|[February 18, 2013]
Budgets for Medical Education Speeches Down, but Not out at Pharma Companies
RESEARCH TRIANGLE PARK, N.C. --(Business Wire)--
Due to the current regulatory environment, pharmaceutical companies are
only allowed to maintain a fraction of their prior medical education
budgets, according to a new report published by Cutting Edge Information.
Even at large drug manufacturers, medical education budgets pale in
comparison to what they once were. Ten years ago, a large pharmaceutical
organization could have a $15 million budget on the books for
educational speaker programs. However, according to one interviewed
managing director of medical education, current restrictions require
companies to place a wall between educational and any promotional
activity. Despite these barriers and difficulties, educational
speaker programs are an important part of any brand strategy.
Cutting Edge Information's recent study, "Educational Speaker Programs:
Event Management and Recruitment in a Complex Regulatory Environment,"
revealed that the increases in technological advances have helped
pharmaceutical companies continue their role in medical education.
"Social integration allos doctors and key
opinion leaders (KOLs) to more easily interact with drug companies
than before," said Michelle Vitko, senior research analyst at Cutting
Edge Information. "Major compliance issues can disappear with better
integration of technology in speaker programs."
These efforts to support better integration will allow the industry to
continue to safely educate physicians. Since the pharmaceutical industry
has such an interest in continuing educational speaker programs, but
drug companies need to optimize medical
education teams' structure and staffing to effectively managing
opportunities. Properly distributing funds to these medical education
programs can also make or break the success rate of a company's speaker
"Educational Speaker Programs: Event Management and Recruitment in a
Complex Regulatory Environment" (http://www.cuttingedgeinfo.com/research/medical-affairs/educational-speaker-programs/)
features detailed data on educational speaker program teams' structure,
recruitment methods, training and event compensation. Research also
highlights metrics illustrating educational speaker event management
including typical attendance, average cost per attendee, and best times
to hold events. Use this report to:
Create superior educational speaker programs by recruiting, training,
and compensating high-caliber speakers.
Understand the impending Sunshine Act requirements and increased
transparency's impact on speaker events.
Prepare educational speaker programs to face increased public scrutiny
and smaller budgets.
For more information about educational speaker programs, contact Cassie
Demeter at 919-403-6583.
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