Among surveyed pharmaceutical and device companies, all Top 10, Top 50, and small companies exclusively use flat rate fees to pay educational speakers, according to a recent speaker event management study.

The study found that most surveyed companies favor flat fees for simplicity and ease of payment. Flat fees can be easily scaled up based on speaker quality and speaker bureaus can avoid calculations of hours spent traveling, preparing, etc. The normal payment levels range from $750 to $2,500. However, companies are sometimes willing to pay a hefty premium (over twice this much) to recruit more effective or popular speakers.

Cutting Edge Information's study, "Pharmaceutical Continuing Medical Education: Trends in Educational Event Management and CME Strategy," found that while flat rates are common among large pharmaceutical companies, 11% of all surveyed companies -- all medical device companies -- use an hourly rate to compensate educational speakers for their time.

Additionally, companies using flat fees tend to modify this flat rate based on the speaker's value. The data show that 69% of these surveyed companies vary the rate depending on a speaker's quality. The remaining 31% keep a fully flat rate regardless of who the companies hire to conduct the program. Bonuses are not often used to incentivize successful performance within speaker bureaus, largely due to the subjective nature of what constitutes a successful event.

The average flat rate among surveyed companies was $1,677, with a range from $500 to $6,000. Many companies will modify their flat fee to hire the most competitive and effective speakers. Companies may spend as much as $6,000 on a single speaker to entice him or her to speak at an event.

"Pharmaceutical Continuing Medical Education: Trends in Educational Event Management and CME Strategy" (http://www.cuttingedgeinfo.com/research/medical-affairs/pharmaceutical-medical-education/) provides performance metrics for medical education speaker events and continuing medical education management, including typical attendance, average cost per attendee and the best times to hold events. Use this report to:

  • Set fair-market value rates for educational speaker programs using detailed FMV benchmarks.
  • Prepare educational speaker programs to face increased public scrutiny and smaller budgets.
  • Create superior programs by recruiting, training, and compensating high-caliber speakers.

For more information about educational speaker programs, contact Cassie Demeter at 919-403-6583.

Cutting Edge Information
Cassie Demeter, 919-403-6583