Solution Providers For Your Life Science Business Challenges
Do you need help with deciding how much to spend on physician-advisors?
BioPharma Advisors has found that many companies struggle with determining their spending limits for physicians. Companies ask questions like:
How much is too much for an advisor/speaker to be paid in a year?
Should we consider all the work the physician does, including research, or should there be separate limits for each category?
Should this dollar figure include medically related services?
Should this dollar figure include medically related gifts, like medical textbooks?
What is the best way to capture this data and who in the company should have access to this information?
If we decide that our speakers/advisors will be shared by multiple brands and affiliates, and if we know that one of those brands or affiliates will exceed our spending cap, how do we handle that situation?
How should we handle allocating funds between speaking and advising engagements for those Thought Leaders who will likely exceed the established cap?
Should we have a deviation process for exceptions, and if so, who should approve these deviations?
Who, and how, should inform the Thought Leaders about the company's spending cap?
What risks do we take for not having established this spending limit?
If you would like help answering any of these questions, BioPharma Advisors can help you.Please contact us. Robert Nauman Principal BioPharma Advisors LLC 2500 Regency Parkway Cary, North Carolina 27518 USA (919) 336-5026 rnauman@mybpa.net
This service is designed specifically for biotech and pharmaceutical companies that are concerned about the aggregate spend amounts given to healthcare professionals for their 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 on commercial activities such as advising and speaking.Some larger companies run into issues when speakers and advisors are shared by multiple brands; these brands race to schedule the top Thought Leaders far in advance before the aggregate spend cap is exceeded.This internal competition often extends beyond company affiliates for internationally renowned Thought Leaders. This race often has unfortunate and unintentional consequences.
Additionally, BioPharma Advisors has found that companies often lower their aggregate spend cap, and then neglect to tell their top speakers and advisors about 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. Let BioPharma Advisors help your company improve aggregate spend policy and procedures and mitigate unproductiveness and risk.Please select from the following options. LEVEL I BioPharma Advisors will analyze current aggregate spend policy and procedures.An audit will be performed on 30 healthcare professionals who are used frequently by multiple brands/groups (at least three deviations will be reviewed). We will present the results of our findings, as well as give high level recommendations for the company to implement.
LEVEL II Level I services, plus exclusive benchmarking data conducted by BioPharma Advisors that focuses on aggregate spend amounts.Additionally, we will help you update your aggregate spend policy and procedures and develop a sound and well documented deviation policy.You will also receive a communication plan to use with Thought Leaders regarding policy changes that may impact them and a training plan to use with internal staff.
LEVEL III Level II services, plusBioPharma Advisors will help you design a reliable electronic system to track payments and payment deviations. We will also help train employees on policy changes and the updated electronic database/tracking system.