RESEARCH TRIANGLE PARK, NC – April 1, 2014 – Drug companies of all sizes have implemented compensation limits — or spending caps — to ensure they remain compliant with new Sunshine Act guidelines regulating payments to physicians. The average annual spending limit, according to Cutting Edge Information, is $58,000.
Cutting Edge Information - We answer questions that no one else can.
PR-Inside.com: 2014-08-01 16:31:39
During an interview for the study, “Pharmaceutical Key Opinion Leader Management: Effective Strategies for Segmenting Thought Leaders,” one pharmaceutical marketing director said, “I hate the term ‘managing KOLs,’ and I assure you that if you say that to a thought leader, you will damage the relationship.” A strong KOL relationship involves give-and-take. It is driven by not only leveraging his or her expertise and prominence for promotional speeches, but also by including them in clinical trial development and allowing them to conduct their own trials.
Cutting Edge Information’s research found that most companies are prepared for the Sunshine Act’s disclosure requirements and have systems in place for gathering and submitting that information. However, much uncertainty over how this disclosure will affect KOL relationships still exists. The line being drawn between a physician and a pharmaceutical company will alter how these two groups interact in the future. Accredited CME programs are currently exempted from the disclosure requirements, but all other payments from the industry to physicians must be reported.
With this regulation in mind, many companies already have annual compensation limits in place to maintain the integrity of both the individual and the company. The data show the physician payment caps among surveyed companies range from $10,000 to $150,000. A centralized group is vital to prevent the company from exceeding its annual cap. It also helps ensure that caps for individual KOLs are kept in place.
“Pharmaceutical Key Opinion Leader Management: Effective Strategies for Segmenting Thought Leaders” ( www.cuttingedgeinfo.com/research/medical-affairs/key-opinion-lea ..
) examines team structures and staffing, as well as thought leader management database usage and expenses. It also compares typical Tier 1, 2 and 3 thought leader profiles across a range of therapeutic areas. Use this report to:
• Benchmark extensive pharmaceutical thought leader segmentation data
• Establish criteria to identify and recruit global, national, regional and local thought leaders
• Create centralized KOL development teams and benchmark resource allocation
For more information about KOL strategy, contact Chris Inks at 919-403-6583.