What is an Advisory Board?
Pharmaceutical advisory boards play a crucial role in shaping the trajectory of drug development and patient care. In the pharmaceutical field, there are boards that consist of healthcare experts, doctors, and researchers. These boards share their knowledge and opinions on industry-related issues.
The Benefits of Medical Advisory Boards in the Pharma Industry
◓ Expert Guidance
One of the most significant benefits of advisory boards is the access to expert guidance. The members, who are experts in their fields, offer valuable insights to help pharmaceutical companies navigate complex scientific and market issues and opportunities.
◑ Facilitating Collaboration and Knowledge Exchange
Advisory boards also serve as a platform for collaboration and knowledge exchange. They enable dialogue between pharmaceutical companies and healthcare professionals, fostering a mutual understanding of each other’s needs, challenges, and opportunities.
◒ Influencing Strategic Decision-Making
The information shared on Advisory Boards can considerably influence a pharmaceutical company’s strategic decision-making process. These insights can help companies make informed decisions that match industry trends and patient needs, from research and development to marketing strategies.
◐ Enhancing Credibility and Trust
By incorporating the perspectives of healthcare professionals, advisory boards can enhance the credibility and trust of pharmaceutical companies. This, in turn, can strengthen relationships with key stakeholders and boost the company’s reputation in the industry.
The Virtual Shift
With the pandemic-induced shift to virtual platforms, it’s crucial to adapt and ensure the effectiveness of these boards in the new norm.
Here are six essential tips to run successful virtual advisory boards for Pharma:
# 1. Define clear objectives
The foundation of a successful advisory board is a clear sense of purpose. With specific objectives, participants can contribute more effectively, and discussions can be more focused and productive.
Before each meeting, clearly articulate the objectives and circulate them among participants.
# 2. The right technology
The transition to a virtual platform requires reliable technology. This includes secure and user-friendly video conferencing software and a robust internet connection. Additionally, consider using interactive digital tools to engage participants and promote active discussion.
# 3. Utilize tools that enhance Dynamic Interaction
The key to an effective advisory board meeting is active engagement, which can be achieved through interactive activities, breakout sessions, and real-time polling. Encourage participants to use chat functions or virtual ‘raise hand’ features to promote interaction.
# 4. Develop engaging scientific content that incentivizes knowledge exchange
Develop scientific content that informs the strategic objectives of the meeting and in formats that trigger collaboration, engagement, active participation and constructive discussions among board members. Additionally, include tools and information to prepare board experts for sessions and update them on their participation results.
# 5. Maintain Transparency and Compliance
Transparency and compliance are paramount in pharmaceutical advisory boards. Ensure all discussions and interactions are within the bounds of regulatory guidelines. It’s also crucial to document all proceedings accurately and share minutes promptly.
# 6. Evaluate and Innovate
Finally, continuously evaluate the effectiveness of your advisory board meetings and innovate accordingly. Consider conducting post-meeting surveys to collect feedback on the quality of the meeting, which can be used to identify areas of improvement and implement necessary changes.
The Six Degrees Medical Approach
At Six Degrees Medical, we understand and have extensive experience in organizing effective advisory boards. These boards can be conducted in person, online, or via a hybrid model, to deliver strategic and impactful meetings. We ensure clear objectives, invest in advanced technology, facilitate dynamic interactions, leverage diverse expertise, maintain transparency and compliance, and continually evaluate and innovate.
Advisory boards are a powerful tool for the pharmaceutical industry. They provide expert guidance, facilitate collaboration and knowledge exchange, influence strategic decision-making, and enhance credibility and trust. With the right approach, these boards can significantly contribute to a pharmaceutical company’s success. Contact Six Degrees Medical to learn more about how an Advisory Boards Agency can help you.