See the biotech and pharma companies that are growing the fastest and pay workers the most
- Insider compiled data on the fastest-growing
- We examined how much they're paying employees and executives.
- One company paid its median employee $701,000, while dozens of CEOs earned more than $18 million.
As the drug industry has grown, companies are competing to hire and retain the best people. That's true for every position from CEO all the way down to entry-level technicians.
To understand this battle for talent, Insider analyzed reports from more than 150 publicly traded pharma and biotech companies. We included companies with a market value of at least $1 billion. Our list includes companies that trade on two leading biotech indices - the XBI and the IBB - as well as a handful of multinational pharmaceutical companies.
We found dozens of companies that grew their workforce while other industries were conducting layoffs. Insider's reports showed that one biotech paid its median employee $701,000 last year. That company's CEO made $32,497,239 in 2020.
Here's what you should know about which companies are growing the fastest, and what they're paying.
Dozens of drug companies boosted their workforces by at least 50%
It's little surprise that biotechs developing COVID-19 vaccines and treatments, like IGM Biosciences, Moderna and Novavax, went on a hiring spree last year.
But growth wasn't limited to companies responding to the pandemic. Insider found 29 companies that grew their staff by at least 50% in 2020. Several of these companies said they plan to continue
Even startups are getting bigger. A series of new drug companies has emerged in the past two years that meld multiple smaller startups to either create a single new venture or a holding company with many subsidiaries. These startups are drawing large financing rounds and high valuations, creating companies that are larger in scale than a standard drug startup.
To attract the best talent, drug companies are boosting salaries and throwing in equity
Experts have warned for years that the growth of drug companies is outpacing the number of scientists and researchers actually looking for jobs. Companies have to be competitive to grab the top talent.
Insider found the 23 best-paying biotechs, which all paid over $300,000 to their typical worker in 2020.
We also analyzed mandatory disclosure documents to reveal how much some of the largest biotech and pharmaceutical firms are paying workers. The analysis includes roles at companies like Eli Lilly, Johnson & Johnson, Merck, Moderna, Novartis, and Pfizer.
Close to 30 drug company CEOs earned more than $18 million last year
High levels of
Most executives make the majority of their money from stock awards and bonuses. In 2020, that served them well. Novavax CEO Stanley Erck, for example, saw his
If you've read our articles on pay across the biotech and pharma industries, it's time to put your knowledge to the test. Take our 5-question quiz to see how well you know the pay trends shaping the drug industry.
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