Management / Strategy
Thought-Leader Fair Market Value:
Compensation Benchmarks and Procedures
| Publication Date | February 2009 |
| Publisher | Cutting Edge Information |
| Product Type | Report |
| Pages | not applicable |
| ISBN Number | not applicable |
| Product Code | CUT00082 |
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Summary
Thought leader management teams face many new challenges in today's environment. Academic institutions have implemented new regulations limiting or, in some cases, forbidding their faculty's relationships with drug manufacturers. Individual states continue to call for more transparency of the industry's payments to physicians. And industry trade groups, such as PhRMA, and medical associations, such as the ACCME, have revised their guidelines to limit drug makers' involvement in physician activities.
These and other changes have left companies targeting a smaller pool of key opinion leaders. Calls for greater transparency have forever changed how pharmaceutical and biotechnology companies compensate thought leaders. With increased transparency, however, comes a new set of challenges. Given this trend, thought leader management teams now focus on their processes to determine fair-market value compensation, knowing that a documented process is as important as the actual fees paid to physicians.
Cutting Edge Information's newest fair-market value report provides clear procedures for calculating fair-market value compensation. Thought Leader Fair-Market Value: Compensation Benchmarks and Procedures is backed by more than 85 top pharmaceutical, biotechnology and medical device companies' and third-party provider data. Furthermore, the study's analysis provides relevant case studies and best practices to guide any team that works with thought leaders.
Cutting Edge Information has emerged as a leader in providing fair-market value research. Thought Leader Fair-Market Value: Compensation Benchmarks and Procedures is the most comprehensive, high-quality syndicated study available today. The data in this report covers 17 different thought leader and medical professional categories, 19 therapeutic areas, as well as benchmarks for small, mid-size, large and medical device companies. Start improving your thought leader development processes now with this brand new study!
More than 85 companies' fair-market value benchmarks The surveyed companies provided primary information either in the form of survey data or a telephone interview. Cutting Edge Information's analysts use secondary data to supplement the information provided by study participants. Surveyed companies include five top-20 and eight top-40 pharmaceutical companies, as well as biotechnology companies, medical device firms and third-party providers.
Cutting Edge Information's data cover 19 therapeutic areas. As a group, participants provided more data for some therapeutic areas than others. This research covers thought leader compensation for these therapeutic areas:
Therapeutic Areas
Autoimmune / Cardiology and Thrombosis
CNS/Psychology/ Consumer Products
Dermatology / Diabetes (Type 1) / Diabetes (Type 2)
Gastroenterology/ Hematology
Infectious Diseases /Inflammation
Lifestyle Medications/ Medical Devices
Musculoskeletal/ Oncology /
Radiology/ Respiratory
Urology/ Wom
Contents
- The most comprehensive set of fair-market value benchmarks available.
- Annual compensation limits for thought leaders
- By company
- By company size
- Annual salaries for physicians by specialty
- Factors that influence thought leader compensation
- Average duration of thought leader tasks
- Hourly rate ranges
- By company size
- By therapeutic areas
- By thought leader provider category
- By medical professional subcategory
- Average additional fees for speakers
- By company size
- By therapeutic areas
- By thought leader provider category
- By medical professional subcategory
- Average additional fees for advisory panels
- By company size
- By therapeutic areas
- By thought leader provider category
- By medical professional subcategory
- Average additional fees for authoring a medical publication
- By company size
- By therapeutic areas
- By thought leader provider category
- By medical professional subcategory
- Average travel compensation for thought leaders
- Average compensation for thought leader training
- Fair-Market Value Benchmarks by Provider Type
- These benchmarks are for six different categories of thought leaders:
- 1. Expert-in-Field
- 2. Specialist
- 3. Subspecialist
- 4. Surgeon
- 5. Primary Care Physician
- 6. Allied Health Professional
- The data for these six categories is broken down by:
- Minimum and maximum hourly rate ranges
- By company size
- By therapeutic areas
- By thought leader provider category
- Additional fees for promotional and educational speakers
- By company size
- By therapeutic areas
- By thought leader provider category
- Additional fees for leading, moderating and participating in advisory panels
- By company size
- By therapeutic areas
- By thought leader provider category
- Additional fees for authoring a manuscript or an abstract
- By company size
- By therapeutic areas
- By thought leader provider category
- Fair-Market Value Benchmarks for Medical Professionals
- These benchmarks are for 11 different medical professionals:
- 1. Family/General Practitioner (FPGP)
- 2. Physician Assistant
- 3. Internal Medicine
- 4. Nurse
- 5. Nurse Practitioner
- 6. OB/GYN
- 7. Pediatrician
- 8. Certified Diabetes Educator
- 9. Dietician
- 10. Professional Healthcare Educator
- 11. Social Worker
- The data for these 11 medical professionals is broken down by:
- Minimum and maximum hourly rate ranges
- By company size
- By therapeutic areas
- By medical professional subcategory
- Additional fees for promotional and educational speakers
- By company size
- By therapeutic areas
- By medical professional subcategory
- Additional fees for leading, moderating and participating in advisory panels
- By company size
- By therapeutic areas
- By medical professional subcategory
- Additional fees for authoring a manuscript or an abstract
- By company size
- By therapeutic areas
- By medical professional subcategory
- Charts and Graphics
- RESOURCE ALLOCATION AND STRATEGIC PROFILES
- Figure E.1: Study Context: Therapeutic Areas
- Figure E.2: Niche Brand Commercialization Spending Breakdown
- Figure E.3: Percent of Marketing Budget by Phase
