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9 Best Practices
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To get maximum return on investment, it is important for pharmaceutical organizations to structure their advisory boards appropriately and invest resources optimally. 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, advisory board operational benchmarks and cost benchmarks for running advisory boards. It also highlights the top challenges, winning strategies and best practices for conducting advisory boards.
NOTE: Segmentation analysis was key to examining trends and effective practices. This study captures insights from the Large Companies Segment.
This study engaged 35 executives from 29 leading life sciences companies. Segmentation analysis was key to examining trends and effective practices. Thirteen participants at 8 companies make up the Large Company Segment (annual revenues greater than USD 10 Billion). Most responses came from US & Canada(63%) followed by Asia (20%).
· Physician & Clinical Advisory Boards Most Common: Six out of 10 benchmarked companies maintain physician and clinical advisory boards.
Segments: Large Companies utilize all the types of advisory boards studied in this research. Sixty-two percent of large companies have physician advisory boards and 69% have clinical advisory boards. Half of large companies also host marketing advisory boards.
· Large Companies Prefer National Participants for Physician Advisory Boards: Unlike some benchmarked companies, 56% of large companies prefer national participants as a part of their physician advisory boards while 33% like a mix of both national and regional.