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Awesome advisory boards

May 31, 2023
 - Tim Hardman

Advisory board meetings are often used to address perceived knowledge gaps and build consensus. They serve to capture and distil the combined wisdom of a group of subject area experts, accessing their experience to explore issues such as unmet needs or to discuss future therapeutic strategies. When managed appropriately advisory boards generate powerful outcomes. Pharmaceutical companies derive several strategic and operational benefits from engaging with advisory boards, which consist of experts, often including physicians, researchers, and key opinion leaders (KOLs). We recently summarised the best way to achieve the most out of your advisory board in an issue of our Insider's Insights [1] (and stay within relevant regulations [2] [3]). Here are some key advantages summarised:

Expert Insights and Clinical Guidance

  • Cutting-edge medical expertise: Advisory boards provide pharmaceutical companies with the latest clinical insights and scientific knowledge in their field. This guidance is crucial for shaping clinical development programs, improving drug formulations, and identifying unmet medical needs.
  • Validating R&D strategy: Experts help validate a company’s research and development (R&D) strategy, offering an external perspective that can refine drug targets and clinical trial design. Their input can prevent costly missteps by ensuring that clinical studies are aligned with current medical practices and patient needs.

Early Feedback on Product Development

  • Product optimisation: Advisory boards allow pharmaceutical companies to receive early feedback on drug candidates, clinical trial design, and product positioning. This helps in making critical adjustments to the drug development process that improve efficacy, safety, and patient outcomes.
  • Regulatory preparation: Advisors can help companies anticipate regulatory hurdles and ensure that the data and outcomes presented will meet regulatory expectations, streamlining the approval process.

Influence and Credibility with Stakeholders

  • Enhanced credibility: Involving recognised thought leaders and KOLs in advisory boards increases the credibility of the pharmaceutical company’s products and research. This association can positively influence the medical community, regulators, and investors.
  • Market positioning: KOLs on advisory boards help shape a product’s value proposition to the medical community, influencing market perception and uptake. Their support can be instrumental in gaining early advocates among prescribers.

Access to Real-World Data and Patient Insights

  • Understanding real-world challenges: Advisory boards offer insights into real-world treatment challenges, patient behaviors, and healthcare system constraints. This knowledge is invaluable for developing solutions that are practical and effective in clinical practice.
  • Patient-centric approach: By tapping into insights from advisors with direct patient care experience, companies can ensure their drug development focuses on patient-centric outcomes, improving both adherence and overall success rates.

Commercial Strategy and Market Access

  • Shaping market access strategies: Advisors play a pivotal role in helping pharmaceutical companies craft market access strategies, including pricing, reimbursement, and health economics. Their insights can guide the development of value-based pricing models that resonate with payers and healthcare systems.
  • Strategic guidance on launch: Advisory boards can help pharmaceutical companies fine-tune their launch strategies by providing feedback on branding, messaging, and educational initiatives aimed at healthcare professionals. Advisors help identify potential barriers to adoption and suggest methods to overcome them.

Long-Term Relationship Building with KOLs

  • KOL engagement: Building relationships with KOLs via advisory boards fosters long-term partnerships. These experts can become advocates for the company’s products, acting as influential voices in medical conferences and peer-to-peer communications.
  • Clinical trial recruitment: Advisors can also help in recruiting patients for clinical trials and ensure that the trials are run in a manner that aligns with the needs and workflows of clinical investigators.

Risk Mitigation

  • Identifying potential challenges: Advisory boards provide pharmaceutical companies with an early warning system by identifying potential safety, ethical, or logistical issues before they escalate. This allows companies to address concerns proactively, reducing the risk of costly failures later in the development or commercialisation process.
  • Balancing risk and innovation: Advisors help companies strike the right balance between innovation and risk, encouraging bold scientific approaches while ensuring that patient safety and regulatory considerations remain a top priority.

Advisory boards are essential for providing expert insights, enhancing product development, building market credibility, and shaping commercialisation strategies, all while mitigating risks and improving patient outcomes. Their input drives informed decision-making and supports a pharmaceutical company’s efforts to bring innovative and effective therapies to market. Advisory boards should not be viewed as a stand-alone event, nor will they necessarily address all aspects of a knowledge gap. However, they can serve as a useful initiative that form part of the wider research efforts. They offer an opportune way to initiate discussion within a scientific field, and this momentum can have a hugely positive impact. Consider how the advisory board may contribute to an ongoing area of research and how to publish the discussion narrative and consensus in a scientific journal. If you publish the proceedings, you may not only want your attendees to be report authors but also be willing advocates actively involved in dissemination of its key messages.

References

  1. Awesome Advisory Boards: An Insider’s Insight. Niche Science & Technology Ltd. 2023
  2. International Federation of Pharmaceutical Manufacturers & Associations: IFPMA Code of Practice 2019.
  3. Association of the British Pharmaceutical Industry. The ABPI Code of Practice for the Pharmaceutical Industry 2021.

About the author

Tim Hardman
Managing Director
View profile
Dr Tim Hardman is Managing Director of Niche Science & Technology Ltd., a bespoke services CRO based in the UK. He is also Chairman of the Association of Human Pharmacology in the Pharmaceutical Industry, the representative industry body for early for early phase clinical studies in the UK, and President of the sister organisation the European Federation for Exploratory Medicines Development. Dr Hardman is a keen scientist and an occasional commentator on all aspects of medicine, business and the process of drug development.

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