Non-members: Click here to review a complimentary excerpt from "Best Practices in Managing Advisory Board Meetings: Structure and Planning"
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.
- Study Overview
- Key Findings & Trends
- Structure for Advisory Boards
- Planning for Advisory Boards
SAMPLE KEY METRICS
- Total number of advisory board meetings your organization conducted during the past 12 months across all geographies and therapeutic areas
- Percentage of advisory boards that are medical, commercial, health outcomes, access and other
- Percentage of advisory boards that are done in one country and multi-country
- Methods used when planning advisory boards
- Main criteria for annual advisory board plan
- Functions involved with creating annual advisory board plan
- Does a governing body or specific advisory panel review annual plan to ensure strategy?
- Do you conduct virtual advisory board meetings?
- Percentage of advisory boards that are face to face versus virtual
- Criteria for internal staff to attend an advisory board
- Do you limit the number of staff who can attend an advisory board? If yes, what is the number?
- Do you limit the number of external advisors who can attend an advisory board? If yes, what is the number?
SAMPLE KEY FINDINGS
- Most Companies Conduct Virtual Ad Boards, but In-Person Meetings Remain Preferred Type: 83% of benchmark participants conduct virtual advisory boards, while 17% don’t. However, face-to-face visits are the preferred channel for conducting advisory board meetings, accounting for 79% of the types of advisory boards conducted.
- Companies Limit Number of Staff Who Attend Advisory Board Meetings: 91% of the participants limit the internal staff who can attend advisory board meetings. Half of the companies set the limit based on number of interactions with opinion leaders, while 40% establish a set number for all meetings that are held. Most companies seek to keep staff attendance to half of that of external advisors.
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.