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Best Practice Database
Market Research, Analytics and Forecasting » Process Excellence and Productivity Management
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Market research studies provide biopharmaceutical companies with strategic insights required to compete successfully in a fast-changing market. However, delays in the launch of critical market research projects can slow down the decision-making process, resulting in missed opportunities and increased costs.
Likewise, with the introduction of the Sunshine Act it is important for biopharmaceutical companies to establish a standard review process for honoraria rates to accelerate the market research approval process.
Research and consulting leader, Best Practices, LLC undertook this benchmarking study to investigate how leading companies manage honoraria services and non-conforming requests to enable fast and effective market research approvals. Market research leaders can use the insights from this study as a guide for the principal factors affecting honorarium.
Fair Market Value (FMV) Honoraria Process: Employ a multi-step process to validate FMV honoraria rates (Labor rates + MR Rate Cards + Real World Recruitment). Best-in-class companies have standardized approaches to setting honoraria rates, the frequency of update and multiple sources to validate what is “fair market value.” Additionally, high performers have standardized the process by which to re-evaluate honoraria rates in market niches where existing rates and FMV seem to be disconnected.
Best practices, LLC engaged 22 executives from 21 leading pharmaceutical, biotech, and life sciences companies. Eleven companies responded on behalf of rare disease markets. Eight companies participated in deep-dive interviews about the drivers of operational excellence.