Best Practices in Managing Advisory Board Meetings: Execution and Utilization

STUDY OVERVIEW

Pharmaceutical companies rely on advisory boards to gain commercial and medical insights about their products, both those in development and those already on the market. However, new Sunshine Act reporting requirements have forced the pharma industry to alter how it manages advisory board meetings. To highlight current practices in executing and utilizing advisory boards, consulting leader Best Practices, LLC conducted this study.

The research explores issues around who leads advisory board management, how long it takes to plan and conduct an advisory board meeting, and how feedback is captured and stored. The study also presents narratives from participants on the challenges and best practices of managing advisory boards. Pharma leaders involved in managing advisory boards can use this study to compare their current ad board management practices with those at best-in-class companies.

KEY TOPICS

• Study Overview
• Key Findings & Trends
• Execution Of Advisory Boards
• Dissemination And Utilization of Feedback
• Appendix

SAMPLE KEY METRICS

• What is the approach you use to execute an advisory board?
• Do you pay advisors to prepare for an ad board meeting?
• Average number of months from commitment to execution for both single and multi-country advisory boards
• How do you capture advisory board feedback?
• Do you have a restriction on sharing feedback from a medical board?
• Where do you store your feedback?
• Describe how you disseminate feedback
• Top challenges for conducting ad boards
• Top best practices for conducting ad boards

SAMPLE KEY FINDINGS

• Companies Face Several Challenges When Conducting Advisory Boards: Recruitment of KOLs, attendance of KOLs, getting the correct target audience, involvement of many stakeholders in review and approval process act as major challenges when conducting advisory boards.
  
• Understanding Adviser Feedback is Top Best Practice: Across all the participants, the top three best practices related to advisory boards are understanding the feedback (67%), making clear objectives (56%), and having consistency in planning (33%).

METHODOLOGY

This study engaged 12 leaders with direct experience working in the planning of Advisory Boards, with participants representing 12 leading biopharmaceutical companies. About 70% of participants are at the level of director or above.

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.