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New Study Presents Insights to Advisory Board Effectiveness in the Pharmaceutical Sector
CHAPEL HILL, N.C., May 1, 2015 /PRNewswire/ -- An effective advisory board serves as a valuable asset that can provide non-binding but informed guidance to pharmaceutical organizations on various business aspects. To maximize the return on investment, it is important for leaders to structure their advisory boards appropriately and invest optimal resources.
Research and consulting leader Best Practices, LLC recently undertook a study to assist pharmaceutical and medical device executives in identifying ways to best utilize the knowledge of advisory boards. The study delivers leading insights and metrics on the best structure for various types of advisory boards, selection of advisory board participants, and the cost and operational benchmarks for running advisory boards.
A well run advisory board requires adequate investment in resources and operations. To maximize the return on investment it is important for pharmaceutical professionals to ensure that the quality of meetings and the dialogue with the board is excellent. This research is designed for industry leaders seeking ways to best utilize the knowledge of advisory boards.
Conducted at the end of 2014 to capture the current state of affairs in pharma's approach to advisory boards, the research study produced "Benchmarking Advisory Board Management at Large Pharmaceutical & Medical Device Organizations." The report, which includes Total Benchmark Class and Large Company Segment perspectives, contains reliable industry metrics on key issues affecting advisory boards such as structure, participant selection, and cost.
The research illustrates:
- Best Structure for Various Types of Advisory Boards
- Selection of Advisory Board Participants
- Benchmarking Operations Of Advisory Boards
- Cost Of Conducting Advisory Boards
- Top Challenges & Best Practices Of Conducting Advisory Boards
Leaders responsible for overseeing or running advisory boards can use this study to evaluate how their program stacks up against industry averages and trends.
The study's data is based on 35 survey responses from medical affairs, marketing and patient advocacy leaders at 29 biopharmaceutical & medical device companies. Segmentation analysis was key to examining trends and effective practices. Thirteen participants at nine companies make up the large company segment. Additional deep-dive interviews were conducted with seven selected executives who participated in the study.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1350.htm.
For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking and advisory services firm serving pharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and most of the top 50 pharmaceutical companies. The firm conducts primary research and uses its comprehensive benchmarking tools and executives interviews to form the basis for our Benchmarking Reports and advisory services utilized by top executives. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
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