Compensation Trends in the Pharmaceutical and Biotech Industry: 2023 Insights

1. Median Salary: The median salary for employees in the pharmaceutical and biotech industry varied significantly across companies. For example, Gilead Sciences had the highest median salary, while AbbVie's median employee salary was nearly $152,000.
2. Salary Increases: In 2022, salary budget increases were the highest in nearly 20 years, with median increases ranging from 3% in the UK to 8% in Brazil. These increases are expected to continue in 2023.
3. Bonus Payouts: Bonus payouts were leveraged in 2022 and are expected to continue in 2023, with an average projected variable payout of 22% for middle managers and professionals.
4. Regional Variations: Compensation trends varied across regions. For instance, AI/machine learning frameworks were among the highest-paid roles in APAC and EMEA, while cryptography and distributed ledger development were highly paid in LATAM and NA.
5. Employee Retention: Voluntary attrition rates were significant, ranging from 6% in Brazil to 15% in the US. Employers are focusing on targeted increases and one-off cash payments to retain key talent.
6. Top-Paid Functions: Clinical development, drug discovery research, and IT development were among the highest-paid functions across regions.