Solution Providers For Your Life Science Business Challenges
Thought Leader Management Consulting
Areas of specific focus and services offered include:
Thought Leader Management Consulting & Project Management This service provides clients with strategic consulting advice and counsel in the design, development, and implementation of a complete Thought Leader Management program.Our method conducts a complete needs analysis, and aligns any Thought Leaders activities to your company’s research, development, and commercialization activities.
Benchmarks in Thought Leader Management BioPharma Advisors offers this wonderful service and product specifically to biotech-pharmaceutical companies that want objective external data on thought leader compensation and other related topics.Although the current OIG guidelines recognize that industry access to experts can provide important benefits to the company and the patient, they also require a greater transparency and understanding of payments made to these health care professionals for their services.It is important a company can defend their payment schedule, and have objective documentation showing how their payment schedule ensures services were acquired at a “fair market value”.Finding objective documentation can become tricky as there are limited reference sources available that discuss payment ranges made to thought leaders
Since 2006, BioPharma Advisors has provided aggregate data collected not only directly from top thought leaders, but also from other participating biotech-pharmaceutical companies, and vendors that support thought leader management activities.Each year approximately fifteen companies participate.This information has helped companies understand from three different lenses how they compare to other companies not only in payment to physicians, but also benchmarks related to the contracting process, travel experience, preparation required for meetings, and overall satisfaction with the industry. (Learn More) Fair Market Valuation Consulting This service is designed specifically for biotech-pharmaceutical companies that want to update or confirm that their payments to healthcare professionals for services are in line with “fair market values”.BioPharma Advisors has found that some companies do not pay their thought leaders consistently for performing similar tasks.For instance, two brand teams within the same pharmaceutical company use the same advisor for consulting services, but pay different hourly rates.This can be confusing to the advisor and misinterpreted by the general public. Updating speaker and advisor payment to be in line with fair market valuation” can be complex, but BioPharma Advisors has experience implementing a simple and clear strategy that is intuitive to all involved parties.For three years, BioPharma Advisors has conducted their own market research and benchmark data, capturing information from three different lenses: directly from the thought leader, the biotech- pharmaceutical companies, and the vendors.This outcome ensures payment rates are in line with “fair market valuations” currently published within the industry and consistent with national payment data.BioPharma Advisors gives documentation to defend payment decisions, taking many things into account including historical payment data, national and international benchmarking data, and published national salary reports.(Learn More)
Aggregate Spend Consulting This service is designed specifically for biotech and pharmaceutical companies that have concerns about their aggregate spend amounts to healthcare professionals that perform services.Whether the desire is to develop aggregate spend levels, design a good system/database to track amounts paid, or merely to confirm that spend levels are not excessive, BioPharma Advisors can help. BioPharma Advisors has found that many companies lack confidence in their aggregate spend limit.Management often questions whether they should look at all monetary payments, including research work, or if they should merely focus in on commercial activity such as advising and speaking.Some of the larger companies run into issues when speakers and advisors are shared by multiple brands and there is a race to schedule these top thought leaders so far in advance in order to secure the thought leader before they exceed the aggregate spend cap.This internal competition often extends beyond company affiliates for internationally renowned thought leaders. This activity often has unfortunate and unintentional consequences. Additionally, BioPharma Advisors has have found that companies will frequently lower their aggregate spend cap, and then they don’t necessarily have a good communication plan to top speakers and advisors regarding these changes.These thought leaders often become frustrated and distance themselves from the company.Or, out of guilt for the lack of communication, the company employees will make an exception and the deviation list becomes quite long.If the rationale for the deviation is not documented appropriately, it could be misinterpreted externally.This presents an unnecessary risk for the company. (Learn More)
Contracting Efficiency Consulting This service will provide a GAP analysis of the current contracting situation.This assessment will also come with a basic improvement strategy plan for your company’s contracting process.In addition, we can develop three to four standard contract templates and a contract deviation process.They will also provide a more advanced improvement strategy plan for your company’s contracting process This service will come with SOPs, work instructions, and flow diagrams.We will prepare the training materials to be used by company and contracted health care professionals and can serve as project managers to help with electronic contracting process. (Learn More)
Thought Leader Management Consulting & Project Management This service provides clients with strategic consulting advice and counsel in the design, development, and implementation of a complete Thought Leader Management program.Our method conducts a complete needs analysis, and aligns any Thought Leaders activities to your company’s research, development, and commercialization activities.
Benchmarks in Thought Leader Management BioPharma Advisors offers this wonderful service and product specifically to biotech-pharmaceutical companies that want objective external data on thought leader compensation and other related topics.Although the current OIG guidelines recognize that industry access to experts can provide important benefits to the company and the patient, they also require a greater transparency and understanding of payments made to these health care professionals for their services.It is important a company can defend their payment schedule, and have objective documentation showing how their payment schedule ensures services were acquired at a “fair market value”.Finding objective documentation can become tricky as there are limited reference sources available that discuss payment ranges made to thought leaders
Since 2006, BioPharma Advisors has provided aggregate data collected not only directly from top thought leaders, but also from other participating biotech-pharmaceutical companies, and vendors that support thought leader management activities.Each year approximately fifteen companies participate.This information has helped companies understand from three different lenses how they compare to other companies not only in payment to physicians, but also benchmarks related to the contracting process, travel experience, preparation required for meetings, and overall satisfaction with the industry. (Learn More) Fair Market Valuation Consulting This service is designed specifically for biotech-pharmaceutical companies that want to update or confirm that their payments to healthcare professionals for services are in line with “fair market values”.BioPharma Advisors has found that some companies do not pay their thought leaders consistently for performing similar tasks.For instance, two brand teams within the same pharmaceutical company use the same advisor for consulting services, but pay different hourly rates.This can be confusing to the advisor and misinterpreted by the general public. Updating speaker and advisor payment to be in line with fair market valuation” can be complex, but BioPharma Advisors has experience implementing a simple and clear strategy that is intuitive to all involved parties.For three years, BioPharma Advisors has conducted their own market research and benchmark data, capturing information from three different lenses: directly from the thought leader, the biotech- pharmaceutical companies, and the vendors.This outcome ensures payment rates are in line with “fair market valuations” currently published within the industry and consistent with national payment data.BioPharma Advisors gives documentation to defend payment decisions, taking many things into account including historical payment data, national and international benchmarking data, and published national salary reports.(Learn More)
Aggregate Spend Consulting This service is designed specifically for biotech and pharmaceutical companies that have concerns about their aggregate spend amounts to healthcare professionals that perform services.Whether the desire is to develop aggregate spend levels, design a good system/database to track amounts paid, or merely to confirm that spend levels are not excessive, BioPharma Advisors can help. BioPharma Advisors has found that many companies lack confidence in their aggregate spend limit.Management often questions whether they should look at all monetary payments, including research work, or if they should merely focus in on commercial activity such as advising and speaking.Some of the larger companies run into issues when speakers and advisors are shared by multiple brands and there is a race to schedule these top thought leaders so far in advance in order to secure the thought leader before they exceed the aggregate spend cap.This internal competition often extends beyond company affiliates for internationally renowned thought leaders. This activity often has unfortunate and unintentional consequences. Additionally, BioPharma Advisors has have found that companies will frequently lower their aggregate spend cap, and then they don’t necessarily have a good communication plan to top speakers and advisors regarding these changes.These thought leaders often become frustrated and distance themselves from the company.Or, out of guilt for the lack of communication, the company employees will make an exception and the deviation list becomes quite long.If the rationale for the deviation is not documented appropriately, it could be misinterpreted externally.This presents an unnecessary risk for the company. (Learn More)
Contracting Efficiency Consulting This service will provide a GAP analysis of the current contracting situation.This assessment will also come with a basic improvement strategy plan for your company’s contracting process.In addition, we can develop three to four standard contract templates and a contract deviation process.They will also provide a more advanced improvement strategy plan for your company’s contracting process This service will come with SOPs, work instructions, and flow diagrams.We will prepare the training materials to be used by company and contracted health care professionals and can serve as project managers to help with electronic contracting process.(Learn More)