The Value of Healthcare Advisory Boards
An advisory board is a structured, collaborative method for organisations to engage experienced stakeholders working within current practice to gain advice. The advice sought will differ but may support important situations from anything such as:
- Launching or leading expansion into new indications / markets
- Understanding the scope and potential for new approaches / opportunities (e.g. data generation, supporting market change)
- Optimising communications approaches (e.g. medical education, value proposition)
- Tackling a specific business challenge (e.g. managing reimbursement, responding to new market entrants, LOE)
- Managing crisis (e.g. chronic supply challenges)
Why Use a Healthcare Advisory Board?
Advisory boards can take different forms, depending on requirements but typically the core components for successful delivery are:
- Clear purpose, scope and objectives
- An independent and expert facilitator
- A set of carefully selected independent advisors with relevant experience
- A well designed structure that maximises engagement & outcomes
- Clear and timely communications, including follow-up measures
Because advisors are engaged very specifically to support the scope of the topic(s) in hand it is possible to explore the areas in question in a significant amount of depth. This can help to understand and validate key issues but also to test ideas, solutions and invite alternatives. Assuming carefully selected, diverse advisors are on the advisory board, confidence that the insights received is ensured and insights can be reasonably applied towards a larger customer group in the market.
One-off or Ongoing Advice?
Advisory Boards can be project-based (or even one-off) or can be set up to support longer-term goals, providing regular (but usually infrequent) input and advice.