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» Products & Services » » Medical Affairs » Thought Leader Services

Benchmarking Thought-Leader Fair Market Value in the Healthcare Industries

ID: POP-332


Features:

6 Info Graphics

33 Data Graphics

980+ Metrics


Pages: 52


Published: 2020


Delivery Format: Shipped


 

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919-403-0251

  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • VIEW TOC AND LIST OF EXHIBITS
When it comes to compensating health care providers, pharmaceutical and medical device companies need to establish clear standards of payments to remain compliant and in good competitive standing in the industry. However, establishing precise fair market value (FMV) compensation rates is a challenge which requires that manufacturers take into account multiple factors including thought leader tiers, geographic region, therapeutic area, and activity type.

Best Practices, LLC undertook this benchmarking research to examine FMV levels and key trends in FMV compensation rates for thought leaders across KOL tiers, therapeutic areas, countries, and activities. The report also provides FMV compensation rates for event preparation and for non-specialists.

Industries Profiled:
Biotech; Biopharmaceutical; Pharmaceutical; Health Care; Medical Device; Consumer Products; Diagnostic; Technology; Research; Clinical Research; Laboratories; Communications; Science


Companies Profiled:
Acorda Therapeutics; Apricus Biosciences; Inc.; Astellas; AstraZeneca; AZURE8; LLC; Baylis Medical; BIOCAD; Boehringer Ingelheim; Cipher Pharmaceuticals Inc.; GlaxoSmithKline ; Grünenthal; LEO Pharma; Lung Biotechnology; Medtronic; Novartis; Ortho Clinical Diagnostics; Pfizer; Philips Healthcare; QuintileslMS; Roche; Sanofi; Synchrony Healthcare Communications; Teva Pharmaceutical Industries Ltd; Theravance; Thermo Fisher Scientific; Vifor Pharma

Study Snapshot

Best Practices, LLC engaged 30 Medical Affairs and Marketing leaders from 26 pharmaceutical, biotech, medical device and 3rd party providers from across the globe 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.

Key topics covered in this report include:

  • 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

Key Findings

Select key insights uncovered from this report are noted below. Detailed findings are available in the full report.


  • Most Companies Have Set Maximum FMV Rates: More than 75 percent have defined maximum FMV rates for KOLs. Close to 40 percent differentiate maximum FMV rates based on both country and therapeutic area. About half have set annual compensation limit to handle all KOL interactions.
  • KOL’s Authority and Experience Matter While Setting Honoraria Rates: KOL’s authority in disease state and their experience level are the highly effective criteria for setting FMV rates at 54 and 33 percent of benchmarked companies, respectively.

Table of Contents

Sr. No.
Topic
Slide No.
I.
Executive Summarypgs. 3-7
Research Overviewpg. 3
Participating Companiespg. 4
High-Level Recommendationspg. 5
Key Findingspgs. 6-7
II.
Overall FMV Rates Across KOL Tierpgs. 8-17
III.
FMV Rates Across Therapeutic Areaspgs. 18-21
IV.
FMV Rates Across Countriespgs. 22-25
V.
FMV Rates for Non-specialistspgs. 26-29
VI.
FMV Rates for KOL Activitiespgs. 30-33
VII.
FMV Rates for Event Preparationpgs. 34-37
VIII.
Maximum FMV Rates Policypgs. 38-41
IX.
Best Practices & Lessons Learnedpgs. 42-48
X.
Study Participant Demographicspgs. 49-50
XI.
About Best Practices, LLCpgs. 51-52

    List of Charts & Exhibits

    I. Overall FMV Rates Across KOL Tier

    • Hourly FMV rates paid to KOLs across all therapeutic areas and countries – Total benchmark class
    • Company types represented in the research
    • Hourly FMV rates paid to KOLs across all therapeutic areas and countries – Pharmaceutical companies
    • Hourly FMV rates paid to KOLs across all therapeutic areas and countries – Medical devices and diagnostics companies
    • Hourly FMV rates paid to KOLs across all therapeutic areas and countries – Third party providers
    • Participating companies' revenue for the last fiscal year in U.S. dollars
    • Hourly FMV rates paid to KOLs across all therapeutic areas and countries – Large companies
    • Hourly FMV rates paid to KOLs across all therapeutic areas and countries – Medium companies
    • Hourly FMV rates paid to KOLs across all therapeutic areas and countries – Small companies

    II. FMV Rates Across Therapeutic Areas

    • Highest therapeutic area familiarity of benchmark participants
    • Hourly FMV rates across therapeutic areas
    • Hourly FMV rates for additional therapeutic areas

    III. FMV Rates Across Countries

    • Top countries represented in this research
    • Hourly FMV rates for different countries
    • Additional FMV rates across different countries

    IV. FMV Rates for Non-specialists

    • Hourly FMV rates for non-specialists – Total benchmark class
    • Hourly FMV rates for non-specialists in US and Canada
    • Hourly FMV rates for non-specialists in Europe

    V. FMV Rates for KOL Activities

    • Hourly FMV rates for thought leader activities – Total benchmark class
    • Hourly FMV rates for thought leader activities in US and Canada
    • Hourly FMV rates for thought leader activities in Europe

    VI. FMV Rates for Event Preparation

    • KOL compensation policy for preparation time
    • Hourly FMV rates for preparation time for listed activities – Total benchmark class
    • Hourly FMV rates for preparation time for listed activities in US and Canada

    VII. Maximum FMV Rates Policy

    • Setting up of maximum FMV rates per hour for KOLs within benchmark companies; Differentiation of maximum FMV rate per hour
    • Maximum allowable hourly rate paid to KOLs in each of the listed therapeutic areas
    • Maximum allowable hourly rate paid to KOLs in each of the listed countries

    VIII. Best Practices & Lessons Learned

    • Benchmark companies’ total annual compensation limit policy for KOLs
    • Approaches used to establish fair market value (FMV) for thought-leader compensation
    • Fund allocation for additional expenses
    • Effectiveness of various criteria to set honoraria rates
    • Best practices for determining fair market value for industry KOLs and thought leaders
    • Top challenges encountered in attempting to determine fair market value for thought leaders