New Study Published: Advisory Board Management at Large Pharma & Device Companies
Best Practices, LLC just published a new research report on Advisory Board Management. The report examines how Advisory Boards at large, mid-cap, and small companies are able to organize, recruit and plan such critical product shaping think tanks.
An effective advisory board serves as a valuable asset that can provide informed guidance to organizations on various business aspects. To maximize the return on investment, it is important for pharmaceutical professionals to structure their advisory boards appropriately and invest resources optimally.
The first segment published discusses how leaders at large pharmaceutical & medical device organizations can best utilize the knowledge gained from advisory boards. Some exclusive key findings included:
- Using Virtual Venues- Selecting a location is one of the biggest challenges identified by benchmark participants. One way to tackle these is using virtual venues for hosting advisory board meetings.
- Set Clear Objectives by Communicating Regularly- Regular communication with board members improves results. It is vital to set clear objectives from the onset of an advisory board. One interviewed participant even stated, “Members need to be first in the loop on major developments in the company, the same way you would with an investor.”
- Tracking Expenses: With regulatory hurdles increasing, especially regarding the Sunshine Act, benchmark partners are taking steps to ensure compliance. Participants have started tracking payments and expenses and are also involving an internal regulatory function for this purpose.
Best Practices, LLC recently undertook this study to assist pharmaceutical and medical device executives in identifying ways to best utilize the knowledge of advisory boards. The study delivers leading insights and metrics on the best structure for various types of advisory boards, selection of advisory board participants, cost and operational benchmarks for running advisory boards.
To learn more about this study, or to download a complimentary summary: click here.