RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--The average number of thought leaders working with large pharmaceutical companies declined in one year by 26%, according to a Cutting Edge Information study.
“Determining European KOL Compensation: Fair-Market Value Benchmarks”
Cutting Edge Information’s study, “Determining European KOL Compensation: Fair-Market Value Benchmarks,” found that the aging population impacts the number of experienced professionals available to work with companies. This decline is a reflection of what the industry as a whole is facing. Having fewer relationships with thought leaders puts enormous pressure on field-based medical teams to source new candidates and to work harder than ever to keep key opinion leaders (KOLs) interacting with the company.
“The number of thought leaders willing to provide services for pharmaceuticals may decline further as disclosure rules come into effect” said Elio Evangelista, director of operations at Cutting Edge Information. “Federal laws, new hospital and academic regulations and disclosure requirements for publication in medical journals will likely come into effect in the coming years.”
Physicians have already seen top pharmaceutical companies enact policies to voluntarily disclose payment data. Now, various policy and US regulatory changes have led to an overall 25% decrease in the average hourly rate that companies pay physicians. Experts interviewed for this study expect similar declines to occur in Europe. Whereas in the past, many companies used to negotiate more freely with top-tier thought leaders demanding higher fees, any payments deviating from a fee schedule must now be accompanied by an explanation of why another thought leader was not used instead. Stricter fee schedules and increasing availability of other companies’ rates are making payments more uniform across the industry and bringing down fees paid to physicians.
“Determining European KOL Compensation: Fair-Market Value Benchmarks” (http://www.cuttingedgeinfo.com/europe-kol-fmv/) involves benchmark metrics for thought leader compensation and key opinion leader payments. The report includes strategic recommendations designed to help medical affairs, clinical development, legal and compliance executives to:
- Build a comprehensive thought leader management database.
- Calculate fair-market value and develop physician fee schedules.
- Build relationships with clinical and commercial key opinion leaders.
For more information about medical affairs management contact Cassie Demeter at 919-403-6583.