Benchmarking Advisory Board Management at Mid-Sized Pharmaceutical & Medical Device Organizations: Cost and Challenges

STUDY OVERVIEW

Effective advisory board management requires optimum investment in resources and operations. It's important for leaders involved in advisory board management to understand the financial resources needed to ensure that the boards attract quality members and produce insights that will improve operations.

Best Practices, LLC undertook this study to help pharmaceutical and device executives seeking ways to effectively manage advisory boards . The study includes challenges and best practices for advisory board operations, the selection of board members, cost and outsourcing benchmarks for running ad boards. Research findings provide evidence-based benchmarks around these issues so leaders can compare their efforts with industry peers.

This study contains a Mid-Sized Company Segment that is made up of 12 respondents.

KEY TOPICS

• Selection of Advisory Board Participants
• Cost of Advisory Boards
• Challenges & Best Practices
  

• Reach of Participants
• Accepted Educational Background
• Preferred Educational Background
• Occupation for Clinical, Marketing, Payer, and Physician Advisory Boards
• Years of Experience
• Outsourcing of Advisory Board Work
• Outsourcing Function
• Outsourcing Budget
• Top Challenges
• Best Practices
• Tactics to Reduce Costs
  

• Outsourcing Advisory Board Activities is Common: More than half of study participants outsource some aspect of the activities that go into conducting an advisory board meeting. The most common activities outsourced are travel arrangements & faculty management (56% outsource) and post meeting summary & analysis (50%).

Best Practices, LLC designed and deployed a custom benchmarking survey to 35 executives at 29 leading life sciences companies. Segmentation analysis was key to examining trends and effective practices. Twelve participants at nine companies make up the Mid-Sized Company Segment (annual revenues between USD $1 billion to $9 billion). Most responses came from US & Canada (63%) followed by Asia (20%).

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