RESEARCH TRIANGLE PARK, N.C.--(EON: Enhanced Online News)--Life sciences companies in the Middle East utilize local key opinion leaders (KOLs) because they run into fewer cultural and linguistic barriers than with an international KOL.
“FMV Processes and Physician Fee Schedules: Establishing Transparent HCP Relationships in Middle East Markets”
Cutting Edge Information’s study, “FMV Processes and Physician Fee Schedules: Establishing Transparent HCP Relationships in Middle East Markets,” discovered that multinational companies typically choose local KOLs for small events. When these companies organize large events, such as product launches or specialized advisory boards, however, they prefer to contract international healthcare providers (HCPs).
International KOLs sometimes mitigate sociopolitical tension between event participants. If there were any potential animosity between event participants regarding a speaker’s training or school of thought, a drug company can contract a well-known and well-respected international expert to prevent such disagreements.
When hiring speakers from the US, Middle East drug companies must request visas six months in advance. Companies must also report all physician compensation in compliance with the US Sunshine Act. For these reasons, many surveyed companies prefer to work with healthcare providers in Europe instead of the US, however European countries are beginning to implement similar transparency policies. Despite potential hurdles, companies overcome difficulties in contracting international KOLs because the benefits outweigh the costs.
Large companies pay top-tier KOLs an average of €88 per hour, relying more on their brand name to work with top HCPs in the Middle East market. Though small companies find it more difficult to leverage their reputation or attract HCPs with large-scale speaking engagements or advisory boards, they can vie for influential healthcare providers by offering more competitive compensation.
The study “FMV Processes and Physician Fee Schedules: Establishing Transparent HCP Relationships in Middle East Markets,” (http://www.cuttingedgeinfo.com/research/medical-affairs/middle-east-fmv/) contains data from 15 Middle Eastern drug and device companies. It covers best practices for developing FMV fee schedules and compliance processes that reflect the region’s unique cultural, political and socioeconomic dynamics.
Use this report to:
- Benchmark FMV rates and create a process for determining HCP compensation in the Middle East.
- Establish rate cards for specialists and primary care providers across the region.
- Develop a key opinion leader scoring system.
For more information about Fair-Market Value compensation benchmarking, contact Cassie Demeter at 919-403-6583.