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» Products & Services » » Medical Affairs » Field Medical Excellence

The Modern Field Medical Team: Benchmarking MSL Retention and Compensation Levels

ID: 5768


Features:

14 Info Graphics

10 Data Graphics

150+ Metrics

63 Narratives


Pages/Slides: 30


Published: 2023


Delivery Format: Online PDF Document


 

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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • SPECIAL OFFER
Non-members: Click here to review a complimentary excerpt from “The Modern Field Medical Team: Benchmarking MSL Retention and Compensation Levels”

STUDY OVERVIEW

As field medical teams within pharmaceutical organizations continue to witness increased MSL attrition rates, it is important to adopt proven practices to recruit and retain top-tier MSL talent. At the same time, it is also important to tailor competitive compensation packages.

Best Practices, LLC undertook benchmarking research to establish current and emerging trends around managing virtual and hybrid medical science liaisons. This study is designed to help field medical groups understand how to better maximize MSL retention and offer competitive salaries.

KEY TOPICS

  • Effective Recruitment: Factors and Tactics
  • MSL Training Areas
  • MSL Salary Levels and Trends
  • Effective Perks and Retention Strategies

KEY METRICS

  • MSL turnover rate
  • How effective have each of the listed tactics been in successfully recruiting new MSLs over the past 6-12 months?
  • How valuable are each of the listed types of training for building an effective MSL team in the current external environment?
  • What is the approximate average annual salary currently offered for new, mid-level, and senior MSLs at benchmark organizations?
  • Benchmark organizations’ approach to compensating field positions
  • Predicted changes in MSL salaries over the next 12-24 months
  • How effective are each of the listed perks in attracting new MSLs and retaining existing staff?

SAMPLE KEY FINDINGS

  • Key recruitment factors: The top-rated recruitment factors for field teams are #1 career path and professional development opportunities, #2 a robust or stable pipeline, and #3 compensation. Companies emphasized the importance of being flexible and moving quickly to secure favored candidates. Several peers deemed LinkedIn a valuable recruitment tool.

METHODOLOGY

Best Practices, LLC engaged 38 Field Medical and other Medical Affairs leaders from 30 biopharma organizations in this research through a benchmark survey. Deep-dive interviews were also conducted with field medical leaders at 12 organizations to capture additional insights.

Industries Profiled:
Pharmaceutical; Medical Device; Manufacturing; Biotech; Consumer Products; Diagnostic; Biopharmaceutical; Health Care


Companies Profiled:
Agios; Alexion Pharmaceuticals; Astellas; AstraZeneca; Baxter Healthcare; Bayer; Biogen; Bluebird Bio; Chiesi; Clovis Oncology; CSL Limited; Dompé; Eisai; Fidia Pharma USA Inc.; Fresenius Kabi; Galapagos; GE Healthcare; Horizon Therapeutics; Ipsen; Kyowa Kirin; MacroGenics; Merck; Merus; Novartis; Orchard Therapeutics; Sage Therapeutics; Servier; Supernus; Takeda Pharmaceuticals; Vertex Pharmaceuticals

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.