After record layoffs in the biopharma industry, sweeping changes to pay transparency laws, and more Regulatory professionals working remotely across the country, we often get asked if salaries are still varying by region and cost of living, or if they’ve begun to level out. A year and a half ago, we began to notice changes in the Regulatory executive landscape and an exponential increase in demand for higher salaries fueled by the highly competitive post-pandemic job market. Our recent survey The Big Quit? Regulatory Career Motivations in 2023 shows compensation and remote work remain top priorities for Regulatory executives this year and thusly, demand for higher salaries continues to increase.
In order to better understand what senior Regulatory candidates’ expectations are in this highly competitive market we conducted market research within some of the major biopharma/biotech hubs of the United States in April 2023. We surveyed Regulatory Affairs professionals at the Senior Director, Executive Director, Associate Vice President, Vice President, Senior Vice President, Executive Vice President, and Chief Regulatory Officer levels within California, New England, and the New York/NJ/Pennsylvania area. We asked:
What base salary range would you be looking for in your next Regulatory leadership career opportunity?
Based on these surveys, we can see that senior-level Regulatory executives now expect comparatively higher salaries in order to make a career move, and they are very unlikely to want to relocate. Salary expectations were fairly similar when comparing California to New England. However, we are unable to break out data specifically for the San Francisco Bay Area, which is typically higher than Southern California or the Boston area. Salary expectations in the New York/NJ/PA area were slightly lower than in New England and California. Also, of note: we did not have any respondents at the EVP or CRO levels in NY/NJ/PA. We suspect this is because the large pharma companies in that area have not yet embraced those titles as much as the smaller biotechs have in Massachusetts and California.
With regard to relocation, 78% of senior Regulatory executives are not willing to relocate for a new position. This reflects the trend we have seen since 2020 when companies began to embrace remote hiring, especially for functions like Regulatory. Senior Regulatory executives are no longer open to uprooting their families and their lives when there are still many remote roles available.
Based on this data, hiring companies must be more flexible with regard to remote work while also coming forward with higher salaries than they have in the past; especially in highly competitive markets like California and New England.
The demand for qualified Regulatory Affairs professionals is still very high, as biopharmaceutical companies need to navigate complex regulatory frameworks in order to get their products approved. As the industry continues to grow and develop new modalities and therapies, these newer areas present unique regulatory challenges that require specialized knowledge, skills, and adaptability for the changing regulatory landscape. It is now more important than ever that companies are swift, decisive, and strategic in their hiring plans.
Hiring and retaining excellent Regulatory talent is crucial to the success of any biotech or pharmaceutical organization. Dennis Partners knows how to identify and attract world-class Regulatory professionals. We can match candidates beyond what you see on their resumes, diving deep into a candidate’s motivations and aspirations. This approach focuses on the ideal fit and long-term success of both our clients and candidates.
As the leader in Regulatory Affairs recruiting, we are a partner in all aspects with the ability to share invaluable insight into the market. Whether you are seeking your next regulatory leadership position or looking to build a top-tier regulatory team, contact us today to see how we can help you meet your goals in 2023.