Fair market value (FMV) activities help life science teams develop consistent, defensible remuneration rates for the healthcare practitioners (HCPs) with whom they work. As part of their FMV configuration processes, companies may consider each HCP’s scope of influence and his or her specialty type. For example, life science teams may develop compensation rates based on three tiers:
• Tier 1 reflects HCPs or other industry influencers with global-level reach.
• Tier 2 indicates HCPs or other industry influencers with regional influence, and
• Tier 3 denotes HCPs or other industry influencers with a strong local-level following.
It’s a common question at conferences, business meetings and even on social media: What key performance indicators (KPIs) should medical science liaisons (MSLs) track to prove value? When I ask medical affairs executives this question, I get a variety of answers, but they usually begin in the same way – with a sigh and “that’s a good question.” Through all of this muddle, however, some MSL teams have devised satisfactory methods to prove their worth to upper management. Continue reading
Medical affairs is on the front lines of a product launch. During this crucial launch window, medical information and communication teams are responsible for raising awareness, educating stakeholders and generally laying the groundwork for the product’s success in the healthcare community. These tasks make medical affairs launch planning a cornerstone of product success. However, medical affairs teams are only as effective as their planning and preparation, as poor timing or a sub-par strategy can diminish their impact. Continue reading
The number of products medical affairs teams support varies widely. Some medical affairs teams focus on only one or two products while others support a couple hundred. The difference may depend on the company’s overall portfolio and the way in which they divide their products among different medical affairs teams – like if teams are structured by therapeutic area. Continue reading
Medical affairs teams have made great strides in gaining recognition within life sciences companies. But, for some, the battle is not over as proving value to upper management continues to be difficult. There are three main avenues teams can pursue to demonstrate value: Continue reading
Medical publications groups are the forerunners of product success. The clinical development team spends years testing a potential product and collecting data about its efficacy and safety. But, the medical publications team has the privilege of formulating these findings into articles and disseminating them via journals. In fact, medical publications teams are so vital that surveyed global medical affairs teams allocate an average 14% of their budgets to medical publications. Continue reading
Over the last decade, medical affairs has been transitioning from an offshoot of marketing into an independent function that is vital in its own right. As a part of this transformation, medical affairs teams have found ways to innovate — going above and beyond to bring the most value to healthcare stakeholders and the internal organization. Cutting Edge Information’s new medical affairs report uncovered many new medical affairs innovations, and one of the most exciting trends is a drive towards patient centricity. Continue reading
Medical science liaisons (MSLs) have all types of interesting, difficult and/or successful encounters with healthcare providers (HCPs). MSLs can learn from hearing each other’s stories and together create best practices for overcoming challenging situations — and not just MSLs that are on the same team but MSLs throughout the entire company. Despite the benefits of these conversations, 39% of surveyed MSL teams face challenges with internal communication (Figure 1). Continue reading
Life science teams enact a number of strategies to assure fair market value (FMV) rates when compensating industry key opinion leaders (KOLs). The rate card that these pharmaceutical and device teams develop include payment ranges for advisory board and speaker programs, among other medical affairs activities. In some cases, these rates are determined on an hourly basis. In others, rates are capped at a pre-determined maximum, flat rate. Continue reading
Pharma medical information call centers bear a number of responsibilities beyond answering stakeholder questions about products. For instance, call center agents may recruit for clinical trials and respond to internal literature requests. Another vital call center role — conducted by 63% of surveyed teams — is reporting adverse events (AEs). Continue reading