I wish the buck stopped here. I could use a few. That sounds a little like a Henny Youngman one-liner, doesn’t it?
Could you use a few more bucks? Do you know if your salary is fair or can you justify a higher salary? If you’re a hiring manager, do you know if your company compensation is appropriate for recruiting the best talent, and retaining employees who are happy, secure, and satisfied in their job?
If you work in the Human Resources or Talent Acquisition field in the pharmaceutical or health care industry, you probably struggle to find highly experienced individuals. And, if you’re further focused in the health economics and outcomes research (HEOR), market access, health data analytics, or epidemiology area, you are in an even more selective group.
HealthEconomics.Com recognizes that salary and compensation data are essential – but generally absent, minimal, or outdated – in this HEOR & Market Access field, particularly from a global perspective covering various company sectors. Therefore, HealthEconomics.Com in concert with Medlitera.Com, just released the final report based on the industry’s largest global salary survey for the HEOR and market access community.
The Survey presents results on 475 individuals from 5 continents and 30+ countries, reflecting 2015 compensation rates. The Final Report is 65 pages long, with 61 charts/figures, and extensive cross-tabulation analysis. No other Salary Survey provides such an extensive respondent base, geographic reach, or analytic approach.
Key Questions That This Salary Survey Answers:
- What is the median base salary for HEOR professionals?
- How does salary vary by job title, job sector, education, age, degree, years of experience, company type, and geography?
- How much is a typical bonus, and how does this vary by job title, job sector, and geography?
- What benefits packages are typically offered, and how does this vary by company type?
- Are HEOR professionals satisfied in their job, looking for new employment, or concerned about discrimination?
- What are the key factors for professional success?
- Is gender and racial discrimination occurring in our industry, and how is it manifested?
What organizations participated?
Employees who completed the Salary Survey hailed from a variety of organizations, including Amgen, Astellas, astrazeneca, Baxter, Biogen Idec, BristolMyersSquibb, Boehringer Ingelheim, Celgene, Decision Resources Group, Evidera, GFK, GalbraithWight, J&J, Kantar Health, Lilly, Merck, Novartis, Pfizer, Xcenda, among others.
Sneak Peak at Results:
Here’s a sneak peak at the data from the 2015 Global Salary Survey for HEOR & Market Access.
At the time of the survey (March 2015), respondents had a mean age of 42 years, had been working in the HEOR field for a median of 10 years, and 56% were male, while 71% were Caucasian and 19% were Asian. Sixty-five percent were based in the United States, 14% in the UK, and 11% in Europe. Asia and Latin America were home base for 3% of respondents. More than one-third (36%) had PhDs, and 37% had master’s degrees of some type. About 13% claimed an MD/PharmD degree. About 40% were employed in biopharma, and 30% worked for a consulting/CRO group. Seven out of 10 specifically identified HEOR/market access as their primary job function, and another 17% were in related (Medical Affairs, Pricing/Reimbursement, etc.) functions. One-half were Director level or above, and one-third were Analyst/Manager level; 59% had direct budget management responsibility.
The gross base salary from the primary job, based on 403 respondents, is shown below. This figure excludes bonuses, commission, or other financial benefits.
General trends based on the results from the survey are:
- Median base salary (excluding bonuses, commission, or other financial benefits) for all respondents was $125,000-$150,000.
- Overall, respondents working within the pharmaceutical/biotech sector reported a higher base salary range (about $25,000 difference) than those working in other sectors.
- Medical device and managed care respondents reported salaries ranging from $125,000 to $150,000, the second highest median level.
- Medical Affairs and Market Access positions garnered higher salaries than HEOR.
- There is approximately a median $50,000 increase in salary in moving from Assistant/Associate Director to Director/Senior Director, and again to VP level.
- Males tend to make approximately $25,000-$50,000 more than females in the higher level positions.
- Mean number of benefits offered was 8.9 in biopharma, 7.5 in CROs, and 6.0 in consulting.
- About 40% of bonuses ranged from $10K-$50K. Specific bonus amounts, by experience, job title, company type, and geography are found in the Final Report.
- More than one-half of respondents had very flexible work schedules; and 80% were able to work remotely at least 1 day per week. But the vast majority worked late or on weekends.
- Discrimination probably needs some investigation. Almost one-fourth had either experienced or knew someone who had experienced gender discrimination in the HEOR field, while 16% reported personal or knowledge of racial/ethnic discrimination.
Additional cross-tabulations in the Final Report, include:
- Base salary, primary and secondary job
- Salary by age and job sector
- Salary by experience (current job) and job sector
- Salary by experience (total HEOR) and job sector
- Salary by job level and job sector
- Salary by job function and job sector
- Salary by company size and job sector
- Salary by country and job sector
- Salary by US region and job sector
- Salary by race/ethnicity
- Salary by gender and job sector
- Salary by gender and job level
- Salary by education level
- Raise, date last received
- Raise, amount (%, median) received
- Salary review, date expected
- Job promotion, date received
- Happiness with income
- Salary appropriate for job
- Benefits, type and mean number received
- Benefits (type) by job sector
- Bonus range by job sector
- Salary satisfaction by salary and job sector
- Job satisfaction by salary and job sector
- Career training by salary and job sector
- Work flexibility
- Job stress
- Remote work-days per week
- Overtime and weekend work
- Happiness with current job
- Happiness with career training
- Plans to leave job in next 12 months
- Gender discrimination, occurrence & type
- Race/ethnicity discrimination, occurrence & type
To learn more about the 2015 Global Salary Survey for HEOR & Market Access, email firstname.lastname@example.org