In this article, we’ll take a look at the 20 highest-paying countries in biotech. We also analyze the global biotechnology market, as well as trends and key players. If you skip our in-depth analysis, head straight to the five countries that pay the most for biotech.
The global biotechnology market has shown significant expansion, with a valuation of $1. 38 trillion in 2023, which is expected to reach around $4. 25 trillion by 2033. This expansion is expected to maintain a compound annual expansion rate (CAGR) of 11. 8% from 2024 to 2033. North America dominated the market in 2023, with a significant gain percentage of 37. 79%, while Asia-Pacific largely followed with a share of 23. 99%.
In terms of application, biopharma had the highest percentage of profits in 2023, at 41. 73%, while bio-based industries accounted for 24. 33%. The U. S. biotechnology market is expected to grow in the U. S. The U. S. government, valued at $246. 18 billion in 2023, earns $763. 82 billion through 2033. , at a CAGR of 11. 90%. The Asia-Pacific region is expected to witness abundant expansion, with a projected expansion rate of more than 12. 7% over the forecast period, attributed to improved healthcare infrastructure and favorable government regulations.
Technological development, especially in tissue engineering and regeneration, is driving the expansion of the market, and this segment will occupy a significant percentage in 2023. In addition, chromatography is expected to grow rapidly and offer accurate analytical functions that are essential for biotechnology applications.
In 2023, the biotech industry has undergone major transformations, with layoffs and leadership replacements. Investors have opted for fewer but more impactful deals, driven in part by the demanding situations facing Silicon Valley Bank. This replacement resulted in a decrease in the number of deals, with 840 deals totaling about $24 billion, up from more than 1,500 deals totaling about $60 billion in 2021.
In addition, technological advances have been remarkable, such as the FDA’s approval of the first gene therapy Crispr, which offers hope for the remedy of genetic diseases. In addition, whole genome sequencing, once reserved for research, has entered clinical practice, improving the diagnosis of genetic diseases and embryo screening in IVF clinics.
Pharmaceutical giants Novo Nordisk A/S (NYSE:NVO) and Eli Lilly and Co (NYSE:LLY) saw significant expansion thanks to GLP-1 drugs, with costs of sales and inventory rising. Forecasts recommend that such drugs could generate up to $400 billion a year in the United States alone.
Two of the players we’d like to talk about in the biotech context are Amgen Inc (NASDAQ:AMGN) and Biogen Inc (NASDAQ:BIIB). Let’s take a look at its recent developments.
Amgen Inc’s (NASDAQ: AMGN) investigational weight-loss drug, in clinical trials, has shown promising effects with remarkable statistics. In one study, patients experienced an average weight loss of 8. 2% over 92 days with the highest dose, compared to a gain of 1. 7% in the placebo group. Another study showed a 14. 5% weight loss in 85 days, with weight loss maintained for up to 150 days. However, adverse events were observed, and part of the high-dose group discontinued treatment after the first dose due to nausea and vomiting.
Despite the positive results, doubts persist about the side effects of the drug. Analysts expect additional evaluations of the Phase 2 trials later this year. Meanwhile, Amgen Inc (NASDAQ:AMGN) shares fell, in contrast to Eli Lilly and Co (NYSE:LLY) a significant increase of 5. 8%, reaching an all-time high. Novo Nordisk A/S (NYSE:NVO) also posted a notable 4% increase in shares, attributed in part to Novo Nordisk A/S (NYSE:NVO) $11. 5. Acquisition of Catalent for billions to improve its production capacities.
While Amgen Inc’s (NASDAQ: AMGN) foray into the weight-loss drug market is promising, analysts recommend that it may possibly be years before a market-ready product emerges.
On the other hand, Biogen Inc (NASDAQ: BIIB) is facing challenging situations following disappointing demand for its once-promising Alzheimer’s drug, Aduhelm. With a staggering 198,000 liters of mammalian capacity at its facilities in Switzerland and North Carolina, primarily destined for Aduhelm production, Biogen Inc (NASDAQ:BIIB) is reevaluating its production strategy with dubious business prospects. The FDA’s approval of Aduhelm in 2021 was overshadowed by CMS restrictions, leaving Biogen Inc (NASDAQ:BIIB) suffering significant write-offs and spare capacity. , resulting in a reported loss of $45 million in the first quarter of 2022.
In reaction to those setbacks, Biogen Inc (NASDAQ:BIIB) is taking cost-cutting measures, aiming to save $500 million by eliminating Aduhelm’s infrastructure and reducing operating expenses. CEO Michael Vounatos hinted at a shift in focus toward other applicants in development. , such as Lecanemab, indicating a possible redirection of production resources. Despite the challenges, Biogen Inc (NASDAQ: BIIB) remains committed to aligning its functions with changing market demands.
A scientist in a laboratory performing mobile treatments and biotechnology.
To list the highest-paying countries in biotech, we know the countries with the highest demand for biotechnologists and then compiled a list of 30 countries with the average salaries of biotechnologists. Of those 30, the 20 with the highest average salaries were decided. and classified. We gained knowledge about the average salaries of biotechnologists by country from the Institute of Economic Research (ERI). The list is presented in ascending order.
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Average salary: $60,353
The Spanish biotechnology sector has grown exponentially and attracted foreign investors. In 2019, it invested €940 million ($1. 06 billion) in R&D
Average salary: $64,787
Singapore’s well-paid biotech sector is the result of strategic government investments dating back to 2000 to diversify the economy. Billions have been invested in committed think tanks like Biopolis, attracting global talent. Singapore’s long-term vision enables sustainable development, in contrast to sustainable development. In addition, education, with investment for PhDs and teaching positions, ensures a professional workforce. The sector has tripled in life in a decade, with long-term growth forecasts.
Average salary: $66,694
Italy is one of the highest-paying countries in biotechnology due to its burgeoning biotech industry and its investment and development. Companies such as Menarini Group and MolMed are key players in the Italian biotech sector.
Average salary: $66,933
Dubai’s DuBiotech offers an attractive platform for careers in biotechnology thanks to its strategic advantages. Covering 30 million square feet, it fosters innovation in a fiscally efficient environment. With a 50-year tax exemption and wholly foreign ownership, it attracts skill and investment. The park’s infrastructure, along with the Nucleotide Lab complex, supports studies and development. With more than 400 corporations and 4,000 professionals, it is a dynamic hub for collaboration and growth.
Average salary: $69,354
New Zealand offers high salaries in the biotech sector due to its complex research infrastructure, government incentives, and innovation. With a thriving biotech sector subsidized through top-tier universities and study organizations, the country attracts the best skills from around the world.
Average salary: $72,787
The UK’s biotech sector has been remarkably successful, as evidenced by its major contributions to the economy. With more than £16. 4 billion ($20. 8 million) generated annually from the production of medicines alone, this highlights the sector’s strong monetary impact.
Average salary: $76,650
France is one of the countries with jobs in biotechnology, as evidenced by start-ups such as Toopi Organics. With an impressive €8. 4 million ($9. 15 million) investment from the EIC accelerator, Toopi Organics has introduced urine recycling for agriculture, addressing major environmental challenges. In 2023 alone, Toopi Organics collected urine from almost 2 million EU citizens and introduced its first product, Lactopi Start, approved for organic farming in five EU Member States. Through project development and supportive investment, the French biotech sector promises truly broad growth. offering unprecedented opportunities for innovation and impact.
Average Salary: $80,668
Finland is one of the highest-paying countries in biotechnology due to its strong innovation ecosystem, favorable government policies, high-quality think tanks, and professional workforce. With a focus on state-of-the-art technologies and a strong investment in R&D,
Average salary: $81,277
Biotechnology in Ireland continues to grow thanks to primary investments through Pfizer Inc (NYSE:P FE). Pfizer Inc’s (NYSE:PFE) expansion of the Grange Castle facility, with an investment of 1. 2 billion euros ($1. 26 billion), has strengthened the country’s biotechnology industry. Sector. La task, which is scheduled to be completed in 2027, will double the production capacity of biologics and create between 400 and 500 jobs. The campus, a component of Pfizer Inc. ‘s global biotechnology network. (NYSE:P FE), produces critical drugs and vaccines, adding the mRNA vaccine Paxlovid Covid-19.
Average Salary: $81,653
The Netherlands is among the most sensible countries when it comes to biotechnology salaries. The country has more than 3,000 companies making an investment of 2. 2 billion euros ($2. 4 billion) in R
Average salary: $82,804
Australia is a true leader in the biotech industry with more than 1,400 companies, 80% of which are agile small and medium-sized enterprises, contributing to R&D spending.
It is one of the countries that pays microbiologists the most.
Average salary: $82,980
In Canada, the biotech industry is growing, with corporations such as Takeda, Novo Nordisk A/S (NYSE: NVO), Zymeworks, MedAvail and Deep Genomics leading the way in innovation. Takeda focuses on a variety of medical areas, adding oncology and rare diseases. Novo Nordisk A/S (NYSE: NVO) specializes in fighting chronic diseases such as diabetes and Alzheimer’s disease. With an average salary of $82,980, it is among the top 10 highest-paid countries in the biotech sector.
Average salary: $87,730
Austria is among the highest-paying countries for biotech jobs in Europe due to its concentration on studies and innovation, backed by government investments and strong collaboration between academia and industry. The country has a highly professional and favorable business environment.
Average Salary: $89,073
Germany’s biotech industry continues to grow thanks to lucrative acquisitions such as Novartis AG (NYSE:NVS), which bought MorphoSys for $2. 9 billion, boosting the development of cancer drugs. The acquisition of Novartis AG (NYSE:NVS) provides MorphoSys with cutting-edge therapeutics. edit your portfolio and drive the expansion of tasks in the high-paying biotech sector. The agreement demonstrates confidence in Germany’s biotech prowess, providing truly extensive resources to drive drug development.
Average salary: $94,354
Belgium is a European biotech powerhouse, Denmark with a market position capitalization of €40. 1 billion ($43. 69 billion) as of March 2023. Despite the global economic downturn, Belgium’s biotech sector has shown resilience, thanks to an impressive 25% growth in However, smaller companies, priced at less than €1 billion ($1. 09 billion), face volatility and fall to seventh position in the European hierarchy with a combined price of €1. 6 billion ($1. 74 billion). countries with the most productive pharmaceutical industry.
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Disclosure: None. The top 20 paying countries for biotech are published on Insider Monkey.