Multi-Channel Advisory Boards

Inside Edge Consulting, Princeton

April 2, 2015

As we have discussed in previous posts, in the pharmaceutical industry (like many other industries) there is no single stakeholder who is not affected by others. Many stakeholders are involved in the process of getting a drug to market, marketing and selling the drug, covering an approved drug, or providing access to an approved drug. So why is there such a focus on speaking with and working with these stakeholders in silos? While we recognize that there are certain regulations which prohibit interactions between some stakeholders, there are ways to obtain broad-based insights and information. One approach IE has taken with its clients is conducting a Multi-channel Advisory Board — an advisory board with stakeholders from different responsibilities within the industry.

This approach is has been highly valuable to our marketing, market research, and payer marketing clients. Multi-channel Advisory Boards have allowed them to obtain perspectives and consensus on marketing materials, unmet needs, and the best ways to engage these various stakeholders.

For example, the needs of a hospital and the needs of a PBM can be very different, but sometimes they are facing the same challenges. These insights can be obtained through each individual stakeholder, but the connection between similar issues may not be identified. In addition, with the increased focus on transitions of care, understanding the pressure points from various stakeholders involved in the patient flow can be key to developing an effective transitions of care program.

Multi-Channel Advisory Boards are also beneficial from the advisor (attendee) perspective because it allows them to develop a broader understanding of how various stakeholders interact and impact each other. Advisors attending IE Multi-Channel Advisory Boards have repeatedly stated the benefits they receive and express interest in having more meetings conducted in a similar fashion, especially as the pharmaceutical landscape is evolving so rapidly.

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