CHAPEL HILL, N.C., May 24, 2013 /PRNewswire/ -- Regulatory and marketplace changes have pushed Medical Affairs to the forefront of many organizations' priority list.
Forward-thinking companies across the biopharmaceutical and medical device sectors understand a strong Medical Affairs function is essential to meeting current challenges in clinical development, market education, and regulatory compliance. These areas must operate effectively to create a vital bridge between an organization and one of the most critical stakeholders in the healthcare marketplace: physicians.
Appropriate spending and staffing across these activities is one of the challenges facing the Medical Affairs function as it attempts to balance its growing role across the organization.
According to recent research from Best Practices, LLC, the budget allocation for Medical Science Liaisons increased from 11% in 2009 to 18% of total Medical Affairs spend in 2012. Outcomes Research also increased to nearly 10% of budget in 2012, up from 2% in 2009.
"Building Best-in-Class Capabilities in Medical Affairs" is a report that opens a window into these types of trends within the Medical Affairs function. Beyond trends in budget and staffing, the 116-page report provides benchmark metrics and insights that:
- Illustrate how leading Pharmaceutical and Medical Device companies structure and organize their Medical Affairs functions based on industry and market changes.
- Identify trends expected to impact the allocation of resources across different Medical Affairs functions.
- Analyze how regulatory requirements are internalized and managed by Medical Affairs.
- Describe the success factors and top current challenges regarding Medical Affairs.
- Identify what percentage of MA budget leading companies allocate for outsourcing spending.
- Trace how successful Medical Affairs organizations work cross-functionally to enhance effectiveness.
The report is based on the insights of 68 Medical Affairs executives and managers at 50 leading global companies. The benchmark class in this study consists of a Mature Markets and Emerging Markets Segment. Seven deep-dive interviews with industry veterans provided qualitative data.
To access the full report or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1216.htm.
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