Biotechnology Salary Tools News and Trends

Be in the know about biotechnology pay trends that might impact you

Biotechnology salary comparisons, and keeping abreast of trends in biotechnology pay, allows job seekers to get critical information necessary to make educated career decisions. With this knowledge, those in the industry, or who wish to get into the industry, are in the best position possible when negotiating biotech salary and benefit information.

Similar to other industries, the biotechnology business, and consequently salaries in biotechnology, are not immune to economic trends. During tough economic times the trend is toward corporate restructuring and downsizing. Understanding the following three trends will help you gather biotechnology salary information that is informative and accurate:

1. Entry-level scientists and sales associates generally receive equal pay.

2. The biotech pay scale will be impacted by a renewed effort on the part of pharmaceutical companies to narrow the focus of development efforts on biotechnology products.

3. More and more people are turning to biotechnology blogs to get a read on trends happening in the biotech industry.

 

Compare information for various biotechnology salaries according to position

The general consensus is that the pay scale for entry-level scientists is similar to that of entry-level sales associates. With more experience, however, the trend changes with senior scientists receiving higher pay than sales reps. Sales associates can look to increase their paychecks by striving to get promoted to director level positions.
Try: Glassdoor lists salary ranges for various biotechnology positions organized according to the company that hires them. Indeed's website corroborates the current trend on the biotechnology salary scale of paying scientists approximately the same as sales reps.

Understand the impact on biotech salaries from pharmaceutical company development focus changes

Pharmaceutical giants like Wyeth, Bristol-Myers Squibb and Pfizer have made headlines in the past few years by announcing their intentions to narrow the focus of their development efforts to focus more on biotechnology products. Depending on which company you work for, this trend will impact any future salary negotiations. It could also affect the stability of your current position if you work for a pharmaceutical company.
Try: MDRNA's website includes the late 2007 announcement that Nastech Pharmaceutical initiated a plan to restructure and focus on Phase 2 Clinical Programs. Advanstar's Pharmtech website includes an article on the potential boon to contract marketing organizations (CMOs) and contract research organizations (CROs) as a result of Pfizer's restructuring plan.

Read biotechnology blogs and industry forums to get an bearing on where biotech salaries are heading

More and more people who want to be in the know rely on industry insider blogs and websites to get their news and trends. Keeping abreast of what is happening in the industry, particularly during today's turbulent economic times, will help keep you in the loop on what is going on in the biotechnology industry.
Try: BioJobBlog is full of up-to-date news articles, job and salary trends, and general buzz about the biotechnology industry. Biotech 360, which contains some articles from The Scientist Magazine, included an article on the five best biotech blogs on the industry.

 

• Keep abreast of biotechnology salary tools news and trends by joining a professional networking association or website. Keeping in contact with industry peers and mentors can also be invaluable when it comes to a job hunt.

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