Solution Providers For Your Life Science Business Challenges
Do you need help determining Fair Market Value?
BioPharma Advisors has found that many companies struggle with determining compensation levels for services provided by healthcare professionals; they often wonder if it meets Fair Market Value.We have found that many of those going through this process have questions like the following:
How much is too much for a top international advisor/speaker to be paid for an event?
How should we handle Thought Leaders who want to negotiate a higher rate for services?
Should we pay healthcare professionals per hour, per day, or per event for their services?
Does it put the company at risk if different brands/affiliates within the same company pay different amounts for the same services?
Is it more common to have a tiered payment approach based on specialty, expertise, or both?
How differentiating should the criteria be in a traditional payment tier?
Are companies compensating Thought Leaders for travel time?
Should we pay the same amount to a speaker who gives an additional presentation in the same city on the same day?
What should the compensation be for speaker training events, online and in person?
How often should we evaluate/update our speaker or advisor payments to ensure Fair Market Value?
If you would like help answering any of these questions, please contact us. Robert Nauman Principal BioPharma Advisors LLC 2500 Regency Parkway Cary, North Carolina 27518 USA (919) 336-5026 rnauman@mybpa.net
Fair Market Valuation BioPharma Advisors, LLC
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 its own market research and benchmark data, capturing information through three different lenses: directly from the Thought Leaders, 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 are 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. Let BioPharma Advisors help your company internally organize, update payment schedules, and give you documentation to ensure fair market value payment to healthcare professionals for their services. LEVEL I BioPharma Advisors will analyze current speaker and advisor payment schedules.An audit will be performed on 30 healthcare professionals who frequently perform different services for the company.Payment amounts will be reviewed for consistency.BioPharma Advisors will present the results of its findings, as well as give recommendations for the company to implement. LEVEL II Level I services, plus exclusive benchmarking data conducted by BioPharma Advisors that focuses on feedback from three sources: biotech-pharmaceutical companies, Thought Leaders, and vendors that generate payment to physicians for services.BioPharma Advisors conducts these three studies over a 12-month period.This 20-page questionnaire is packed with in-depth payment questions, as well as hot topics generated by the industry.Additionally, BioPharma Advisors will share national salary reports for US healthcare professionals. LEVEL III Level II services, plus BioPharma Advisors will help you restructure your payment schedules to healthcare professionals and provide good documentation to support your decision.BioPharma Advisors will deliver an internal and external training plan to help with the successful implementation of this project.