subject: Thought Leader Fair-market Value: Compensation Benchmarks And Procedures- Aarkstore Enterprise [print this page] Thought Leader Fair Market Value Compensation Benchmarks and Procedures (PH 121)
Thought Leader FMV: Compensation and Procedures
Thought leader management teams face many new challenges in todays environment. Academic institutions have implemented new regulations limiting or, in some cases, forbidding their facultys relationships with drug manufacturers. Individual states continue to call for more transparency of the industrys payments to physicians. And industry trade groups, such as PhRMA, and medical associations, such as the ACCME, have revised their guidelines to limit drug makers involvement in physician activities.
These and other changes have left companies targeting a smaller pool of key opinion leaders. Calls for greater transparency have forever changed how pharmaceutical and biotechnology companies compensate thought leaders. With increased transparency, however, comes a new set of challenges. Given this trend, thought leader management teams now focus on their processes to determine fair-market value compensation, knowing that a documented process is as important as the actual fees paid to physicians.
Newest fair-market value report provides clear procedures for calculating fair-market value compensation. Thought Leader Fair-Market Value: Compensation Benchmarks and Procedures is backed by more than 85 top pharmaceutical, biotechnology and medical device companies and third-party provider data. Furthermore, the studys analysis provides relevant case studies and best practices to guide any team that works with thought leaders.
It has emerged as a leader in providing fair-market value research. Thought Leader Fair-Market Value: Compensation Benchmarks and Procedures is the most comprehensive, high-quality syndicated study available today. The data in this report covers 17 different thought leader and medical professional categories, 19 therapeutic areas, as well as benchmarks for small, mid-size, large and medical device companies. Start improving your thought leader development processes now with this brand new study!
Methodology
Calculating Fair-Market Value
In the advisory relationship between physicians and pharmaceutical companies, the government claims to see high potential for fraud and abuse. The 2003 guidelines established by the Office of the Inspector General (OIG) stipulate that prior to receiving compensation, thought leaders must provide a legitimately necessary service under a documented written agreement with the pharmaceutical company. If these preconditions are in place, a physician may be paid for services provided, but only at the fair-market value rate. Yet, with no official definition by which pharmaceutical companies can safely calculate fair-market value, the industry is currently struggling to establish a best-practice approach.
