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Strategic Benchmarking Research & Analysis
Benchmarking Advisory Board Management At Mid-Sized
Pharmaceutical & M...
Page | 2
Table of Contents
 Executive Summary pgs. 3-8
 Research Overview pg. 3
 Participating Companies pg. 4
 Key Re...
Page | 3
Field Research & Insight Development:
Thirty-five survey responses from Medical Affairs,
Marketing and Patient A...
Page | 4
Universe of Learning: Research Participants from Study
This study engaged 35 executives from 29 leading life scie...
Page | 5
Segments and Abbreviations
Segments:
• TBC: Total Benchmark Class
• mid-sized Companies Segment (MC): MC is defin...
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Achieving Success At Advisory Boards Is A Function Of 7 Critical Steps
Set Clear
Objectives
Target Right
Particip...
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Key Findings & Insights
 Payer advisory boards Still To Gain Even Footings: Payer advisory boards are relatively...
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Key Findings & Insights
 National Participants Preferred for Advisory Boards: A majority of companies prefer par...
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30%
20%
50%
60%
50%
20%
29%
49%
60%
60%
Others
Payer Advisory
Board
Marketing Advisory
Board
Clinical Advisory
Bo...
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9.2
11.2
10.2
9.7
12.8 12.7
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Clinical Advisory Board Marketing Advisory Board ...
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Q, Please indicate the preferred reach of advisory board members.
N=11-23
National Participants and Reach Favore...
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Q. What are the top three challenges you encountered when conducting advisory boards?
N=22
Benchmark class membe...
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N=35
The vast majority of insights (approximately 63% ) in this benchmark study come from bio-pharma professiona...
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Q. Please indicate your industry. [Choose all that apply.]
Participation came from across various industries in ...
Page | 15
Best Practices®, LLC is an internationally recognized thought leader in the field of best practice
benchmarking®...
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Benchmarking Advisory Board Management at Mid-Sized Pharmaceutical & Medical Device Organizations

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Biopharmaceutical and medical device companies rely on advisory board for strategic inputs and guidance on various business aspects. However, successful advisory board management requires optimum investment in resources and operations. It is also important that the biopharmaceutical and medical device executives ensure quality of meetings and dialogue with advisory boards is excellent for maximum ROI.
This research from Best Practices, LLC showcase the best practices in advisory board management at mid-sized biopharmaceutical and medical device companies. It also highlights the top challenges, winning strategies and best practices for conducting advisory boards.

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Benchmarking Advisory Board Management at Mid-Sized Pharmaceutical & Medical Device Organizations

  1. 1. Page | 1 Strategic Benchmarking Research & Analysis Benchmarking Advisory Board Management At Mid-Sized Pharmaceutical & Medical Device Organizations
  2. 2. Page | 2 Table of Contents  Executive Summary pgs. 3-8  Research Overview pg. 3  Participating Companies pg. 4  Key Recommendations pg. 5  Segments and Abbreviations pg. 6  Key Findings & Insights pgs. 7-14  Structure Of Advisory Boards pgs. 15-23  Selection of Advisory Board Participants pgs. 24-32  Operations Of Advisory Boards pgs. 33-46  Cost Of Advisory Boards pgs. 47-53  Challenges & Best Practices pgs. 54-60  Benchmark Profile pgs. 61-64  About Best Practices, LLC pg. 65-66
  3. 3. Page | 3 Field Research & Insight Development: Thirty-five survey responses from Medical Affairs, Marketing and Patient Advocacy leaders at 29 biopharmaceutical & Medical Device companies. This reports provides segmentation and insights from a mid-sized company perspective. Additional deep-dive interviews with 7 selected executives who participated in the study. • Identify Critical Benchmarks for advisory boards Operations • Provide Cost Benchmarks for Running advisory boards Research Objectives & Methodology Research Objectives:  Best Structure for Different Types of Advisory Boards  Selection of Advisory Board Participants  Benchmarking Operations Of Advisory Boards  Cost Of Advisory Boards  Top Challenges & Best Practices Of Conducting Advisory Boards Business Objective: A well-run advisory board requires optimum investment in resources and operations. To maximize the return on investment, life science professionals must ensure the quality of meetings and the dialogue that occurs with the advisory board. This research can help pharmaceutical and medical device executives to best run and organize advisory boards.
  4. 4. Page | 4 Universe of Learning: Research Participants from Study This study engaged 35 executives from 29 leading life sciences companies. Segmentation analysis was key to examining trends and effective practices. Twelve participants from nine companies comprise the Mid-sized Company Segment. Most responses came from the United States and Canada (63%), followed by Asia (20%). Benchmark Class mid-sized Companies Segment
  5. 5. Page | 5 Segments and Abbreviations Segments: • TBC: Total Benchmark Class • mid-sized Companies Segment (MC): MC is defined as companies with annual revenues between $1- $9 billion Abbreviations: • advisory boards: Advisory Boards • TBC: Total Benchmark Class • MC: mid-sized Companies
  6. 6. Page | 6 Achieving Success At Advisory Boards Is A Function Of 7 Critical Steps Set Clear Objectives Target Right Participants Keep Communication Flowing To Advisory Board Members Target Right Participants Track Payments To Ensure Compliance Decide Meeting Frequency & Duration Share Results Align Advisory Board Responsibility To A Function Set Clear Objectives Best Practices for Effective Advisory Boards
  7. 7. Page | 7 Key Findings & Insights  Payer advisory boards Still To Gain Even Footings: Payer advisory boards are relatively new and only 29% of benchmarked companies currently use them. With the implementation of the Affordable Care Act, the importance of payer advisory boards will increase over time.  Segments: Only 20% of mid-sized companies currently host payer advisory boards, indicating that such groups remain a new concept that still is developing at mid-sized companies.  Number Of Participants Differs Across Different advisory boards: Payer and clinical advisory boards average about 9 participants, while marketing advisory boards average 11 members and physician advisory boards average 10 participants.  Segments: Mid-sized companies have more participants in all advisory boards as compared to the full benchmark class. On average, mid-sized companies have 13 participants for Marketing and Physician advisory boards, and 10 participants for Clinical advisory boards.  Top Challenges: The top three challenges that study participants face when conducting advisory board meetings are selecting members/location(45%), managing advisory boards (36%), & physician availability (36%). The following key findings and insights emerged from this study.
  8. 8. Page | 8 Key Findings & Insights  National Participants Preferred for Advisory Boards: A majority of companies prefer participants with a national reach for their clinical and payer advisory boards. Almost half of the benchmarked companies prefer national participants for marketing advisory boards, while 30% prefer regional participants. With regards to physician advisory boards, 48% of companies prefer a national member, while more than a third prefer a mix of both national and regional participants.  Mid-sized Companies Prefer National Participants for Clinical Advisory Boards : Unlike some benchmarked companies, 89% mid-sized companies prefer national participants for their clinical advisory boards while 50% prefer national participants for their marketing advisory boards. Interestingly, half of the mid-sizeds prefer a mix of both regional and national members for physician advisory boards. The following key findings and insights emerged from this study.
  9. 9. Page | 9 30% 20% 50% 60% 50% 20% 29% 49% 60% 60% Others Payer Advisory Board Marketing Advisory Board Clinical Advisory Board Physician Advisory Board Type of Advisory Board Used: Q. Please indicate the advisory board(s) that currently has a presence in you organization. Mid-sized Companies Host Marketing, Physician and Clinical Advisory Boards % Respondents N=35 Others: Pharmacist Advisory Board, Patient, Scientific Advisory Board, More than half of both the total benchmark class and mid-sized company segment have physician and clinical advisory boards, while marketing advisory boards are hosted at about half of both segments. Payer advisory boards remain unused within both groups. N=10 Total Benchmark Class Mid-sized Companies
  10. 10. Page | 10 9.2 11.2 10.2 9.7 12.8 12.7 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Clinical Advisory Board Marketing Advisory Board Physician Advisory Board Q. Please provide the number of participants present in your advisory board. Mid-sized companies have more number of members across their advisory boards vis-à-vis benchmarked companies. On average, mid-sized companies have 10-13 members in their advisory boards, whereas the average number of participants across the total benchmark class is 9-11 participants. Mid-sized Companies Have 10-13 Members Across All Advisory Boards N=5-7N=11-22 Average Number Of Participants in Each Segment Total Benchmark Class Mid-sized Companies
  11. 11. Page | 11 Q, Please indicate the preferred reach of advisory board members. N=11-23 National Participants and Reach Favored for Most Advisory Boards % Respondents Reach of Participants N=6-9 Companies continue to seek out national participants or create advisory boards with a national reach, as opposed to a regional reach. That said, regional participants can be important for both physician and payer advisory boards as companies will explore regional regulations and differences that can influence how a drug is presented in a specific geography Total Benchmark Class *Mid-sized Company 86% 47% 64% 52% 5% 26% 36% 13% 9% 26% 35% Clinical Advisory Board Marketing Advisory Board Payer Advisory Board Physician Advisory Board National Regional Both 89% 50% 33% 17% 17% 11% 33% 50% Clinical Advisory Board Marketing Advisory Board Physician Advisory Board *Limited data for Payer advisory boards in mid-sized segment
  12. 12. Page | 12 Q. What are the top three challenges you encountered when conducting advisory boards? N=22 Benchmark class members identified several challenges that they face while conducting advisory boards meetings. The top three challenges are selecting members (45%), managing and planning advisory boards (36%) and physicians availability (36%). Selecting Appropriate Members is Most Tricky % Respondents 14% 14% 18% 23% 23% 27% 27% 36% 36% 45% Regulatory Hurdles Others Fees Scheduling Ensuring Actionable Endpoints Content Getting Active Participation Physcian's Avaliability Moderating/Management/Planning Selecting Members/Location Top Challenges Other Responses • How to keep a stable group of advisors • Getting contracts back from Legal in a timely manner • Commercial involvement
  13. 13. Page | 13 N=35 The vast majority of insights (approximately 63% ) in this benchmark study come from bio-pharma professionals serving the United States market. Study insights were also contributed from bio-pharma leaders working in Asian, European, Middle East & Australian markets. Q1 Benchmark Research Captures Insights Mainly From US, Asia & Europe % Respondents North America: 63% Europe: 11% Asia: 20% Middle East: 3% Australia: 3% Q. Contact Information: Please provide the following information, which will be used for classification purposes and to ensure that you receive your copy of the study deliverable. Geography
  14. 14. Page | 14 Q. Please indicate your industry. [Choose all that apply.] Participation came from across various industries in each segments. Overall 71% of companies represented pharma industry while About 20% were from bio-tech and medical devices each. Insights Harvested from Organizations Representing Different Industries % Respondents N=35 Others: Nutrition Service provider Industry 71% 23% 20% 9% 6% 77% 30% 67% 0% 0% 80% 20% 20% 10% 10% 58% 25% 25% 17% 8% Pharmaceutical Biotechnology Medical Device Diagnostic Other Total Benchmark Class Large Companies Mid-cap Companies Small Companies
  15. 15. Page | 15 Best Practices®, LLC is an internationally recognized thought leader in the field of best practice benchmarking®. We are a research, consulting, benchmark database, publishing and advisory firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by leveraging the best business practices, operating tactics and winning strategies of world-class companies. 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 (Phone): 919-403-0251 www.best-in-class.com Learn More About Our Company:

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