Based on our March 2024 survey, over 51% of Regulatory Affairs professionals are considering changing jobs this year. The ability to work remotely and higher compensation and benefits are the biggest driving factors in seeking a new position. In order to understand senior Regulatory candidates’ salary expectations in 2024, Dennis Partners once again surveyed the major biopharma/biotech hubs of the United States in April 2024. We surveyed Regulatory Affairs professionals at the Senior Director, Executive Director, Associate Vice President, Vice President, and Senior Vice President, 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 this data, we can see that senior-level Regulatory executives expect comparatively higher salaries in order to make a career move, and they are very unlikely to want to relocate. Salary expectations have begun to level out across the different hotbed regions, with the majority of Vice President/Senior Vice President-level Regulatory professionals seeking base salaries over $326,000. In California and New England, over 40% of Vice President/Senior Vice President-level Regulatory professionals are seeking base salaries of over $400,000. At the Senior Director through Associate Vice President level, over 60% of candidates are seeking a base salary of over $300,000.
Compared to our survey in 2023, we can see that salary expectations remained fairly flat at the Senior Director/Executive Director/Associate Vice President levels, but increased at the Vice President/Senior Vice President level. This is most notable in the New York/New Jersey/Pennsylvania area where 92% of Vice President/Senior Vice President level respondents expected salaries over $350,000 in 2024 versus only 50% in 2023. Nearly 44% of Vice President/Senior Vice President level candidates in California are looking for over $400,000 base salaries in 2024 versus only 31.5% in 2023.
Would you be open to relocating for the right opportunity?
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 starting in 2020 when companies began to embrace remote work models, 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 these highly competitive markets.
Although hiring in biotech and pharmaceuticals has softened this year, the demand for qualified Regulatory Affairs professionals is starting to bounce back. As the industry continues to 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 2024.
Based on your data, most execs with such income wouldn’t want to relocate. Why would they??
I was hoping for statistics covering the entire range of regulatory professionals, including contractors.
Hi Shari, thanks for your feedback. We’ve sent you a direct message to answer your questions.
Could you please answer Shari’s question right here for everyone to see?
Hi and thanks for your interest! This particular survey covers biopharma/biotech regulatory executives and we are glad to share our insights on specific hourly rates for regulatory contractors and other regulatory professionals based on anecdotal data. We are always glad to schedule a time to discuss these questions in greater detail. Anyone looking for more information on this and other topics can reach out to us via our contact form on our website to schedule a time to speak. Thank you!
Can you please share the info requested by the responders above
Hi Aparna, and thanks for your interest! This particular survey covers biopharma/biotech regulatory executives ONLY and we are glad to share our insights on specific hourly rates for regulatory contractors and other regulatory professionals based on anecdotal data. We are always glad to schedule a time to discuss these questions in greater detail. Anyone looking for more information on this and other topics can reach out to us via our contact form on our website to schedule a time to speak. Thank you!