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9 Best Practices
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However, running an effective advisory board requires optimal investment in resources and operations. Also, leaders involved in advisory board management should ensure that the quality of meetings and dialogue with advisory boards is excellent.
Best Practices, LLC designed a study to identify the best practices in advisory board management at mid-sized biopharmaceutical and medical device companies. The study delivers benchmarks on the optimum structure for various types of advisory boards, recruitment of advisory board participants, advisory board operational and resource benchmarks.
NOTE: Segmentation analysis was key to examining trends and effective practices. This research captures insights from the Mid-Sized Companies Segment. Mid-sized companies are those with annual revenues between $1 Billion and less than $10 Billion.
Best Practices, LLC engaged 35 executives from 29 leading life sciences companies through a benchmarking survey. Segmentation analysis was key to examining trends and effective practices. Twelve participants from nine companies comprise the Mid-sized Company Segment. Most responses came from the United States and 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.