Product Development Scientist salary in Iceland

Average Yearly Salary of Product Development Scientist in Iceland is approximately 14,461,976 ISK (100,458 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Product Development Scientist do?

A product development scientist is responsible for researching, designing, and developing new products or improving existing ones. They work across various industries, including pharmaceuticals, food and beverages, cosmetics, and consumer goods. Their main objective is to create innovative and marketable products that meet customer needs and align with company goals. Product development scientists conduct extensive research to identify market trends, consumer preferences, and technological advancements. They collaborate with cross-functional teams, including engineers, marketers, and regulatory experts, to formulate and test prototypes. They analyze data, conduct experiments, and make recommendations for product enhancements or modifications. They also ensure that products meet quality standards, regulatory requirements, and cost targets.

Skills: product development, research and development, innovation, market analysis, prototyping, quality control
Job industry: Pharmaceuticals

How much does Product Development Scientist make?

Difference in salary year over year or average salary increase is approximately 4 %


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Salary comparison to National average

Is Product Development Scientist a well paid job?

Yes, our data shows that Product Development Scientist is a well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Product Development Scientist?

High salary for Product Development Scientist would be somewhere between 15,908,174 ISK and 20,969,865 ISK. However this is an estimation based on Gaussian Distribution.

How much can you save working as Product Development Scientist in Iceland?

Living in Iceland the approximate monthly expenses are: 2,729 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 14,461,976 ISK
Estimated Monthly Salary: 1,205,165 ISK
Estimated Weekly Salary: 278,115 ISK per week
Estimated Hourly Salary: 6,953 ISK per hour
By working as Product Development Scientist a person can save up to 5,643 USD per month or 67,712 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Iceland, see costs of living in Iceland.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Norway, Faroe Islands, United Kingdom.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Product Development Scientist

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

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Data as of 2025

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