Making an Impact While Complying With Changing Regulations: New Strategy for Professional and Trade Relations Groups at BioPharma and Medical Device Companies

CHAPEL HILL, N.C., July 15, 2011 /PRNewswire/ -- Working with Professional and Trade Relations (PTR) groups is critical for healthcare companies looking to position their products favorably with key external stakeholders.  Regulations for working with these critical groups is changing rapidly and becoming very restrictive which makes it hard to show value within your company.  

According to a newly published study from Best Practices, LLC entitled Professional & Trade Relations Excellence: Optimizing Group Structure & Operations, several key activities have to be evaluated to successfully overhaul a Professional and Trade Relations function to comply with regulations and provide maximum impact.

1. Increasing Corporate Awareness: The effectiveness of Professional and Trade Relations efforts is measured by activity as well as by brand and corporate awareness.
2. Seek Funding from Multiple Sources: The majority of companies receive their PTR funding from brand and corporate sources. This multi-source funding approach is one reason that many organizations embrace collaborative approaches and cross-functional priority setting. Only 12% of benchmarked companies receive all of their funding from the brands in their organization.
3. Change Activity Review Process to Increase Productivity: More than two-thirds of companies reported that most of their PTR activities are carefully reviewed for compliance. As a result, activity cycle times have slowed for 68% of respondents. Many reported that overzealous internal interpretations of regulations have put unnecessary restrictions of PTR activities.

Professional & Trade Relations Excellence: Optimizing Group Structure & Operations boasts a rich benchmark class including 26 PTR executives and managers from 25 leading biopharma and medical device companies to help companies overcome critical challenges.

As one interviewed PTR executive put it: "We're seeing reductions in staff because of it, reductions in sales organizations obviously, and limitations in how you communicate with physicians, customers, etc. Messages today compared to five years ago are very diluted. Many people in the industry feel like our hands are tied."

Industry leaders working in Professional and Trade Relations have to change their game to be successful, be noticed within their own company, and protect their staffing and budget levels.

The key topic areas of focus in this brand-new report include:

• Professional Relations Operational Effectiveness
• Measuring & Communicating Success
• Challenges & Hurdles for Professional Relations Leaders
• Organizational Structure
• Financial & Human Resources
• Pitfalls, Lessons Learned & Success Factors

To learn more about the study, download a complimentary summary- http:/www.best-in-class.com/rr1089htm

For more information, contact Benjamin Gregory, Research Analyst at Best Practices, LLC at (919) 767-9160 or [email protected].

BEST PRACTICES, LLC conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.

SOURCE Best Practices, LLC

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