New Report: Quantifying Impact and Communicating the Value Story in Medical Affairs
CHAPEL HILL, N.C., July 15, 2023/PRNewswire/ -- The healthcare industry relies heavily on the critical contributions of Medical Affairs groups. However, Medical leaders often struggle with quantifying the precise external impact of their function and effectively communicating the "value story".
According to Best Practices, LLC’s benchmark research, 89% of Medical groups view Meeting Patient Objectives as important for assessing impact, and 30% achieve a high external impact as a result.
Top metrics for meeting patient objectives include:
Patients diagnosed -- 30% increase in testing; time to diagnosis
Patients treated -- # of claims; % of patients with disease state on treatment
Patient-centric tactics -- Diversity in clinical trials
Our framework for Medical Affairs impact highlights 6 performance goals: 1. Increase Share of Voice; 2. Build Awareness; 3. Provide Knowledge; 4. Improve Reputational Score; 5. Enhance Care Model; and 6. Meet Patient Objectives
This 84-page report, titled "Quantifying Impact & Telling the Value Story in Medical Affairs," delves into the strategies and practices employed by Medical Affairs groups to evaluate their influence on external stakeholders and to effectively communicate their value within their organizations.
Key topics addressed in this report:
- Senior leadership’s view of Medical Affairs performance
- Drivers of external impact
- Measuring Medical’s storytelling ability vs. performance
- Benchmarks related to the Impact Framework
- Storytelling leaders: Quantitative vs. Qualitative metrics/sources
- Measurement hurdles
- Key data sources
- Factors to justify higher Medical Affairs investment
- Future indicators of Medical’s impact
The insights of this study were gained by engaging
38 Medical Affairs leaders from 31 leading pharmaceutical companies.
To learn more about this report, download a complimentary report excerpt at
https://www.best-in-class.com/rw206.htm
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.