Compliance staff receiving pay increases as other positions stagnate.
In a new report, international consulting and staffing firm Berkley notes that compliance staff now some of the most highly paid within the Pharmaceutical sector.
46% of pharma companies surveyed say they have increased compliance staff.
"With pay increases for senior regulatory staff having increased by an average of 9% per year over the last three years – compliance is one area of the pharmaceutical sector to have bucked stagnating wage growth created by cost cutting," said Berkley in a release accompanying its survey report.
Berkley says that some senior compliance staff are now earning as much as £200,000 in basic pay, with demand for their expertise and climbing pay awards driven by:
- Regulatory clampdown: US regulators are taking a tougher stance towards drugs companies, with a particular emphasis on post-market drug safety, in response to criticism that they were too cosy to the drugs industry.
- Emerging markets: Drugs businesses are accelerating expansion into emerging markets and need to overcome regulatory hurdles rapidly to coordinate global product launches.
- Biotech or biologics drugs: Production focus is shifting towards growth areas such as biotech or biologics drugs, which carry greater challenges for compliance staff.
In Singapore, Regulatory Leads earned an average of S$140,000 in 2012, a 40% increase from 2009 salary levels. QA Lead Auditors now average $95,000, a 19% increase from 2009. Meanwhile, Compliance Specialists now average S$90,000, up 38% from 2009.
Berkley says that salaries in other positions at pharmaceutical businesses, such as R&D/drug discovery have remained static over the same period as companies have looked to cut costs.
More From Singapore Business Review
