Non-members: Click here to review a complimentary excerpt from "Professional Medical Education Excellence: Benchmarking Critical Budget Trends for the Medical Device and Biopharmaceutical Marketplace"
Professional Medical Education programs are a key way that healthcare professionals learn how to safely and effectively use new medical devices and biopharmaceutical products. While this remains as true today as it was in the past, the changing financial and regulatory landscape has created a challenging environment for Medical Education groups.
With budgets across both pharma and medical device under increasing pressure, it has become critical for Medical Education groups to become more efficient with their resources. This Best Practices, LLC study explores how medical device and biopharmaceutical companies are allocating budget and spend within Medical Education to succeed in this environment. In addition, this evidence-based benchmark study informs Medical Education leaders on where funding originates, how to utilize different funding distribution channels, and funding trends that are emerging within Medical Education.
The study in this report are presented in two segments: Medical Device and Pharmaceutical.
- Universe of Learning: Key Demographics of Participating Companies
- Medical Education Investment Levels
- Funding channels utilized by Medical Education groups
- Future trends in funding for Medical Education programs
SAMPLE KEY METRICS
SAMPLE KEY FINDING
- Estimate of Aggregate Global Investment Level for all Medical Education Functions and Activities for last Fiscal Year
- Where Funding Originates for Your Medical Education Programs and Services
- Funding Distribution Channels used by Medical Education Group to Support Accredited and Non-Accredited Education
- In Which Situations - if any - are Attendees Charged a Fee?
- Estimate the Percentage of Annual Medical Education Funding that is Invested in These Key Areas
- What is your Most Pressing Funding Challenge
- Funding trends anticipated for key Medical Education areas in the next 24-36 months
- Medical Education Budget Allocations: The device and pharma segments focus their medical education funding on different aspects of their operations, although grants are a key priority for both. The device segment puts most of its budget – 25% - into staffing (grants are next at 22%) while the pharma segment’s largest allocation was grants (36%).
- Trends in Budgets for Medical Education Groups: Over the next two years, device participants expect funding to stay the same for most of their medical education activities, including academic centers, staffing, simulation centers, professional societies and third-party education. But 43 percent expect grant funding to decrease. Meanwhile, half the pharma segment expect funding to stay the same for: academic centers, professional societies, simulation centers, and fellowships.
Best Practices, LLC engaged 32 Medical Education leaders at 31 companies through a benchmarking survey instrument. In addition, research analysts conducted deep-dive executive interviews with 5 selected respondents to collect qualitative data and insights. Fourteen participants represent the Medical Device Segment and 18 participants represent the Pharma Segment.