Medical Affairs Budgeting Trends in the Changing Healthcare Landscape
CHAPEL HILL, N.C., March 21, 2014 /PRNewswire/ — The Medical Affairs function plays a critical role in meeting current challenges in clinical development, market education, and regulatory compliance. Indeed, most healthcare professionals agree that the Medical Affairs function plays an enormous role in guiding the healthcare sector’s ongoing transition from simply drug marketing to dealing with a wide range of stakeholders who influence market access. As the importance of Medical Affairs continues to grow and the marketplace evolves, understanding key decision makers’ needs and aligning Medical Affairs’ capabilities with the decision makers’ demands will create high impact organizations that drive results.
Benchmarking firm, Best Practices LLC’s weekly Medical Affairs Consortium research update has revealed that Medical Affairs activities that lead effective communication with key decision makers are receiving more investment compared to 2009: Budget allocation for Medical Science Liaisons increased from 11% of total Medical Affairs spend in 2012 to 13% in 2013 in Mature Markets. Thought Leader Management and Outcomes Research are the other areas where there has been an important net increase since 2009.
The weekly Medical Affairs Consortium research update provides leaders with an evidence-based understanding of current and evolving approaches to creating and maintaining a strong Medical Affairs function. The benchmarking research drew participation from 40 Medical Affairs leaders at 32 biopharma and medical device organizations. In addition, secondary research was conducted within Best Practices LLC’s database to gather additional insights.
To learn more about Medical Affairs Consortium, click on the following link: http://www.best-in-class.com/medical-affairs-consortium.
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC’s clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC