What types of industry positions favor PhD over a masters? I'm coming from a biomedical engineering background, and I'm noticing that almost all job postings ask for either an MS or a PhD, and from speaking with my friends with masters it seems that masters are often favored, because they demand less pay. In fact, the only positions that specifically seek out PhDs seem to be research positions in industry.

Based on that, I'm curious to see if this exists beyond just engineering. Are there any non-research industry positions that actively seek to hire PhDs over masters students?
I am currently employed in the biotech industry. Hopefully this is helpful but it may all just be obvious:

Concerning research industry positions, jobs are generally classified as PhD (scientist) or non-PhD (research assistant/associate). For scientists positions, sometimes someone without a PhD will be considered if they have significant experience - e.g. Masters plus 5-8 years, Bachelors plus 10+ years. However, PhDs are generally favored over non-PhDs for outside hires. For research asst/assoc positions, non-PhDs are favored over PhD holders, and many companies have policies that prohibit hiring PhDs. 

Concerning non-research industry positions, holding a PhD will give you an edge over BS/MS holders, but you have to compete with other specialized degrees. For business developement and upper management positions, you'd have to compete with MBA holders (along with internal hires from research/scientific management). For legal positions, you'd compete with JDs and certified patent agents. For project management, there are certifications as well. 

If you were to hold MBA/JD/additional certification AND a PhD, you would be extremely marketable for these types of positions. It's a lot of work to add something like that on after finishing a PhD program, but companies often love to have PhDs on staff in those types of positions - but generally you need to have the other qualifications as well. 

Edit: Also, the best people to talk to are professors from your current/old department who are on any company's board of directors. They will know exactly what kind of people a company wants to hire, and will be able to tell you how to target your job search, or what kind of experience/credentials matter most.