New technology always presents a complex mixture of both challenges and opportunities for companies. The newest technology challenge for the pharmaceutical industry comes from all the smartphones and social networks that now keep us constantly connected. While other industries have latched onto the opportunities offered by social media, pharma companies have been hesitant to do so.
That’s not to say pharma doesn’t want to. In fact, a recent study by Cutting Edge Information found that many pharmaceutical companies recognize the advantages of using social media (82% of those surveyed said they engage in at least one type of social media activity), but are keeping a cautious distance due to concerns about regulation compliance and return on investment. Continue reading
Mobile health (mHealth) may be the buzzword of today, but this one will not be just another flash in the pan. Mobile health offers the life sciences industry far-reaching capabilities to connect with various stakeholders – from patients and caregivers to physicians and pharmacists. This connectivity makes mobile health a valuable tool not likely to be dispensed with anytime soon. Projections show the mobile health industry increasing dramatically: research2guidance found that the global smartphone mHealth app market increased by a factor of 7 from 2010 to 2011, reaching $718 million (USD). This growth is predicted to continue. PwC India projects that the mHealth market will be worth $23 billion by 2017. So what is it about mHealth that is going to fundamentally change healthcare? Continue reading
As two of the major roles of medical science liaisons (MSLs), identifying influential physicians and building relationships with those thought leaders occupy more time than other activities. The actual amount of time an MSL can dedicate to each relationship is of course tied to the number of key opinion leaders (KOLs) each liaison must manage. The average ratio in 2012 is 46 KOLs per MSL, according to early analysis of data from our current study of MSL team management and performance measurement. Continue reading
The United States is still waiting for the Centers for Medicare and Medicaid Services (CMS) to issue its final ruling on how it will implement the disclosure rules outlined in the Physician Payments Sunshine Act. However, this has not deterred companies from continuing to make public disclosures or caused them to lose focus on determining fair-market value (FMV) physician fee schedules.
Initially, CMS was scheduled to give a ruling to drug and device manufacturers in October 2011. But the agency Continue reading
Cutting Edge Information’s new customizable “MSL Data Suite” combines the company’s experience in researching medical science liaison performance and MSL program management with our team’s strength in providing Life Science companies with benchmarking data, analysis and customized research, implementation support and consulting. Continue reading
Our newly updated Fair-Market Value Benchmarking and Analysis service now provides medical, scientific and regulatory staff at life sciences companies with fair-market value benchmarks for thought leaders and influential physicians in more than 100 countries. The service is built upon a decade of detailed key opinion leader management research and the Research and Consulting teams’ expertise in FMV benchmarking and developing physician fee schedules. Continue reading
Joining the ever-growing list of organizations, associations and trade groups to weigh in on social media, the American Medical Association this week adopted a non-binding policy suggesting how physicians should go about their business on social networks. Continue reading
Six Tips to Help Build the Ideal Thought Leader Database
As the industry awaits the release of the delayed Sunshine Act guidelines, pharmaceutical and medical device companies are benefiting from the extra time by reviewing current physician payment reporting structures and tightening their documentation procedures. “Every company, no matter how large or small, needs a tracking and reporting system capable of handling all of the Sunshine Act’s requirements now,” said Elio Evangelista, director of research at Cutting Edge Information. “The largest companiesare ahead of the pack. Most already have sophisticated databases in place, as well as the IT infrastructure and personnel to support the documentation requirements.”
Cutting Edge Information’s report, “KOL Fair-Market Value and Aggregate Spend,” serves as a guidebook to companies working to comply with the reporting requirements of the Physician Payment Sunshine Act while meeting the needs of physicians and internal stakeholders. Based on interviews conducted with medical affairs executives across the industry, Cutting Edge Information recommends the following fundamentals when constructing a KOL database:
- Include fields for all information required by the Sunshine Act – Each entry must have fields to enter name, company, Medicare billing number, service provided, physician compensation and other reimbursed expenses (including travel, hotel, and food).
- Design strong report-building capabilities – The more sophisticated the database’s query building and report-generating capabilities are, the less work companies will have to do on the back end.
- Establish a centralized location – Centrally located databases are more reliable for preventing duplicated efforts and data loss.
- Create multiple access points with differing levels of clearance – Some employees may need the ability to enter new information into the database, but not everyone needs to alter information.
- Create a built-in system to verify data – It is always easier to handle mistakes internally than to have external agencies point them out.
- Include links to, or archive, thought leader deliverables – An easily traceable copy of the thought leader’s deliverable provides undisputable proof that a service has been rendered.
This is the first blog entry in a two-part series on journal selection.
Evaluating the medical journal landscape is the first step toward making sure manuscripts find their way to the appropriate home. In fact, the journal selection process contains many similarities to a real estate search. The old real estate adage of location, location, location also holds true with journal selection. To ensure that a manuscript is read by the target audience it must be submitted to the correct forum. Continue reading
New study provides process for calculating compliant fair-market value payments
Although 100 percent of drug companies compensate key opinion leaders (KOLs) for their method of travel, only 60 percent do so for any preliminary work. And as mandatory public reporting of thought leader compensation approaches with the launch of the Sunshine Act, questions remain surrounding both travel and pre-work compensation. Continue reading