Last year’s hyperbole-straining biopharma boom saw 41 drug approvals, a class dotted with projected blockbusters whose debut sent market caps around the industry soaring to unprecedented heights. And that hot streak trickled down to the industry’s best-compensated scientists, as the virtuous cycle of ever-climbing valuations helped line the pockets of biopharma’s R&D leaders.
The year’s 10 highest-paid development executives pulled in $124.4 million in total compensation, a roughly 35% jump over 2013’s top earners. And while each entrant benefited from meeting individual company goals, the whole group benefited from biopharma’s macroeconomic moment in the sun, as the value of stock awards skyrocketed alongside the industry index.
Take, for example, Gilead Sciences ($GILD) Chief Scientific Officer Norbert Bischofberger. As a reward for his leadership in developing the drugs that became Harvoni and Zydelig, Gilead dialed up his stock awards and incentive pay, making for a whopping 21.5% raise and gross take-home of $8.3 million.
But Bischofberger didn’t make this list.
And neither did Amgen’s ($AMGN) Sean Harper, Novartis’ ($NVS) Mark Fishman nor GlaxoSmithKline’s ($GSK) Moncef Slaoui, a trio of mainstays whose nothing-to-scoff-at paychecks were usurped by younger companies promising big payouts as they take a page from Big Pharma and diversify their pipelines.
This year’s top 10 is, across the board, noticeably light on multinational pharma giants. That’s in part because, for reasons including legal obligation and continental custom, the likes of AstraZeneca ($AZN), Sanofi ($SNY) and Roche ($RHHBY) don’t disclose what they pay their top researchers. But it also reflects the continued rise of biopharma’s middle class, as former upstarts like Regeneron ($REGN), Biogen ($BIIB) and Alexion ($ALXN) are contending with–and outspending–traditional powerhouses.
Source: Fierce Biotech
Giovanni Caforio, the former CEO of Bristol Myers Squibb, is set to become the next board chairman of Novartis, which on Tuesday proposed the pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the role next year. Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025.
GE HealthCare has raised the curtain on two ultrasound systems equipped with artificial intelligence programs designed to assist in diagnosing conditions in women’s health, including obstetric exams. The Voluson Signature 20 and 18 imaging systems include AI tools capable of automatically identifying and annotating measurements of fetal anatomy.
Scientists from the University of Edinburgh’s School of Chemistry have revealed a new sustainable method of manufacturing complex molecules that could reduce waste produced during drug production. The method published in Nature Chemistry could help to prevent severe side effects caused by drugs that can exist as enantiomers.
