RAPS recently released the results of its biennial survey of the global healthcare regulatory profession, the 2014 Scope of Practice & Compensation Report for the Regulatory Profession, which can be downloaded now.
The survey, which drew responses from 3,355 regulatory professionals in 62 countries, asked respondents about their compensation, job responsibilities, and professional and educational backgrounds, among other things. The results, consistent with past surveys, show regulatory careers continue to offer good pay, growth opportunities and challenging and diverse work. Analysis of the survey responses also shows which factors tend to have the greatest influence on compensation.
The Value of Regulatory Expertise
Those working in regulatory, their employers and those looking to get into the field will be interested to know that regulatory professionals’ salaries rose an average of 5.4% from 2012 to 2013. Examining regional variations shows that salaries for professionals based in North America and Europe rose 4.8%, and 4.5%, respectively. In Asia, regulatory professionals’ salaries rose an impressive 12.4% in that timeframe, which is a good indication the profession is growing quickly there.
“Regulatory knowledge and expertise has proven to be quite valuable to employers in the life sciences sector,” said RAPS Executive Director Sherry Keramidas, PhD, FASAE, CAE. “This makes good sense from a business and strategic standpoint. For drugmakers and medical device companies, regulatory setbacks can be very costly. Having skilled people to help guide products through the regulatory process is a great asset, and employers recognize that.”
Since about 72% of survey responses came from US-based professionals, and RAPS’ historical compensation data is most robust for that group, the upward compensation trend is most clear among those in the US. Since 1999, US professionals’ average base salary has grown 3.5% per year, and average total compensation, including bonuses, increased 4% per year.
The survey found regulatory professionals’ pay is affected most by job level, but also by several other related and interdependent factors, including regulatory experience, highest-earned degree, total professional experience and whether they hold the Regulatory Affairs Certification (RAC) credential. The credential has the greatest impact on compensation for professionals in the US, where the RAC has the longest history, as US-based professionals with the RAC earn 10.6% more than their peers.
The full 2014 Scope of Practice & Compensation Report for the Regulatory Profession, includes detailed salary tables showing average and percentile base and total compensation by job level, highest earned degree, regulatory and total professional experience for professionals in the US, EU and other regions. An online salary calculator tool also will be available soon. Download the report now.