Average Pharmaceutical Research Scientist Salary in Bahamas for 2024

In this article, we will look at the average Pharmaceutical Research Scientist salary for 2024 in Bahamas and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Bahamian dollar. To keep things simple, we are using the BSD currency code instead of the currency symbol $.

How Much Does a Pharmaceutical Research Scientist Make in Bahamas?

A Pharmaceutical Research Scientist working in Bahamas will typically earn around 87,900 BSD per year, and this can range from the lowest average salary of about 44,200 BSD to the highest average salary of 138,700 BSD.

Average Annual Salary
87,900 BSD
Average Monthly Salary
7,325 BSD

Lowest Annual Salary
44,200 BSD
Lowest Monthly Salary
3,683 BSD

Highest Annual Salary
138,700 BSD
Highest Monthly Salary
11,558 BSD

These are average salaries for a Pharmaceutical Research Scientist in Bahamas and include benefits such as housing and transport. It's also possible for a Pharmaceutical Research Scientist to earn more or less than the average salaries shown above.

Pharmaceutical Research Scientist salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Pharmaceutical Research Scientist Salaries in Bahamas

So we've looked at the average salaries a Pharmaceutical Research Scientist will earn in Bahamas. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Pharmaceutical Research Scientist can earn between 44,200 BSD and 138,700 BSD on average in Bahamas. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Pharmaceutical Research Scientist in Bahamas is 88,600 BSD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 88,600 BSD, and 50% of the population earn more than 88,600 BSD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Pharmaceutical Research Scientist salary in Bahamas, 25% of the population are earning less than 58,700 BSD while 75% of the population earn more than 58,700 BSD.

75% of the population earn less than 108,200 BSD, and 25% of the population earn more than 108,200 BSD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Pharmaceutical Research Scientist Salary by Experience Level in Bahamas

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average pharmaceutical research scientist salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Pharmaceutical Research Scientist in Bahamas that has less than two years of experience can expect to earn somewhere in the region of 51,800 BSD.
  • 2 - 5 Years Experience. With two to five years of experience the average Pharmaceutical Research Scientist salary would increase to 67,400 BSD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Pharmaceutical Research Scientist, the average salary would be 92,900 BSD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 112,700 BSD.
  • 15 - 20 Years Experience. A Pharmaceutical Research Scientist with 15 to 20 years of experience can earn an average of 121,800 BSD.
  • 20+ Years Experience. For a Pharmaceutical Research Scientist with more than 20 years, the expected average salary increases to 130,500 BSD.

Average Salary by Experience Chart

0-2 Years
51,800 BSD
2-5 Years +31%
67,400 BSD
5-10 Years +40%
92,900 BSD
10-15 Years +20%
112,700 BSD
15-20 Years +9%
121,800 BSD
20+ Years +8%
130,500 BSD

Pharmaceutical Research Scientist Salary by Education Level in Bahamas

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Pharmaceutical Research Scientist in Bahamas based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Pharmaceutical Research Scientist in Bahamas with a bachelor's degree education can earn an average salary of 60,200 BSD.

  • Master's Degree. A Pharmaceutical Research Scientist in Bahamas with a master's degree education can earn an average salary of 88,300 BSD.

  • PhD. A Pharmaceutical Research Scientist in Bahamas with a phd education can earn an average salary of 128,400 BSD.

Average Salary by Education Chart

Bachelor's Degree
60,200 BSD
Master's Degree +49%
88,300 BSD
PhD +45%
128,400 BSD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Bahamas is around 19,500 to 58,400 BSD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Pharmaceutical Research Scientist Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Bahamas, a male pharmaceutical research scientist will earn an average of 95,200 BSD, while a female pharmaceutical research scientist will earn around 84,200 BSD.

This means that a male pharmaceutical research scientist earns approximately 13% more than a female pharmaceutical research scientist for performing the same job.

Average Salary by Gender Chart in Bahamas

Male
95,200 BSD
Female -13%
84,200 BSD

Pharmaceutical Research Scientist Average Pay Raise in Bahamas

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Pharmaceutical Research Scientist in Bahamas is around 8% every 29 months.

The national average pay raise across all professions and industries in Bahamas is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 8 ÷ 29 ) × 12  = 3%

What this means is that a Pharmaceutical Research Scientist in Bahamas can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Bahamas for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Bahamas.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Pharmaceutical Research Scientist Bonus and Incentive Rates in Bahamas

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Pharmaceutical Research Scientist is a low bonus based job, with 38% of employees reporting at least one bonus in the last 12 months.

62% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.

Received Bonus
38%
No Bonus
62%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Bahamas earn approximately 11% more than private sector employees in the same role.

Public Sector
51,500 BSD
Private Sector -11%
46,300 BSD

Salaries for Jobs Similar to a Pharmaceutical Research Scientist

In the table below, we have salary information for jobs that are similar to a Pharmaceutical Research Scientist in Bahamas.

Job Title Category Salary
Assistant Pharmacist Pharmaceutical and Biotechnology 40,300 BSD
Assistant Pharmacy Director Pharmaceutical and Biotechnology 78,700 BSD
Associate Medical Affairs Director Pharmaceutical and Biotechnology 109,700 BSD
Bioinformatics Scientist Pharmaceutical and Biotechnology 92,500 BSD
Bioinformatics Technician Pharmaceutical and Biotechnology 44,300 BSD
Biological Scientist Pharmaceutical and Biotechnology 102,700 BSD
Biological Technician Pharmaceutical and Biotechnology 46,400 BSD
Biomedical Engineer Pharmaceutical and Biotechnology 40,900 BSD
Biomedical Engineering Director Pharmaceutical and Biotechnology 78,200 BSD
Biostatistician Pharmaceutical and Biotechnology 62,300 BSD
Biotechnologist Pharmaceutical and Biotechnology 62,100 BSD
Biotechnology Lead Data Manager Pharmaceutical and Biotechnology 49,400 BSD
Chemical Process Technician Pharmaceutical and Biotechnology 45,200 BSD
Clinical Consultant Pharmaceutical and Biotechnology 64,300 BSD
Clinical Data Manager Pharmaceutical and Biotechnology 61,400 BSD
Clinical Data Specialist Pharmaceutical and Biotechnology 58,400 BSD
Clinical Informatics Specialist Pharmaceutical and Biotechnology 46,700 BSD
Clinical Operations Manager Pharmaceutical and Biotechnology 89,300 BSD
Clinical Pharmacist Pharmaceutical and Biotechnology 64,500 BSD
Clinical Pharmacy Specialist Pharmaceutical and Biotechnology 76,900 BSD
Clinical Programmer Pharmaceutical and Biotechnology 32,300 BSD
Clinical Project Manager Pharmaceutical and Biotechnology 58,400 BSD
Clinical Research Associate Pharmaceutical and Biotechnology 52,000 BSD
Clinical Research Manager Pharmaceutical and Biotechnology 84,800 BSD
Clinical Study Manager Pharmaceutical and Biotechnology 74,100 BSD
Compliance Specialist Pharmaceutical and Biotechnology 64,300 BSD
Cytology Laboratory Technologist Pharmaceutical and Biotechnology 50,300 BSD
Cytotechnologist Pharmaceutical and Biotechnology 51,600 BSD
GCP Auditor Pharmaceutical and Biotechnology 54,100 BSD
Hospital Pharmacy Technician Pharmaceutical and Biotechnology 47,200 BSD
Manufacturing Engineer Pharmaceutical and Biotechnology 53,300 BSD
Medical Affairs Director Pharmaceutical and Biotechnology 99,700 BSD
Medical Representative Pharmaceutical and Biotechnology 41,700 BSD
Medical Science Liaison Pharmaceutical and Biotechnology 68,400 BSD
Molecular and Cellular Biologist Pharmaceutical and Biotechnology 100,400 BSD
Nuclear Pharmacist Pharmaceutical and Biotechnology 65,400 BSD
Pharmaceutical Manager Pharmaceutical and Biotechnology 108,200 BSD
Pharmaceutical Manufacturing Lead Pharmaceutical and Biotechnology 117,100 BSD
Pharmaceutical Operations Excellence Manager Pharmaceutical and Biotechnology 100,700 BSD
Pharmaceutical Process Engineer Pharmaceutical and Biotechnology 57,100 BSD
Pharmaceutical Production Assistant Manager Pharmaceutical and Biotechnology 68,400 BSD
Pharmaceutical Project Manager Pharmaceutical and Biotechnology 65,900 BSD
Pharmaceutical Quality Auditor Pharmaceutical and Biotechnology 69,700 BSD
Pharmaceutical Regulatory Affairs Assistant Pharmaceutical and Biotechnology 48,300 BSD
Pharmaceutical Regulatory Affairs Manager Pharmaceutical and Biotechnology 68,500 BSD
Pharmaceutical Regulatory Affairs Specialist Pharmaceutical and Biotechnology 58,600 BSD
Pharmaceutical Representative Pharmaceutical and Biotechnology 44,900 BSD
Pharmaceutical Research Associate Pharmaceutical and Biotechnology 62,100 BSD
Pharmaceutical Researcher Pharmaceutical and Biotechnology 95,300 BSD
Pharmaceutical Sales and Marketing Manager Pharmaceutical and Biotechnology 78,200 BSD
Pharmaceutical Sales Manager Pharmaceutical and Biotechnology 84,800 BSD
Pharmaceutical Sales Representative Pharmaceutical and Biotechnology 41,300 BSD
Pharmaceutical Supply Chain Manager Pharmaceutical and Biotechnology 92,100 BSD
Pharmaceutical Team Leader Pharmaceutical and Biotechnology 68,500 BSD
Pharmaceutical Technologist Pharmaceutical and Biotechnology 45,700 BSD
Pharmacist Pharmaceutical and Biotechnology 62,600 BSD
Pharmacy Aide Pharmaceutical and Biotechnology 42,600 BSD
Pharmacy Manager Pharmaceutical and Biotechnology 81,700 BSD
Pharmacy Stock Controller Pharmaceutical and Biotechnology 35,600 BSD
Pharmacy Technician Pharmaceutical and Biotechnology 35,600 BSD
Records Management Coordinator Pharmaceutical and Biotechnology 32,300 BSD
Shift Encapsulator Pharmaceutical and Biotechnology 36,900 BSD
Staff Pharmacist Pharmaceutical and Biotechnology 59,800 BSD

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