RESEARCH TRIANGLE PARK, NC--(Marketwire - April 18, 2008) - A recent study highlights the
unique challenges that pharmaceutical companies face when engaging with
thought leader consultants. According to the study authored by Cutting
Edge Information, "Thought Leader Compensation: Establishing Fair-Market
Value Procedures," large pharmaceutical companies pay, on average, $3,261
in additional fees for a primary care physician to deliver a scientific
speech (
http://www.PharmaOpinionLeaders.com).
Speaker fees tend to be significantly higher for large, well-established
companies than they are for small companies, according to the study. For
instance, small companies pay an average speaker fee of $1,022 for a
scientific speech from a primary care physician, whereas a similar speech
from a primary care provider costs a large company upwards of $3,000.
Pharmaceutical companies compensate their thought leaders through
additional speaking fees in addition to hourly rates for other services
performed.
"Because of their high-profile status and big pockets, large companies
offer and pay more to ensure that they recruit the best thought leaders
possible," said Elio Evangelista, a research team leader at Cutting Edge
Information. "This is often reflected in the additional honoraria that
top-tier thought leaders garner, and it is especially true when
top-tier thought leaders consult for larger pharmaceutical organizations."
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 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.
Contact Information: CONTACT:
Elio Evangelista
919-433-0214.