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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.
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.