INTERVIEWS versus Traditional Advisory Boards Back to Top
- ADVANTAGES of Traditional Advisory Boards:
- Traditional Advisory Boards have valuable roles in the commercialization of your products.
- Opportunities to meet face-to-face with KOLs and to ask questions of the KOLs.
- Opportunities to introduce yourselves to KOLs, especially at a meal Advisory Board.
- Opportunities to establish rapport, but not always with sufficient quality time.
- Ability to personally present and ask questions about your clinical trial(s) or product(s) with KOLs.
- Ability to ask follow-up and clarification questions with KOLs.
- LIMITATIONS of Traditional Advisory Boards:
- Some KOLs may be reluctant to provide negative feedback for fear of not being invited back for future Advisory Boards.
- Limited time for each KOL to speak and present his/her ideas and respond to questions. For example, in a typical 90-minute Traditional Advisory Board with 8 KOLs, usually beginning with a presentation by the sponsoring company, that equates to approximately only 11 minutes of “talk time” or feedback from each KOL. How cost effective is that?
- Because of group dynamics such as competition and the “real-world” hierarchy of the KOLs on your advisory board, some relatively senior KOLs often dominate the communication flow, while some relatively junior KOLs may be reluctant to speak openly and candidly Some KOLs, regardless of their level of prestige, are often reluctant to suggest or recommend information at an advisory board, such as opinions about a clinical trial design, or drug, or diagnostic test because they want to keep an idea for themselves for later discussion with you, or, they may be reluctant to completely share their opinions for any of a number of reasons.
- It is often difficult and time consuming to arrange and schedule Advisory Boards, especially for pharmaceutical or diagnostic companies who are new or relatively new to oncology/hematology.
- Many pharmaceutical companies require signing of non-disclosure agreements with KOLs which may limit KOL feedback.
- Recruitment rates for Traditional Advisory Boards are usually lower than the approximate 95% of KOL ACCESS INTERVIEWS for any of a number of reasons.
- KOL ACCESS INTERVIEWS: produce much 60 minutes of time with each KOLs and thus, higher quality data per KOL.
- KOL ACCESS INTERVIEWS often supplement Traditional Advisory Boards, or vice-versa.
- KOL ACCESS INTERVIEWS are usually conducted before conducting Traditional Advisory Boards in order to establish a “baseline” for each KOL’s perspectives on drugs, clinical trials and diagnostics which may not be disclosed during Traditional Advisory Boards.
- KOL ACCESS INTERVIEWS are a valuable supplement to MSL information because KOL ACCESS Interviews do not reveal the drug or diagnostic company.
- Our KOL ACCESS expert Interviewers have extensive experience conducting Traditional Advisory Boards. As executives within oncology/hematology pharmaceutical and diagnostic companies; as hired commercial promotional agencies; and on occasion, via KOL ACCESS ADVISORY BOARDS.
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