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.