Solution Providers For Your Life Science Business Challenges
Areas of Expertise
BioPharma Advisors is a network of respected consultants with years of experience in the pharmaceutical and biotech industries. We work with clients to solve their commercial, clinical and regulatory business challenges.
Through the use of state-of-the-art technology, we help clients navigate through tricky regulatory waters as they:
Deal with the Thought Leaders who are critical to keeping products and services front-of-mind with decision makers.
Map out a comprehensive, effective message through marketing channel integration.
Drill deep into market research, and
Address key issues, including patient adherence
Other areas of expertise:
Clinical trial management
Managed care contracting and marketing
Wholesale Distribution
Give us an opportunity to help solve your business challenges.
Insights in Thought Leader Management-Complete Series
Senior executives need to know: Life sciences companies are under ever-increasing scrutiny over their relationships with physicians and other healthcare professionals. Federal and state legislators, feeling the pressure of public opinion, are passing new “transparency” laws. These laws are adding on layer after layer of new responsibilities on companies – for issues ranging from paying Thought Leaders fair market value for their services to new requirements for calculating and reporting aggregate spend on each contracted professional. Executives ignore these developments at their peril. These issues aren’t going away. So it’s imperative that companies put together solid central management plans for handling what’s sure to be a labyrinth of compliance issues. Up to now, there’s been no up-to-date, fact-based resource executives could turn to for guidance on what the current trends are and what the future’s likely to hold. That’s why BioPharma Advisors is offering Thought Leader Management Insights, an 11-part series designed to help company executives navigate what’s sure to be a stormy sea of new rules and regulations. These Insights, written in an authoritative, quick-read format, offer the kind of advice today’s life sciences professionals’ need, from professionals they respect. These articles are invaluable for both senior executives looking for a comprehensive overview of today’s transparency climate and for front-line managers who need to drill down to day-to-day operational issues.
BioPharma Advisors has Fair Market Value data from its Benchmarks in Thought Leader Management Survey
Research from BioPharma Advisors indicates a new level of scrutiny on the part of pharmaceutical and biotech manufacturers in the area of using Thought Leaders in eduction and clinical activities.
The work is part of the company's annual "Benchmarks in Thought Leader Management" survey. The three-part survey looks at a number of data points to help companies make better-informed decisions about determining Fair Market Value (FMV) of Thought Leader positions for common commercial and clinical activities. Some key findings from the recent research:
The newly implemented PHRMA code has caused significant stress within organizations, pressing to get business processes in place to meet the code's January, 2009 implementation date.
Fair Market Value is a difficult concept to determine. Currently, many different factors impact fee levels for common commercial activities -- speaker programs, advisory boards, etc. -- and clinical activities -- investigator -initiated trials, per-patient trial service costs, etc.
Companies are looking at aggregate spend very aggressively. Many have determined annual caps on compensation for speaker programs and consulting, but are struggling to pinpoint limits on commercial and clinical activities that specific physicians may perform over the course of a year.
The payment ranges independently measured by BioPharma Advisors make it clear that Thought Leaders, manufacturers, and the vendors who work among those parties all look at FMV very differently. The valuation is often a combination of several elements. This year's research from BioPharma Advisors suggests that the key to determining final FMV is a process of weighing disparate elements to calculate precisely what specific activities are worth in the marketplace.
These are just a few of the insights covered in the BioPharma research. BioPharma Advisors has collected more than 200 different data points that can help companies make better informed decisions about their business practices with healthcare professionals.
Mr. Robert Nauman founded BioPharma Advisors in 2003. He has more than 25 years of industry experience in the Pharmaceutical, Biotech and Medical Device industries.
