RESEARCH TRIANGLE PARK, NC--(Marketwire - November 27, 2007) - A new report by business
intelligence leader Cutting Edge Information indicates that pharmaceutical
companies use hard metrics as well as qualitative information to determine
compensation for thought leaders. Each contract with a thought leader also
requires subjective judgment from the party handling the compensation.
Though the OIG guidelines insist companies pay "fair-market value" (FMV)
for thought leader services, there is vagueness within the OIG guidelines
as to exactly what the FMV amounts to. One reason this vagueness might
exist is because the compensation of a thought leader often involves
factors, such as location and opportunity costs, which are difficult to
measure in a hard-metrics process.
Many surveyed companies are trying to cope with the difficult task of
determining a thought leader's fair-market value. Initially, some
companies handling thought leader contracts may determine compensation
through past experience, anecdotal evidence, or market studies. As time
goes by, these same companies are able to establish a history of their own
payments and can compensate thought leaders based on that and other market
factors. In an ideal situation companies should establish benchmarking
databases of their own which generate codified fee schedules.
"Such fee schedules not only provide guidance to companies, but they also
serve as proof that companies are attempting to follow FMV regulations,"
said Elio Evangelista, lead researcher of the study. "Companies are really
striving to find a quantitative/qualitative middle ground where they take
into account hard metrics but are also cognoscente of other factors, such
as a thought leader's area of residence."
"Thought Leader Compensation: Establishing Fair-Market Value Procedures,"
available at
http://www.ThoughtLeaderCompensation.com, is a study designed
to help pharmaceutical manufacturers remain compliant, as well as develop
fee schedules for physicians' consulting and advisory activities. The
study provides fair-market value benchmarks of hourly rates, as well as
additional fees for services, such as:
-- Delivering a promotional or scientific speech
-- Leading, moderating or participating in an advisory panel
-- Writing a medical publication
"Thought Leader Compensation: Establishing Fair-Market Value Procedures" is
a study of 46 top pharmaceutical, biotechnology, medical device companies
and third-party providers' fee schedules for physicians in 20 therapeutic
areas and in various specialties.
Download a free summary of "Thought Leader Compensation: Establishing
Fair-Market Value Procedures" or purchase the report at
http://www.cuttingedgeinfo.com/thoughtleadercompensation/index.htm#body.
Contact Information: CONTACT:
Elio Evangelista
(919) 433-0214
.