Best Practices in Managing Board Meetings in the Global Market

Best Practices, LLC undertook benchmarking research to examine key trends in advisory board management, including the structure, planning, execution and utilization of advisory board feedback.

Study Snapshot

Best Practices, LLC engaged 12 leaders with direct experience in the planning of Advisory Boards from 12 leading bio-pharmaceutical companies. About 70% of participants are at the level of director or above.

Key Findings

• Company Size Impacts Number of Advisory Board Meetings Conducted: All companies with more than $10 billion in annual revenue last year conducted more than 100 Advisory Board meetings. Another 38% of companies, which are smaller and mid-size companies, conduct between 26 to 75 Advisory Board meetings each year.
• Use of Advisory Board Feedback/Advice: 40% of the participants utilize feedback from advisory boards to develop future strategies, 30% protect the information, 20% utilize it based on the need, 10% plan execution and 10% set realistic expectation from advisory boards.

• Total Advisory Board Meetings Conducted During the Last 12 months Across All Geographies and All Therapeutic Areas
• Distribution of Advisory Boards in Different Categories – Medical, Commercial, Health Outcomes and Value & Access
• Distribution of Advisory Boards - Single Country vs. Multi-country
• Therapeutic Areas Supported by Advisory Boards
• Methods and Factors Used for Planning Annual Advisory Board Meetings
• Cross-Functional Teams Involved in Creating Annual Advisory Board Plan
• Does a Governing Body or Specific Advisory Board Review the Plan to Ensure Strategy?
• Process Employed To Review the Annual Advisory Board Plan
• Use of Virtual Advisory Boards
• Types of Advisory Boards Conducted within Participating Companies
• Criteria Employed to Deploy Specific Advisory Board Meetings
• Criteria Employed for Internal Staff to Attend an Advisory Board
• Limit on the Number of Internal Staff Who Can Attend Advisory Board Meetings
• Factors Impacting the Limit on Internal Staff
• Confirmation of Number of Internal Staff Attending an Advisory Board
• Limit on the Number of External Advisors Who Can Attend an Advisory Board Meeting
• Ideal Ratio of Internal Staff to External Advisors
• Granting Permission to Commercial Staff to Attend Medical Advisory Boards
• How Does Your Company Execute an Advisory Board?
• Do You Pay Advisors to Prepare for the Meeting (Prior to Advisory Board)?
• Duration for Completion of Single and Multi-country Advisory Boards
• Methods Used to Capture Advisory Board Feedback
• Restriction on Sharing Feedback from a Medical Advisory Board
• Storage of Advisory Board Feedback
• Utilization of Feedback Internally and by Advisors
• Circulation of Feedback to Advisors
• Top Challenges for Conducting Advisory Boards
• Best Practices in Conducting Advisory Boards