The relationship between pharma companies and health care providers continues to be under scrutiny. The Physician Payments Sunshine Act in the U.S. and the European Federation of Pharmaceutical Industries and Associations (EFPIA) code on transfers of value require biopharmaceutical companies to publicly report payments to health care providers. These laws are intended to increase the transparency of relationships and disclose potential conflicts of interest.
Pharma and biotech companies who are contributing to these massive databases can also leverage these data to better inform their own approach to thought leader interactions, while safeguarding compliance standards. For example, these data can be mined and subsequently analyzed to identify payments for clinical trials made to investigators within a specific disease state or identify highly utilized experts. Stakeholder management systems can be supplemented with these data to help companies make informed decisions about selecting appropriate thought leaders for specific initiatives, work compliantly, and track results. This is especially important for larger companies who may have several departments that interact with thought leaders over time.
81qd offers Acuity™, a customizable, online stakeholder management solution that helps life sciences companies effectively manage KOL relationships critical to their success. The system provides information that allows our clients to track events and interactions involving these KOLs across geographies, organizations (including competitors) and functions. Acuity, which can be highly customized to meet the needs of a brand and/or an entire enterprise at both large and small companies, has the option for user-based tiered access and can integrate seamlessly into any CRM system, all while meeting rigorous industry and company-specific compliance standards.
A key benefit of developing these KOL engagement strategies is that the relationship becomes a two-way street of communication; the company is always speaking to the KOL with one voice, and the KOL in turn knows who to contact at the company.
The collaboration between pharma and health care providers has always benefitted patients. More effectively managing these relationships can bring more value to the companies as well.