Report Outlines how Pharmaceutical Industry is Adjusting the Management of Medical and Commercial Advisory Board Meetings

CHAPEL HILL, N.C., Nov. 10, 2017 /PRNewswire/ -- Pharmaceutical companies have long used advisory boards to gain commercial and medical insights about products both in development and already on the market.  

But new Sunshine Act reporting requirements have forced the pharma industry to adjust 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.

While 83 percent of companies said they conduct virtual advisory boards, participants said only about 21 percent of advisory board meetings, on average, are held virtually. Virtual ad boards have a different set of criteria such as saving on travel costs and gaining rapid feedback from participants, 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/rr1472.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.

SOURCE Best Practices, LLC