Best Practices in Advisory Board Management at Large Pharmaceutical Companies

CHAPEL HILL, N.C., Jan. 8, 2016 /PRNewswire/ -- A well-run advisory board requires optimum investment in resources and operations. To maximize the impact of an advisory board, those involved in creating, maintaining and running advisory board meetings must also ensure that the quality of meetings and dialogue with the board is excellent.

According to recent research from benchmarking firm, Best Practices, LLC, successful advisory boards are aligned across internal and external organizations and have clearly defined objectives. It is critical to set objectives from the onset of an advisory board. The most valued objectives cited by participants in the research were gaining feedback, receiving advice and creating market understanding or reputation.

The related report, "Benchmarking Advisory Board Management at Large Pharmaceutical & Medical Device Organizations," will help pharmaceutical and biotech executives to better understand how to best utilize the knowledge gained through advisory boards. In addition, the research will help leaders learn how to best run and organize advisory boards.

Topics covered in this research include:

    --  Structure of Advisory Boards
    --  Selection of Advisory Board Participants
    --  Operations of Advisory Boards
    --  Cost of Advisory Boards
    --  Challenges and Best Practices

Best Practices engaged 35 companies from 29 leading life sciences companies for this study. Segmentation analysis was key to examining trends and effective practices. Thirteen participants at 9 companies comprise the study's Large Company Segment. Most responses came from the United State and Canada (63%) followed by Asia (20%).

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1403.htm

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.

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SOURCE Best Practices, LLC