A surge of investment during the pandemic led to overstaffing and overspending with resulting widespread layoffs in the pharmaceutical and biotechnology sectors from late 2022 to late 2024. High interest rates caused funding to dwindle and since firms rely on new investment to drive drug discovery and development, the financial tightening proved catastrophic to hiring. Change does seem to be starting at the end of 2024. Smith Hanley Associates’ Clinical R&D Executive Recruiter, Nihar Parikh, provides a framework for what happened with 2024 Clinical R&D Salaries.
Clinical R&D
Title | Salary Range |
Clinical Scientist | $220k – $240k |
Director, Clinical Development | $230k – $260k |
As interest rates have come down funding has started to loosen up and plans to increase hiring in this area are evident in 55% of firms. Yet, 62% of employees are looking for job. This surplus of individuals seeking employment has intensified competition for open positions. The most in-demand skills in 2024 Clinical R&D salaries were:
- Communication and interpersonal skills
- Ability to lead trials
- Team leadership
Medical Affairs
Title | Salary Range |
VP, Medical Affairs | $280k – $320k |
Medical Science Liaison (MSL) | $160k – $200k |
This key area for pharma and biotech companies can significantly influence the success or failure of a new therapy in the market. Medical Affairs roles can fairly easily be done remotely which has been the overriding preference of candidates in this area, but renewed pressure for being on-site is disrupting hiring growth. The most in-demand skills in Medical Affairs are:
- Oncology remains one of the most popular therapeutic areas
- Diverse skill set
- Cross-functional expertise
In the medical affairs area 2024 clinical salaries had increases of 10% as the norm when changing positions but the average bonus in 2024 was a strong 20%.
Biometrics
Title | Salary Range |
Statistical Programmer | $120k – $140k |
VP, Biometrics | $300k – $350k |
Principal Biostatistician | $160k – $180k |
Clinical Data Manager | $140k – $160k |
After the pandemic, pharma companies increasingly embraced data-driven drug discovery, development and commercialization causing the demand for skilled professionals in biometrics to soar. They were essential for designing clinical trials, analyzing data and interpreting results. Candidates who could use advanced analytics to optimize trial designs, identify patient populations and accelerate decision making processes were in-demand and positively impacted 2024 clinical salaries.
Sixteen percent was the average salary increase and bonus’ were at the 15% level in this area of specialization.
Regulatory Affairs
Title | Salary Range |
Director, Regulatory Affairs | $200k – $220k |
The lack of funding, or expense of that funding, meant start-up companies couldn’t raise what they needed to continue their development work. This negatively impacted the demand for regulatory talent. Businesses were looking for experience in global submissions while some candidates were balking at new demands to be onsite after the flexible work arrangements of the past few years. 2024 clinical salaries in this area increased by 11% and bonus’ were at a low 10%.
C-Suite
Title | Salary Range |
Chief Business Officer | $380k – $400k |