Current Practices in Pharmaceutical Advisory Board Management are Highlighted in New Report

CHAPEL HILL, N.C., Feb. 17, 2017 /PRNewswire/ -- Pharmaceutical companies have long used advisory boards to gain commercial and medical insights about products either in development or already on the market.  

But 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 a new study focused on key aspects of planning and executing advisory boards.

The study found that almost 60 percent of study participants set contracts with select thought leaders who then serve set periods on specific advisory boards. On average, the typical advisory board takes four months from initial planning to meeting execution, according to the study.

The study, "Best Practices in Managing Advisory Board Meetings in the Global Market" provides information on how pharma is currently approaching issues such as how many internal stakeholders attend meetings, how insights are gathered and distributed and to whom and the percentage of medical meetings versus commercial. The research shows how companies manage their various advisory boards, as well as provides critical metrics and insights into how organizations measure the success of their advisory boards.

For this study, Best Practices, LLC engaged 12 leaders at 12 pharmaceutical companies through a benchmarking survey instrument. Executive interviews also were conducted as part of the research. 

Topics addressed in this study include:

• Structure Of Advisory Boards
• Planning For Advisory Boards
• Execution Of Advisory Boards
• Dissemination and Utilization of Feedback

Pharmaceutical leaders, vice presidents, directors, managers and other executives involved with the planning of advisory board meetings can utilize this study to identify the top challenges, winning strategies and best practices for successfully conducting various advisory boards and utilizing the knowledge gathered from them.

Download a complimentary report summary at: http://www.best-in-class.com/rr1440.htm.

ABOUT BEST PRACTICES, LLC 
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.

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SOURCE Best Practices, LLC