Programmer/analysts do make more, but not nearly as much as they would in VC-istan. The median starting salary for a programmer/analyst at my institution is 50K. Senior programmer/analysts can make as much as a median 116K, but I almost never see people employed at that level despite their capability. More importantly, at least in life science research at a public institution, there's really no guarantee that you'll be kept on past the duration of the grant you're funded from, unless your PI is famous and your lab's rich. Even so, the recent cascade of NIH and NSF cuts are putting pressure on all labs.
Along those lines -- the job insecurity's the worst for junior staff, so I don't really see any good reason for recent grads to continue in public research. Most of my former grad school classmates are now in private pharma or biotech. I'm personally looking to move from life science to the SF tech scene as soon as I graduate this year.
Edit: clarity
Why? What about supply and demand? Do you mean salaries shouldn't be determined by supply and demand, or demand "should" be higher?
If demand for these skills should be higher, but isn't, that is an opportunity for entrepreneurs. Your or anyone else, if correct, could make a killing using these skills at low prices (salaries). The more people who do that, the more the prices of their skills rise.
Supply and demand do not determine value. Supply and demand do determine price. The equating of price and value is a lazy attempt to find an objective interpersonal measure of value by saying "what is" is equivalent to "what should be," since determining "what is" is typically easier than forming a consensus on "what should be."
Market forces are better than previous systems at allocating resources, but they aren't infallible.
As someone has pointed out, theres a difference between price and value.
Time-behavior + value-creation vs. value-capture.
Market demand for science R&D is pretty much nil. Basic research requires some kind of altruistic/passive funding (government, universities).
Market demand for the technologies that come out of basic research, decades later, is nearly infinite.
No one is going to pay, on the market, $150,000 per year for a biologist to analyze some weird protein. But when that work results in a cure for several common cancers, 20 years later, I'd say it's paid itself off by several orders of magnitude.
You should make more working on scientific research that helps everyone than you'd make ($100-150k for typical programmers) writing yet another ad exchange.
It's not true that you "can't get good people" with low salaries. The sciences are full of great people making low salaries. You just can't get very many of them. We need good people in the sciences and a much larger number, which means that society needs to start paying scientists what they're actually worth.