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Pharmaceutical companies have long used advisory boards to gain commercial and medical insights about products either in development or 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 managing advisory boards, consulting leader Best Practices, LLC conducted this study.
The research explores issues around the structure and planning associated with advisory board management. In particular, this study examines what types of ad boards companies are using, what methods are used for developing annual ad board plans, who reviews annual ad board plans, and criteria for allowing internal staff to attend ad 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.