See Average Pharma Honoraria Benchmarks to Ensure You Are Competitive within Your Market

CHAPEL HILL, N.C., Dec. 07, 2020/PRNewswire/ -- Determining a competitive honoraria rate is a complex multistep process with many factors that can impact the value.

One important step involves effectively differentiating between the numerous types of external participants, in terms of specialty, geography and other key factors. According to Best Practices, LLC’s research, while a majority of companies use geographic region and therapeutic area specialty to set honoraria rates, only 45% use actual "recruitment difficulty" of participants as a factor - dooming many companies to unrealistic expectations, slower cycle times, and poorer end results.

This makes it critical for companies to arrive at the right honoraria levels within the countries they serve.

“Benchmarking Thought-Leader Fair Market Value in the Healthcare Industries,” is a new 52-page benchmarking report that probes key topics including:

• FMV compensation for different levels of thought leaders
• FMV compensation for different regions and therapeutic areas
• FMV compensation for different physician activities
• FMV compensation paid to non-specialists

Thirty Medical Affairs and Marketing leaders from 26 pharmaceutical, biotech, medical device and 3rd party providers from across the globe were engaged in this research through a benchmarking survey. Sixty percent of the participants serve at the Director level and above. Half of the respondents were from the U.S.

To find out where your peers stand on thought leader management and compensation levels, download a complimentary report excerpt at https://www.best-in-class.com/rw111.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.