RESEARCH TRIANGLE PARK, N.C.--(EON: Enhanced Online News)--Survey results indicate that 58% of surveyed North American pharmaceutical companies, 42% of European companies and 36% of affiliates in developing markets outsource some part of their advisory board work.
“For some firms, that means giving some duties to vendors and not others.”
Data from a brand new Cutting Edge Information report, “Pharmaceutical Advisory Boards: Uncovering Clinical, Market and Payer Insights to Enrich Product Opportunities,” indicates that among companies outsourcing advisory boards work, outsourced activities can include coordinating logistics, travel, contracting or setting up venues, among many other things.
The study found that another key activity that many companies tend to outsource is the identification and recruitment of advisory board participants. Among surveyed companies, mid-sized and smaller companies use vendors for recruitment more frequently that large drug manufacturers. At larger companies, established KOL management teams make participant identification and recruitment much easier.
According to one interviewed executive, advisory board vendors give his team an advantage because “if they are doing 100 or 200 of these a year, they are going to know how to do these better and faster than we are.” Not all companies hold this opinion, however. Some companies find that outsourcing advisory board management can hurt their efforts. For others, it is hard to find agencies that are both solid and have established relationships that fit companies’ needs.
“For all companies that outsource, finding a healthy balance between internal and external workloads is critical,” said Jacob Presson, research analyst at Cutting Edge Information. “For some firms, that means giving some duties to vendors and not others.”
The new study “Pharmaceutical Advisory Boards: Uncovering Clinical, Market and Payer Insights to Enrich Product Opportunities,” available at (http://www.cuttingedgeinfo.com/research/medical-affairs/pharmaceutical-advisory-boards/), includes both qualitative and quantitative data to allow you to reduce advisory board costs, qualify ad board participants – especially moderators – and coordinate the key players who need to be involved to run a successful meeting.
Professional relations groups and medical affairs teams can use this report to:
- Benchmark advisory board spending levels and cost-drivers.
- Establish clear objectives for your advisory boards.
- Keep up with compliance and regulatory issues impacting how pharmaceutical and biotech companies run their ad boards.
For more information about advisory boards and medical affairs benchmarking, contact Cassie Demeter at 919-403-6583.