More Regulatory Professionals Say Their Work is Valued by Senior Management
Rockville, MD, USA, Oct. 13, 2020 (GLOBE NEWSWIRE) -- The Regulatory Affairs Professionals Society (RAPS) today released the results of its biennial global survey of regulatory professionals working in the healthcare products sector. RAPS’ 2020 Global Compensation & Scope of Practice Report for the Regulatory Profession provides a detailed look at how much regulatory professionals earn, who they are, and what their work entails. The comprehensive survey collected salary and demographic data for nearly 2,000 respondents from around the world.
The average total compensation for US-based regulatory professionals in 2019 ranged from $292,625 for vice presidents to $108,627 for specialists. Respondents reported an average base salary increase of 5.6% from 2018 to 2019. The report also presents compensation data for professionals in Europe and Canada. While not enough data were collected to produce detailed compensation results for other regions, all responses are included in data pertaining to the work of regulatory professionals, professional and educational backgrounds, and demographics.
“RAPS has conducted research on the regulatory profession for more than 20 years. In that time, the role of the profession has evolved to become increasingly strategic,” said RAPS Interim Executive Director Bill McMoil. “There is greater awareness today than ever before of the critical role regulatory professionals play, not only in ensuring healthcare products are safe and effective, but also in helping companies avoid costly mistakes that can delay or derail the approval of important medical products that patients need.”
This year’s survey shows a significant increase in the percentage of respondents saying their work is highly valued by their employers. Nearly three-quarters (72.7%) reported senior management is very or somewhat aware of their work, up slightly from the 2018 survey. The percentage saying senior managers see regulatory professionals as either very important/valuable or somewhat important/valuable jumped to 80.8%, compared with 56.5% in 2018.
The 2020 Global Compensation & Scope of Practice Report provides the most comprehensive snapshot available of the regulatory profession and is extremely useful to individual professionals, students, employers, and recruiters. Survey participants receive a custom report to benchmark themselves against their peers. The full report is exclusively available to RAPS members. Members must log in to download it from the RAPS website. Nonmembers may access the executive summary.
Other key findings include:
US respondents with Regulatory Affairs Certification (RAC), on average, earn 9% more than those without it.
Nearly a third (31.3%) of respondents said their employers increased regulatory staff in 2019.
One-third of respondents (33.5%) said they expected their employers to hire additional regulatory staff in 2020.
More than 85% of respondents said regulatory professionals help shape key strategic decisions, business decisions or both within their organizations.
As in past years, most regulatory professionals report having significant work experience in another field before entering the regulatory profession.
Common feeder professions are quality assurance/quality control (18%), research and development (11%), life sciences research (7%) and engineering (7%).
To request a copy of the 2020 Global Compensation & Scope of Practice Report for the Regulatory Profession, interested members of the media may contact RAPS’ Senior Manager of Communications Zachary Brousseau at firstname.lastname@example.org.
The Regulatory Affairs Professionals Society (RAPS) is the largest global organization of and for those involved with the regulation of healthcare and related products, including medical devices, pharmaceuticals, biologics, and nutritional products. Founded in 1976, RAPS helped establish the regulatory profession and continues to actively support the professional and lead the profession as a neutral, non-lobbying nonprofit organization. RAPS offers education and training, professional standards, publications, research, knowledge sharing, networking, career development opportunities and other valuable resources, including Regulatory Affairs Certification (RAC), the only post-academic professional credential to recognize regulatory excellence. RAPS is headquartered in suburban Washington, DC, with chapters and affiliates worldwide. www.RAPS.org
CONTACT: Zachary Brousseau Regulatory Affairs Professionals Society (RAPS) 301 770 2920, ext. 245 email@example.com