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

Rare Disease MSL Team Excellence: Benchmarking Recruitment, Retention, and Compensation Levels

ID: 5771


Features:

14 Info Graphics

8 Data Graphics

130+ Metrics

61 Narratives


Pages/Slides: 27


Published: 2023


Delivery Format: Online PDF Document


 

License Options:


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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • SPECIAL OFFER
Non-members: Click here to review a complimentary excerpt from “Rare Disease MSL Team Excellence: Benchmarking Recruitment, Retention, and Compensation Levels”

STUDY OVERVIEW

Rare disease organizations are grappling with the challenge of mounting attrition rates among their medical science liaisons (MSLs). Developing a robust MSL team necessitates an overhaul of traditional approaches to recruiting and retaining these invaluable talents. An integral aspect of this paradigm shift involves attractive compensation packages that reflect the value and contributions of MSLs.

Best Practices, LLC undertook benchmarking research to uncover current and emerging trends around managing virtual and hybrid medical science liaisons
in rare diseases. This study is designed to help rare disease field medical groups understand how to amplify MSL retention and offer competitive salaries.

KEY TOPICS

  • Effective Recruitment in Rare Disease Segment: Factors and Tactics
  • MSL Training Areas in Rare Disease Segment
  • MSL Salary Levels and Trends in Rare Disease Segment
  • Effective Perks and Retention Strategies in Rare Disease Therapeutic Area

KEY METRICS

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

SAMPLE KEY FINDINGS

  • Compensation drivers: 88% of companies indicate compensation is primarily driven by years of experience. Only 25% of companies indicate field-based roles are more highly compensated (over hybrid or virtual roles), and only 19% indicate that performance incentives are a significant compensation driver. Several interviewed executives highlighted a willingness to pay considerably more for MSLs with proven success or a substantial network among external experts. “You’re not just hiring an ‘MSL’ or ‘Senior MSL.’ You’re hiring the MSL and the MSL’s individual network and reach.” – Head, MSL Team

METHODOLOGY

Best Practices, LLC engaged Field Medical and other Medical Affairs leaders from 22 top Rare Disease manufacturers in this research through a benchmark survey. Deep-dive interviews were also conducted with field medical leaders to capture additional insights.

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


Companies Profiled:
Alexion Pharmaceuticals; Amicus Therapeutics; Astellas; Bayer; Biogen; BioMarin; Bluebird Bio; Chiesi; CSL Behring; Dompé; Galapagos; Horizon Therapeutics; Ipsen; Kyowa Kirin; Novartis; Orchard Therapeutics; Sage Therapeutics; Servier; Supernus; Takeda Pharmaceuticals; Ultragenyx; 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.