SOURCE: Cutting Edge Information

Cutting Edge Information

July 06, 2011 09:59 ET

Clinical Investigators More Motivated by Science Than Compensation

Cutting Edge Information Finds That Physicians Who Provide Clinical Consulting and Advisory Services to Pharma and Biotech Companies Focus on Treatment Opportunities, Not Hourly Rates

RESEARCH TRIANGLE PARK, NC--(Marketwire - Jul 6, 2011) - Top-tier clinical key opinion leaders (KOLs) often eschew the networking opportunities and compensation that drug and device companies have traditionally offered and instead focus more on the opportunity to participate in ground-breaking research and development, according to a new study from Cutting Edge Information.

The greatest driver of engagement with top-tier key opinion leaders is offering investigators the chance to work on compelling scientific discoveries, according to the report. The same is true for mid-tier primary care physician key opinion leaders, to a slightly lesser extent. Furthermore, the intense regulatory scrutiny surrounding physician compensation further motivates investigators to focus on the science. Key opinion leaders with established reputations and referral networks believe they may risk their good name by appearing on multiple compensation disclosures, which pharmaceutical companies will be required to report in 2013 per Sunshine Act stipulations.

"Industry experts agree that clinical development KOLs tend to be less interested in compensation and more interested in the science behind clinical research," said Adam Bianchi, chief operating officer of Cutting Edge Information. "This has a significant impact on how thought leader managers should interact with and compensate clinical KOLs."

The report, "KOL Fair-Market Value and Aggregate Spend: Documentation, Tracking and the Sunshine Act," (http://www.cuttingedgeinfo.com/research/medical-affairs/thought-leader-fmv-physician-fee-schedules/) analyzes the drivers of key opinion leader engagement, particularly focusing on the differences between clinical and commercial consulting provided by key opinion leaders. The report also includes fair-market value (FMV) and physician fee schedule benchmarks for clinical consulting and advisory services.

Clinically-focused key opinion leaders are generally reluctant to branch away from their trusted working relationships. Benchmarked pharmaceutical companies found they can best attract an established key opinion leader with sought-after expertise primarily through offering top-notch research opportunities that the physician finds interesting enough to pursue. These clinical key opinion leaders are often specifically not interested in drawn-out compensation negotiations.

"KOL Fair-Market Value and Aggregate Spend: Documentation, Tracking and the Sunshine Act" includes best practices and strategies for targeting and building relationships with clinical KOLs. It also includes benchmarks and physician fee schedules for clinical consulting activities, such as advisory board participation. The full report is available at http://www.cuttingedgeinfo.com/research/medical-affairs/thought-leader-fmv-physician-fee-schedules/

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