BioSpace Life Sciences Compensation Report Finds Growing Salaries but a Wide Gender Gap
DES MOINES, Iowa, July 22, 2019 /PRNewswire/ -- According to a new report by BioSpace, the life science leader in news and careers, more than 65% of life science professionals received a salary increase in the last year with the average increase being 4.4%. The findings place the average industry salary at $113,654, on par with fields like chemical engineering and systems software development according to the Bureau of Labor Statistics.
"We publish news each day focusing on the scientific investments and advancements of this multibillion-dollar industry, so we also wanted to provide data and insights around what impact this growing industry has on life science professionals' earnings," said Joshua Goodwin, CEO of BioSpace.
Additionally, the report finds the life science industry is not immune to the gender gap with men earning 16% more salary and a staggering 39% more bonus than women.
Whether analyzed by years of experience, industry, discipline or levels of responsibility, according to the BioSpace Salary Report, there is a very clear salary discrepancy by gender in the life sciences. And while the gender salary gap decreases by almost 4% for those with 10 or more years of experience compared to those with 1-9 years of experience, the bonus variance between men and women with 10 or more years of experience increases to a jaw-dropping 47%.
"Our community of life science professionals is very diverse with a fairly even ratio of men to women, so we were surprised to see such a large difference in salaries and, especially, bonuses by gender," said Goodwin. "We continue to see reports stating how life science fields, Biotech in particular, are narrowing the gender gap but clearly there's still more work to be done."
The BioSpace Compensation Report also found that salary and bonus vary by key life science hubs around the country.
Within the five key U.S. life science hubs, professionals in Pharm Country, identified by BioSpace as the states of Connecticut, New York, New Jersey, Pennsylvania and Rhode Island, reported the highest average annual salary of $127,714. The second and third highest paying hotbed regions of Biotech Bay, comprised of San Francisco and northern California, and Genetown, identified as the state of Massachusetts, reported average salaries of $126,957 and $123,600, respectively.
One of the lowest paying regions, BioMidwest, which includes the states of Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Nebraska, Ohio & Wisconsin, reported an average salary of $94,402 but the area also reported the highest year over year average salary increase of 5.9%.
To see the full results of BioSpace's 2019 U.S. Life Sciences Compensation Report which includes salary by therapeutic area, by role, by discipline, and much more, download the BioSpace 2019 Life Sciences Compensation Report here.