunities within the biotech and pharma sectors. The post presented highlights from the industry-wide report written by the Battelle Institute and the Biotechnology Industry Organization (BIO).
-
Highlights from the report include:
- The U.S. biotech sector paid an average annual salary of $77,595 in 2008, up 9% from 2006. This is in comparison to the average annual wage of $45,229 in the total U.S. private sector, which means that biotech companies are paying $32,366 more than the average company.
- The average annual salary in the U.S. pharma sector was $93,378 in 2008.
- Although there have been substantial job losses (nearly 312,000 people) in the sector during the recent recession, new jobs have been also been created. The job losses can be contributed mostly to consolidation of companies. New job creation is occurring in research, testing, and medical laboratories. In fact, more than 176,000 jobs have been added in this area since 2001.
- The estimated annual growth rate for the life sciences industry is 1.5 percent until 2018.
