Non-members: Click here to review a complimentary excerpt from "Professional Medical Education Excellence: Activities and Budget to Optimize Medical Device Education Groups"
The medical device sector's expanding global marketplace highlights the need for medical education groups that can adapt to new regions of the world as well as technologies for delivering programs. The challenge for many education groups is to manage an expansion of education programs and utilization of new technologies for training in the current fiscal environment.
Best Practices, LLC conducted this study to inform education leaders in the medical device sector on current approaches to budgets, technology, and staff roles. The study also includes benchmarks on budget allocations globally and technologies most effective for program delivery.
Medical education leaders can use this research to see how and where other organizations are allocating their funds for training. In addition, the study explores the roles of staff for critical activities, uses of technology for training and future trends in medical education.
This study presents data in two segments: Medical Device and Pharmaceutical
- Executive Summary
- Participant Overview Information
- Roles for Key Activities & Program Deployment
- Budget Benchmarks & Allocation Trends
- Trends & Directions
SAMPLE KEY METRICS
- Roles played by Medical Education function regarding thought leaders
- Roles played by Medical Education function regarding professional societies
- Roles played by Medical Education function regarding education programs
- Roles played by Medical Education function regarding compliance
- Estimate of the total medical education programs deployed across various global areas
- Various deployment approaches used for delivering medical education programs
- Estimate of number of medical education programs carried out at different regions
- Estimate in U.S. dollars medical education budget as a percentage of the revenues/sales support
- Investment allocation by medical education groups with respect to annual budget
- Budget allocation by region
- Budget allocation by type of program
- Future Allocations for Different Technologies
- Future trends for technology based education programs over next 24 months
- Future trends for technology spending over next 24 months
SAMPLE KEY FINDING
- Medical Education budgets appear likely to grow in the device sector and potentially shrink in the pharma sector. On the device side, participants’ mean and median Medical Education budget represented 1.4 percent of the revenues supported by Medical Education. Pharma participants, meanwhile, produced a mean Medical Education budget of .72 percent of the revenues supported. Device MedEd budgets are generally larger than pharma because of the technology, faculty and FTEs involved in device education – industry simulation centers continue to open, adding FTEs and overhead costs in return for cutting-edge training for a wide range of physician types. In pharma, budgets are under pressure as companies cut back as part of the fallout over past criticism of commercial ties to education. Some have moved to only support independent education.
The research employed a data gathering approach that reaps quantitative & qualitative data from representatives at 35 medical device and pharmaceutical companies. Fourteen participants from 10 medical device companies participated; 25 biopharma organizations participated.