SOURCE: Cutting Edge Information

Cutting Edge Information

October 06, 2015 10:26 ET

21 Percent of Global Teams Expect to Increase Medical Information Budgets From 2015 to 2016, According to Cutting Edge Information

RESEARCH TRIANGLE PARK, NC--(Marketwired - October 06, 2015) - Medical affairs is increasingly critical to operations at life sciences companies. While many medical affairs subfunctions must deal with static resources, medical communications teams -- medical education, medical information and medical publications -- are receiving budget increases at some companies. This growth in budget reflects how medical communications teams are adapting to technology's impact on the dissemination of medical information, according to a recent study by pharmaceutical intelligence provider Cutting Edge Information.

The Internet has given patients and physicians easy access to medical knowledge -- but this data may not all be accurate.

"According to interviewed executives, the biggest challenge for patients and caregivers is often differentiating between valuable and non-valuable online medical information," said Natalie DeMasi, senior analyst at Cutting Edge Information. "The availability of easily accessible online information may also dissuade physicians from seeking company expertise."

According to Cutting Edge Information's newest report, "Medical Affairs Management: Igniting Innovative Global Strategies," 61 percent of surveyed teams have modified their existing medical operations in response to the challenges resulting from the Internet and social media. In tandem, 21 percent of global teams expect to increase their medical information budgets between 2015 and 2016.

Other medical affairs subfunctions are experiencing changes. For example, medical publications teams have shifted operations to meet new industry transparency trends. These shifts include publishing negative clinical trial outcomes and a decreasing emphasis on impact factor when selecting journals. Similar to medical information teams, 20 percent of global medical publications teams predict budget growth from 2015 and 2016.

"Medical Affairs Management: Igniting Innovative Global Strategies," available at http://www.cuttingedgeinfo.com/research/medical-affairs/global-resource-allocation/, provides insights and benchmarks about medical affairs teams' overall structure and resources, as well as 15 different subfunctions. The report explores internal and external trends affecting medical affairs. Other highlights include:

• Medical affairs team budgets and staffing
• Stage during which 15 medical affairs subfunctions begin and reach peak activity levels
• Trends affecting medical affairs and its individual subfunctions
• Medical affairs team structure, including involved subfunctions and strategy development structures

For more information please visit http://www.cuttingedgeinfo.com/research/medical-affairs/global-resource-allocation/.

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