Samsung Biologics Tops with 107 Million Won Average Salary
Yuhan Corporation Leads in Employee Tenure
Among the eight pharmaceutical and biotech companies that recorded sales of over 1 trillion won last year, Samsung Biologics was found to have the highest average employee salary.
According to the Financial Supervisory Service on the 30th, Samsung Biologics ranked first in average employee salary in the pharmaceutical and biotech industry last year. In 2023, Samsung Biologics paid an average of 107 million won per employee to 4,792 employees excluding seven registered executives. This figure represents an 8% increase compared to the previous year.
The average annual salary of Samsung Biologics employees has been steadily increasing: ▲75 million won in 2019 ▲83 million won in 2020 ▲79 million won in 2021 ▲92 million won in 2022 ▲99 million won in 2023. Although the average salary decreased in 2021 due to the impact of the COVID-19 pandemic, Samsung Biologics continuously expanded its contract development and manufacturing organization (CDMO) orders and increased new hires during that period.
In addition, the average salary per employee last year at major pharmaceutical and biotech companies was ▲Celltrion 103 million won ▲Yuhan Corporation 97 million won ▲Chong Kun Dang 81 million won ▲Hanmi Pharmaceutical 79 million won ▲Boryung 74 million won ▲GC Green Cross 73 million won ▲Daewoong Pharmaceutical 69 million won.
Samsung Biologics also ranked first in executive salaries. The average salary of seven directors and auditors was 1.903 billion won per person, a 45% increase from the previous year. Celltrion ranked second, with an average salary of 940 million won for 12 directors and auditors, marking a 51.4% increase from the previous year. By rate of increase, Celltrion had the highest raise.
Among other pharmaceutical and biotech companies, the average executive salaries last year were ▲Boryung 389 million won ▲GC Green Cross 354 million won ▲Yuhan Corporation 329 million won ▲Daewoong Pharmaceutical 223 million won ▲Chong Kun Dang 205 million won ▲Hanmi Pharmaceutical 193 million won. Among these, companies that saw salary increases were ▲Hanmi Pharmaceutical (16.3%) ▲Yuhan Corporation (15%) ▲Chong Kun Dang (14.5%).
Yuhan Corporation had the longest average employee tenure among the eight companies. As of last year, the average length of service was 12 years and 7 months, the only company exceeding 10 years. Following were ▲Chong Kun Dang 9 years 6 months ▲GC Green Cross 9 years 4 months ▲Hanmi Pharmaceutical 8 years 5 months ▲Boryung 6 years 4 months ▲Daewoong Pharmaceutical 6 years 3 months ▲Celltrion 5 years 9 months ▲Samsung Biologics 5 years 2 months.
The pharmaceutical and biotech industry is known for fierce competition to recruit research and development (R&D) as well as sales and marketing personnel from rival companies. Because of this, companies are making efforts to strengthen employee welfare and enhance organizational cohesion. Samsung Biologics and Celltrion, established in the 2000s, have relatively short tenures but offer various welfare programs. These include providing dormitories, daycare centers, meal subsidies, and operating dedicated hospitals.
Yuhan Corporation, since August 2023, has been providing 10 million won in childbirth incentives per child, and pays full tuition for middle and high school as well as university regardless of the number of children. Daewoong Pharmaceutical fully pays salaries during maternity leave to alleviate employees' financial burdens and encourages the use of parental leave at the company level. In fact, about half of the eligible employees at Daewoong Pharmaceutical took parental leave last year.
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