RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--An advisory board moderator’s ability to guide conversation by keeping discussions focused and ensuring that all voices are heard is, perhaps, so pivotal that it can make or break the board’s success. New research on advisory board management supports the significance of the moderator’s role in the process.
A new Cutting Edge Information report, “Pharmaceutical Advisory Boards: Uncovering Clinical, Market and Payer Insights to Enrich Product Opportunities,” found that while surveyed companies have slightly different views on the moderator’s precise role, one common thread is that they all place similar importance on the role of moderator or chairperson at an advisory board.
Advisory board hosts express a primary concern that certain group members have the tendency to dominate a topic and potentially exclude other valuable ideas. “Another issue arises when group members attempt to say what they think the hosting company wants to hear — for example, providing a positive review of marketing or simply rubberstamping a trial design,” said Jacob Presson, research analyst at Cutting Edge Information. “However, this type of groupthink is extremely counterproductive for the company involved. The right moderator can prevent these shortcuts by constantly moving the discussion forward to explore new options.”
For some companies, recruiting a top-tier key opinion leader (KOL) as a moderator is a significant part of the recruitment process for the advisory board itself. Bringing in a major thought leader allows the advisory board to tap into a recruitment pool that may not have previously been available and open up new avenues for discussion within the group.
The new study “Pharmaceutical Advisory Boards: Uncovering Clinical, Market and Payer Insights to Enrich Product Opportunities,” (http://www.cuttingedgeinfo.com/research/medical-affairs/pharmaceutical-advisory-boards/) includes both qualitative and quantitative data that demonstrates best practices and benchmarks to reduce advisory board costs, qualify ad board participants – especially moderators – and coordinate the key players who need to be involved to run a successful meeting.
Professional relations groups, medical affairs and clinical development teams can use this report to:
- Benchmark advisory board spending levels and cost-drivers.
- Keep up with compliance and regulatory issues impacting how pharmaceutical and biotech companies run their ad boards.
- Establish clear objectives for advisory boards.
- Hire experienced advisory board moderators.
For more information about advisory boards and medical affairs benchmarking, contact Cassie Demeter at 919-403-6583.
