RESEARCH TRIANGLE PARK, NC--(Marketwire - March 31, 2011) - Medical Affairs executives and specialists will gather today in a web-based discussion of how Pharma, Biotech and other life science companies are managing their compensation strategy for key opinion leaders.
"In this latest research we see a more global perspective from many leading teams," said Elio Evangelista, director of research at Cutting Edge Information. "Every region and country must be managed according to its specific requirements. However, we do see a growing convergence of the European and American regulatory environments, which in turn is driving better-coordinated KOL relationship strategies.
"KOL teams can make the most of their compensation strategy to ensure both competitiveness and compliance," Evangelista said. "KOL relationships are only becoming more important with time and no company wants to be seen as too stingy. Nor does any executive want to be wasteful with compensation benchmarks that damage ROI or make doctors feel ostentatious when it is necessary to publicly list payments for medical and scientific activities."
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Executives interviewed for the webinar's background research focused on several key points:
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What processes and structures ensure that KOL payments are both compliant and competitive?
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What compensation levels build the maximum Return-on-Investment for the company?
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What compensation benchmarks make the company competitive in the minds of medical and scientific experts?
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How can the payment system be integrated into and help support the larger thought leader relationship management strategy? Can the payment process help identify future global thought leaders?
Cutting Edge Information's research team hosts "Successful Strategies for Implementing a Global KOL Fair-Market Value Compensation Plan," today at 11:00am EST. Evangelista will lead the team in presenting data and best practices illustrating life science companies' new strategies for setting fair-market value for key opinion leaders. This includes working from a regional or even global guidebook for compensation benchmarks, common definitions for documenting KOL activities, and increasingly spending limits on total KOL compensation, both in the U.S. and in Europe.
"Successful Strategies for Implementing a Global KOL Fair-Market Value Compensation Plan" is currently open to new participants. For more information, visit http://bit.ly/key-opinion-leaders.
Evangelista launched Cutting Edge Information's dedicated Medical Affairs practice in 2002. For more information, contact him at +1 919-403-6583.
Contact Information:
Elio Evangelista
+1 919-403-6583