RESEARCH TRIANGLE PARK, NC--(Marketwire - March 19, 2008) - A recent study highlights the
unique challenges that pharmaceutical companies face when engaging with
thought leader consultants. According to a new Cutting Edge Information
study, "Thought Leader Compensation: Establishing Fair-Market Value
Procedures," large pharmaceutical companies typically pay more in
additional honoraria for thought leader consultants than either small or
mid-sized companies. (
http://www.PharmaOpinionLeaders.com).
Across all company sizes, the average honorarium for a key opinion leader
to deliver a scientific speech is $3,200 and $2,300 for a promotional
speech, according to the study. Large pharmaceutical companies, however,
can easily pay more than $4,800 and $3,000 for the same thought leader to
perform the respective activities. In comparison, a typical KOL will
receive approximately $1,600 from small companies for either type of
speaking engagement and approximately $1,800 from mid-sized companies for
either scientific or promotional speeches.
"Because of their high-profile status and big pockets, large companies
offer and pay higher honoraria to ensure they engage the best thought
leaders possible," said Elio Evangelista, a research team leader at Cutting
Edge Information. "This is especially true in instances where a company
would require a top-tier key opinion leader, such as for a speech at a
large symposium, for instance." Large companies typically compensate at
lower hourly rates than other company sizes because they contract thought
leaders at a lump sum price, rather than an open-ended hourly rate.
Cutting Edge Information's new report, "Thought Leader Compensation:
Establishing Fair-Market Value Procedures," includes detailed spending
benchmarks and segmentation criteria across an array of company sizes and
areas of concentration. With more than 500 data sets included in the
report, Cutting Edge Information analyzed 40 companies in the
pharmaceutical arena to conduct the study.
"Thought Leader Compensation: Establishing Fair-Market Value Procedures"
available at
http://www.PharmaOpinionLeaders.com/, is one tool that
pharmaceutical companies can use to determine fair-market value for their
opinion leader and relationships. Aside from in-depth metrics, the report
also provides solutions to the top challenges faced by thought leader
management teams, including:
-- Fair-market value benchmarks
-- Additional fees for thought leaders authoring a report
-- Travel expense compensation
-- Advisory panel expenditures
To view a summary of this report, visit
http://www.cuttingedgeinfo.com/thoughtleadercompensation/PH106_Download.asp#body. For more information or to learn about other Cutting Edge
Information research, contact Elio Evangelista at
elio_evangelista@cuttingedgeinfo.com or 919-433-0214.
Contact Information: Contact:
Elio Evangelista
919-433-0214