Compensation Packages in Pharma/Biotech

If you are considering a transition to pharma/biotech you have to know what to expect for salary and compensation before you can fully commit to making a massive change.

What can you expect?

Generally, every title has a “band” – meaning there is a range to expect – I’m not going to get into actual numbers in this blog – the numbers vary depending on the company (big, small, public, private) – what you need to first understand is the OVERALL compensation package you should consider. 

Here is how it shakes out:

  1. Annual Salary – how much you get paid per year before taxes – most companies pay 2 times per month (for example, on the 1st and 15th of each month) OR every 2 weeks (slightly different!)
  2. Bonus – a percent of the annual salary that is based upon personal performance metrics and/or company performance metrics.  Generally, the more junior the role the more the bonus is based upon personal performance whereas the more senior the role the more consideration for company performance is incorporated
  3. Vacation – generally 2-4 weeks per year paid vacation… every company is different – larger companies typically provide more vacation.  Some companies are moving to discretionary vacation where you don’t have a specific amount but take what you need.
  4. Holidays – 15-20 days per year that the company is closed… think Memorial Day, Labor Day, Thanksgiving Thursday and Friday, etc.  Some companies close between Christmas and New Years as well (very US-centric here!)
  5. 401k matching – most companies match a certain percentage of your contributions to a retirement savings device
  6. stock, stock options, stock purchase plans
  7. Insurance – medical, dental, disability, life, travel
  8. health benefits – stipends for exercise/health, gym memberships, etc
  9. coaching/continuing education/tuition reimbursement
  10. travel perks – points from airline travel, points from credit card purchases

Every company offers slightly different benefits so make sure you ask these questions about your overall package – this gives you the information to consider as you move to your fulfilling career transition to pharma!