October 5, 2018

Are you leveraging compliance data to inform critical business decisions about your promotional spending? To improve your educational reach and cultivate deeper engagement with HCPs, the Open Payments platform maintained by the Centers for...

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Are you leveraging compliance data to inform critical business decisions about your promotional spending? To improve your educational reach and cultivate deeper engagement with HCPs, the Open Payments platform maintained by the Centers for Medicare & Medicaid Services (CMS) can be a valuable source of information when combined with IQVIA’s proprietary insights on HCP engagements.

The silver lining of the heavily regulated compliance environment in which the Life Sciences industry operates is that there is a bounty of publicly available industry-wide data available. The raw data is comprehensive and uniform, making objective analysis possible. By taking a proactive approach, manufacturers can identify business goals that can be achieved through robust analysis of the annually published CMS data.

The CMS database, established as a condition of the Affordable Care Act, has been collecting data since 2012 on individual HCP compensations, made by Pharmaceutical and Medical Device companies on certain activities. Published since 2013, the database promotes transparency and functions as a resource for consumers, hospitals and provider networks, drug and device manufacturers and other healthcare market participants.

By leveraging this publicly available data, a Life Sciences company can obtain valuable insight about your competitors’ promotional activities and HCP engagements. Particularly when this information is combined with internal or third-party proprietary data sources—in this instance, proprietary to IQVIA—the depth of visibility into a particular therapeutic market can be unparalleled.

A Life Sciences company can derive the greatest benefit from this CMS data by taking a proactive approach rather than a retrospective audit. The data might reveal some surprising or counterintuitive findings that could change the way you plan and conduct certain business processes, related to promotional activities, educational targeting and annual spending on honoraria, meals, and other expenses.

Moreover, historical data analysis can reveal long-running trends, and major shifts in your competitors’ promotional activities and HCP engagements, particularly when it is augmented by granular details about geography, HCPs’ institutional affiliations, KOL status of competitor speaker bureaus, attendee specialties, areas of therapeutic specialty, and program types extracted from other internal or partner sources.

Focus on the processes and automation to find areas where you can improve efficiencies in HCP communication and engagement. To visualize the results — and to make it easier to present your findings to stakeholders without committing them to a deep (and time-consuming) dive into the raw data, create dashboards that distill this knowledge into actionable takeaways. With empirical evidence of how the industry is moving forward, it is possible to eliminate much of the guesswork, hunches or plain inertia that can plague HCP engagement tactics.

Instead, you will be able to move forward with transformative strategies guided by a clear knowledge of where, when and how to reach your intended audience.

 

Contributed by:

Darren Jones, Senior Principal, Global Compliance Consulting Practice Leader, IQVIA Commercial Compliance

Darren is the Senior Principal of IQVIA Commercial Compliance, where he leads a global consulting practice of over 20 professionals dedicated to supporting clients’ compliance risk management needs. He has over 18 years of global experience supporting the broad business and compliance needs of large global pharmaceutical manufacturers, as well as emerging biotech companies and medical technology. Darren has led global compliance consulting engagements across all healthcare interaction risk areas, and has developed deep expertise in commercial and medical affairs operations.

 

Jennifer Bang, Senior Consultant, Polaris, IQVIA Global Compliance

Jennifer is a healthcare compliance attorney and an economist. She has worked on various types of compliance consulting projects across risk areas at Polaris, including compliance operations program development, business process enhancement/optimization, auditing & monitoring, risks/needs assessments, and policy/SOP development. Jennifer has particular expertise in FMV assessments of clinical study budgets and focus arrangements, such as specialty pharmacy arrangements and third-party logistics arrangements, for which she provides detailed analysis of the overall contracting process and reasonableness. She also has experience in aggregate spend assessment projects where she has redesigned processes for data collection, auditing & monitoring, data submission, and overall governance of the program. In addition, Jennifer has led several FMV analysis projects where she developed the FMV rates and KOL tiering methodology for global HCPs and non-HCPs, as well as the overall implementation process and strategies.

An AHM Partner, under IQVIA, Polaris provides software solutions and expert consulting services globally for all sizes of pharmaceutical, biotech and device companies. Configured to meet the challenges of global compliance demands, and with a focus on flexibility, scalability, usability and enhanced business process effectiveness, Polaris leverages deep expertise in providing expert insights and recommendations, and extensive experience to delivering robust technology platforms. Polaris has developed a proven, consistent methodology to provide scoring services which complete the KOL evaluation process, Fair Market Value Rate Calculation, and business analytics and intelligence—letting clients focus on their business. Click here to learn more.

December 7, 2017

As the year draws to a close, take this opportunity to evaluate and reflect on your career. The new year offers not only a fresh start, but a chance to build on your professional...

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Disclaimer


As the year draws to a close, take this opportunity to evaluate and reflect on your career. The new year offers not only a fresh start, but a chance to build on your professional goals and enhance your knowledge: Did you achieve what you wanted to this year? What opportunities for growth and development do you want to pursue for next year?
It pays to take stock by asking yourself these kinds of questions now so that you can put a plan into place: Life sciences education is a growing, fast-moving field, and the day-to-day management of client needs — evaluating venues, overseeing expense reporting and countless other detail-oriented tasks — can sometimes mean your long-term career goals get pushed to the side.
But, just as HCPs need to keep abreast of the medical and scientific developments they need to inform patient care, so too do professionals in the field of managing HCP educational programming.
One key source of professional development is industry conferences. We went to a few really great events this year that we will be at again in 2018. Dreamforce in San Francisco is great for those who want to learn about the de facto technology standards for the life sciences industry, and CBI’s Life Sciences conferences include some leading-edge insights.
One new conference that we found very helpful and will be at next year is CBI’s Comprehensive Strategies for Managing HCP Interactions, a topic that touches on multiple aspects of client services.
Another conference we found very helpful is CBI’s Transparency & Aggregate Spend, which takes a comprehensive, up-to-date look at the complex infrastructure of state and local regulations on which our compliance-centric platform is based, as well as federal and emerging global regulations for HCP spend reporting. This is another conference we are putting on our calendar for 2018!
In addition to conference attendance, consider if you would benefit from joining or renewing membership in an industry association such as Meeting Professionals International, which can be invaluable for networking and growing your opportunities. Professional associations also offer resources if one of your goals for 2018 is to earn an industry-specific certification like the CMP (Certified Meeting Professional) or CMP-HC (Certified Meeting Professional – Healthcare) designation.
And finally, whatever else you set your sights on for your 2018 professional goals, you should add deepening your knowledge of data analytics to that list.
“Big Data” is a catchphrase that gets thrown around a lot, but the buzzword belies the groundbreaking and granular insights today’s technology allows us to undertake with the information we gather. Acquiring a mastery of the tools that allow us to extract more value from the information we gather is a top priority for all of us — this is how we can remain on the cutting edge in 2018 and beyond.
 

Contributed by:


Grazia Mohren, Senior Marketing Manager, AHM

Passionate about digital marketing, social media, and incorporating new technologies into marketing strategy, Grazia Mohren brings more than 12 years of experience in marketing and public relations, to her role as senior marketing manager at AHM. Prior to joining AHM in 2017, Mohren spearheaded campaigns for hundreds of events and conferences, including Oscar and Golden Globe events, film festivals, product launches, and more.