Compensation Consulting for the Biotechnology, Pharmaceutical, & Life Sciences Sectors

Compensation Incentivizes Key Talent in a Research-Driven Sphere

In the biotechnology, pharmaceutical, and life sciences industries, firms seek to develop novel ways of treating medical conditions as well as new products.

Given the significant investments needed for research, development, and commercialization, it is critical to attract, retain, and properly incentivize key talent.

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Key Trends & Insights in Biotech, Pharmacy, & Life Sciences

These industries have shown strong growth over the past few years and are expected to maintain steady growth, according to data in VerticalIQ. Artificial intelligence may contribute to new breakthroughs and help researchers become more efficient.

Additionally, interest rates are expected to continue to decrease, making it easier to access capital. However, significant disruptions to NIH funding programs could pose challenges, including to “indirect costs.”

Employment in the biotechnology, pharmaceutical, and life sciences industries grew strongly in response to the COVID-19 pandemic but flatlined as interest rates were raised in 2022, per the U.S. Bureau of Labor Statistics. Since many of these firms are pre-revenue, they depend on upfront financing and investment. With less restrictive interest rates expected, new investments may spur higher demand for labor.

The Role of the Compensation Consultant

Our compensation consultants have extensive experience in conducting market analyses to ensure that clients maintain parity with the market and offer competitive pay packages to their employees.

As compensation consultants, we work with our life sciences and related clients to ensure that their pay programs:

Are competitive and informed by market data.

Attract talent and retain key positions.

Promote a “pay-for-performance” philosophy, and align compensation with the business’s cash flow.

Align each employee’s contributions towards the corporate strategic plan/vision.

Biotech, Pharmaceutical, & Life Sciences

Custom Compensation & HR Solutions

Talent Retention & Attraction

Market pricing and salary data
Executive compensation studies
Board of Directors' compensation studies and advisory services

Compensation Program Development

Base salary administration
- Salary structure design
- Staff compensation studies
Competency model development

Compensation Program Management

Job description development
Performance management programs
Total rewards statements

Performance

Incentive plan design
- Annual incentive plan
- Long-term incentive plan (LTIP)

Human Resource Advisory

Consulting on HR matters
such as M&A transactions, benefits, DE&I, payroll services, etc.

Our Team of Compensation Consultants

Mary A. Rizzuti

Partner

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Diana D. Neelman

Senior Director

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Sara D. Schmidt

Director

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Gene Camm