What is an Advisory Board?
An advisory board refers to a meeting of experts that is convened by a pharma company to gain insights around a particular topic. They are usually held by a specific brand or franchise and can include a set of key opinion leaders (KOLs), payers, or both. Advisory boards can last anywhere from a couple hours to a full 8 hours and can be conducted in person or remotely.
A medical advisory board will often ask about experts’ thoughts on data, evidence gaps, potential plans, how a drug is used in practice, etc. A payer advisory board (often conducted by payer marketing) may also ask about thoughts on the economics of a drug, potential barriers to formulary-decisionmaking, etc.
Advisory boards are an important way for companies to get insights and feedback on their data and plans. Physicians are typically paid for their time participating in advisory boards- Compliance teams require a strong business rationale for any advisory board to ensure that physicians are being included for a legitimate business reason only.