From speaking engagements to advisory board leadership, healthcare practitioners (HCPs) provide an invaluable resource for pharmaceutical, biopharmaceutical and device companies alike. However, life science teams may struggle to develop fair market value (FMV) compensation rates for the important contributions that these HCPs and other medical professionals provide. Essentially, life science teams must balance competitive remuneration rates while also adhering to regulatory stipulations and avoiding the undue perception that they have bought HCPs’ support.
One of the biggest challenges when determining what constitutes physician fair market value (FMV) rates among healthcare providers is understanding the geographic differences that occur around the world. While there will always be some variation between therapeutic areas and for different types of activities, there are some broad global FMV trends that we will explore here. Continue reading
For life science companies managing physician compensation, either on a large or small scale, the most important aspects of maintaining compliance are documentation and consistency. Every decision that is made in the physician compensation space must be carefully documented and reasoning put into writing. FMV rate cards are a vital part of this documentation and should be a priority for any group managing payments to physicians. Continue reading
Investigator-initiated trial (IIT) teams constantly strive to prove value to their companies. In today’s pharmaceutical environment, it is not enough to merely approve trials suited to company research objectives. Rather, teams must approve these trials and negotiate clinical trial agreements (CTAs) efficiently. Continue reading
As life sciences companies cultivate a more global reach, the medical information function must also grow to span worldwide operations. For many companies, this means maintaining a number of medical information groups — including both a global function and localized teams, in addition to a more established call center system. The ways in which these global, regional and country-level teams work together drive team activities and also determine pharmaceutical call center structure. Continue reading
GlaxoSmithKline recently announced that it will create an internal team of doctors tasked with educating peers about its products. In December 2013, GSK decided to stop hiring external speakers. The company hopes that “hiring doctors and medical experts to speak as in-house representatives of Glaxo will provide more transparency,” according to Deirdre Connelly, GSK president, North America pharmaceuticals. The decision to form an internal education team underscores the importance of engaging physicians in discussions regarding product efficacy. When making prescribing decisions, physicians look to well-respected peers to affirm their choices as they seek to treat patients using the best possible options. Continue reading
It’s old news: Gone are the days of the massive pharmaceutical rep armies. Pharma companies have been trimming down their sales forces and looking for new ways to make the most of their physician relationships. One option that companies implement is the switch from the sales rep model to one that focuses on account managers instead. Often, however, this transition is nothing but a change of title, with no additional customer relationship management (CRM) techniques or change in the way that reps introduce their targets to the product. The time that physicians can give to reps is constantly on the decline, however. Companies need to not only change the sales rep’s title, but also the behaviors he or she uses to interact with physicians so as to best grab the attention that they require. Continue reading
Target segmentation is a key marketing tool across all industries — from pharmaceuticals to software to food. When commercial groups reach out to the community, it pays to be specific. Even the smallest companies tailor their commercial messages to different groups based on geography, location and a number of other factors. Continue reading
Although the government has varying motivations for requiring drug and device companies to disclose the payments they make to physicians, one consequence — intended or otherwise — is that drug company research payments have begun to exceed payments to physicians for promotional speeches. They’re also paying less money to doctors as a whole.
ProPublica’s Dollars for Doctors database houses the physician compensation data for 15 pharmaceutical companies that have been publishing information about the payments they make to doctors as far back as 2009. The cumulative amounts paid since then by 13 of these 15 companies total more than $2 billion. (Allergan and Valeant have disclosed payment ranges and not fixed numbers, so they’re more difficult to include in the cumulative total.) Continue reading
Closed loop systems help pharmaceutical companies drive their sales effectiveness by improving existing physicians and sales reps’ relationships. Closed loop system marketing structures — supported by audience feedback — help companies track physicians’ preferences. For example, after a sales representative details a physician, he or she may send the presentation materials — along with physician feedback — to the company database where it becomes part of the physician’s profile. Based on physician feedback, pharmaceutical sales reps are able to target doctors more effectively. Consequently, doctors are more satisfied with reps’ presentations. Continue reading