Solution Providers For Your Life Science Business Challenges
Do you understand how your efforts and interactions with Thought Leaders compare to industry practice standards?
BioPharma Advisors has found that many companies are reviewing and updating their payments to healthcare professionals.Many companies look for documentation on current payment trends to make informed decisions. seek documentation and data prior to driving change.We have found that those going through this arduous process often ask the following:
What is the average Thought Leader compensation limit/aggregate spend cap in the biotech and pharmaceutical industry?
On average, what does the industry pay for speaker and advisor programs?
Do most companies pay healthcare professionals per hour, per day, or per event for their services?
Is it more common to have a tiered payment approach based on specialty, expertise, or both?
Are companies compensating Thought Leaders for travel time?
If an advisor was hired to fill different roles, such as facilitator, moderator, or a chairperson for the advisory board, how much more do companies generally compensate him or her for that activity?
Do companies typically pay the same amount to a speaker who gives an additional presentation in the same city on the same day?
How often do companies typically evaluate/update speaker or advisor payments to ensure Fair Market Value for those services?
Do speakers feel that speaker training is valuable?Who do they most enjoy hearing present?
How do Thought Leaders feel about industry efforts to maximize their time, listen and respond to their concerns?
If you would like help dealing with any of these areas, BioPharma Advisors can help you.Please use the information below to contact us. Robert Nauman Principal BioPharma Advisors LLC 2500 Regency Parkway Cary, North Carolina 27518 USA (919) 654-6733 rnauman@mybpa.net
Benchmarks in Thought Leader Management BioPharma Advisors, LLC
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 healthcare professionals for their services.It is important that a company can defend its payment schedule, and have objective documentation showing how its payment schedule ensures that services were acquired at 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 about 15 companies participate. This information has helped companies understand, looking through three different lenses, how they compare to other companies, not only in payments to physicians, but also benchmarks related to the contracting process, travel experience, preparation required for meetings, and overall satisfaction with the industry.
BioPharma Advisors conducts these three studies in a 12-month period. This 20-page questionnaire is packed with in-depth questions, as well as hot topics generated by the industry. Pricing is available at several different levels and allows you to get as much data as you need within your budget.
Let BioPharma Advisors arm your company with the knowledge and documentation you need to make smart decisions that can impact your company's policies and payments to healthcare professionals.