Non-members: Click here to review a complimentary excerpt from "Enabling Marketing Insights and Superior Competitiveness Through Faster Market Research Approvals: Managing Honoraria & Non-Conforming Requests"
Market research studies provide biopharmaceutical companies with strategic insights required to compete successfully in a fast-changing market. However, delays in the launch of critical market research projects can slow down the decision-making process, resulting in missed opportunities and increased costs.
Likewise, with the introduction of the Sunshine Act it is important for biopharmaceutical companies to establish a standard review process for honoraria rates to accelerate the market research approval process.
Research and consulting leader, Best Practices, LLC undertook this benchmarking study to investigate how leading companies manage honoraria services and non-conforming requests to enable fast and effective market research approvals. Market research leaders can use the insights from this study as a guide for the principal factors affecting honorarium.
- Best Practices of High-Performing Companies
- Managing Honoraria Services
- Managing Non-conforming Requests
- Field Interviews & Executive Verbatims
- Path Forward Recommendations
- Do you Differentiate Honoraria Rates for These Respondent Types to Incent them to Participate in Market Research
- Rate the Effectiveness of Various Criteria to Set the Honoraria
- Factors That Dictate Honoraria Rate Differences
- Use of Honoraria Rate Tools to Help Support Fast and Effective Market Research Approvals
- Do you Vary Honoraria Rates - If Yes, Explain
- Percentage of Market Research Requests with Exceptions
- Management Approaches Used to Reduce Exception Reviews
SAMPLE KEY FINDINGS
Fair Market Value (FMV) Honoraria Process: Employ a multi-step process to validate FMV honoraria rates (Labor rates + MR Rate Cards + Real World Recruitment). Best-in-class companies have standardized approaches to setting honoraria rates, the frequency of update and multiple sources to validate what is “fair market value.” Additionally, high performers have standardized the process by which to re-evaluate honoraria rates in market niches where existing rates and FMV seem to be disconnected.
Best practices, LLC engaged 22 executives from 21 leading pharmaceutical, biotech, and life sciences companies. Eleven companies responded on behalf of rare disease markets. Eight companies participated in deep-dive interviews about the drivers of operational excellence.