AseBio publishes first report on compensation in the Spanish biotechnology sector

This Tuesday, the Spanish Bioindustry Association (AseBio) presented to its members the first report on compensation in the Spanish biotechnology sector to date, in collaboration with Solutia. This document is a source that compiles the salary trends transforming the national labour market in the biotech sector. The analysis drew on information that AseBio member companies provided regarding their salary policies. 

The pandemic has consolidated the biotech sector as one of the most in demand, capable of attracting talent and creating jobs. “Our companies have managed to valorise their strategic potential for the economy and their capacity to create new knowledge-intensive jobs. Moreover, it is a sector that encourages entrepreneurship, which in turn generates innovative new companies that create employment with high value added, contributing directly to the growth and industrialisation of our country,” highlighted Elena Rivas, AseBio third vice-president and leader of the association’s Associative Network and Talent Commission. 

AseBio and Solutia aim to help this sector with a high percentage of start-ups become more professional by establishing policies to attract, retain and manage talent, which will help fuel sustainable growth and development.

Main conclusions of the study

The study on compensation in the Spanish biotechnology sector shows that the CEO (or general manager) is first on the ranking of salaries, followed by the CMO (or medical director) and sales director.  However, CEO salaries vary widely depending on the size of the company, according to the studio.  

It is a highly qualified sector. The largest group are those with a university degree (29%), followed by those with a PhD (22%) and those with a Masters degree (21%). Women have the highest representation in the medical and financial areas, although they make up more than 63% in all areas. The other side of the coin is in general management, where women aren’t found in the same percentage. Only 34.41% of general management positions are held by women. 

By autonomous communities, Barcelona leads the ranking as the region with the highest average compensation in biotech companies, followed at some distance by Madrid. 

How the report can be used and how it came about

For Oscar Porcel, managing partner at Solutia Life Sciences and co-founder of the Solutia group, this first study was born out of the desire to be a first touchstone for getting a feel of the state of compensation in the sector so that, over the years, trends and evolution can be monitored. “It is an essential tool for establishing compensation policies, valorising and comparing them with similar sectors. Biotechnology is now a sector of great value to our economy and, in the middle term, it must become a strategic sector not only for its impact on the economy and quality employment, but also for the value it brings to society in terms of sustainability and health,” adds Porcel.

“Its specific focus provides us with a highly useful tool in human resources departments at companies, for both incorporating new talent and establishing internal compensation policies (internal fairness, market data, etc.),” added Tomás Alarcón, head of human resources for 3P Biopharmaceuticals. “In a globalised setting, where the competitiveness and success of biotech companies is measured with complex parameters, people management is very valuable and studies like the one we are presenting today allow us to progress towards advanced management of compensation,” he concludes. 

At AseBio, the study on compensation has been compiled with an awareness of the problems that exist in the biotechnology sector because it lacks a collective bargaining agreement and, therefore, a source of information to turn to. “Now we have a specific study on the biotechnology sector. We believe it will be a key tool for our companies and help them attract and retain the talent they need to continue growing,” concludes AseBio CEO Ion Arocena.