RESEARCH TRIANGLE PARK, N.C.--()--Entry-level medical science liaisons (MSLs) earn an average $97,000, according to a new benchmarking study published by Cutting Edge Information. To attract and retain high-quality MSLs, companies need to pay them competitively.
“One of the best ways to attract new, talented liaisons is to offer a higher compensation package. But company size isn’t the only factor when determining compensation.”
MSL compensation has emerged as one of the most competitive tools companies can use to hire top talent, according to the study, “Managing Medical Science Liaison Teams: Budget, Staffing and Compensation Benchmarks.” Cutting Edge Information’s research found that medical device companies typically compensate their MSLs more than pharmaceutical or biotechnology companies. On average, medical device companies pay MSLs with no experience an average $110,000.
“Medical device companies have to compete for top talent with the likes of the largest pharmaceutical companies,” said Elio Evangelista, director of operations at Cutting Edge Information. “One of the best ways to attract new, talented liaisons is to offer a higher compensation package. But company size isn’t the only factor when determining compensation.”
The study also found that of the surveyed companies, MSLs working with specialist opinion leaders tend to be compensated more than MSLs working with primary care physicians. Specialist opinion leaders are working in more focused areas. By that same token, MSLs who work with these key opinion leaders require more specialized backgrounds or training. MSLs who work with specialist opinion leaders earn approximately $5,500 more than those who target primary care physicians.
“Managing Medical Science Liaison Teams: Budget, Staffing and Compensation Benchmarks” (http://www.cuttingedgeinfo.com/research/medical-affairs/msl-benchmarks/) includes detailed data on MSL team budgets, headcounts, structures and compensation packages for liaisons located in the US, Europe, Asia and Latin America. The study is designed to help MSL managers and medical affairs organizations:
- Adjust compensation commensurate with geography and liaison experience.
- Appropriately staff their MSL teams with top-notch talent.
- Expand MSL teams into strategic territories.
- Implement best practices for developing global MSL operations.
- Overcome globalization challenges by implementing time-tested structural models.
For more information about MSL benchmarks and performance measures, contact Elio Evangelista at 919-403-6583.