Accurate understanding of the experts and their engagement activities enables methods for measuring and communicating the value of innovative agents. Read on for 5 examples of how this data can inform your external expert selection.
Five main Industry Payments Data use cases
Knowing how much and what type of payments a healthcare provider receives can inform the expert selection process. Our research at Monocl and discussions with our customers revealed five main use cases:
- Identifying experts with a history of industry payments – this establishes their affinity for industry collaborations, e.g. general payments for consulting indicate an expert’s interest in advising companies about medical products or treatments. Research payments show an interest in collaborative research work.
- Identifying the most frequently engaged experts in a therapeutic field – this indicates a clear willingness to partner with industry. This insight can serve two purposes: payments are often used as a proxy for impact the expert may generate scientifically. It can also serve as criterion for exclusion of an expert, e.g. those with established competitive relationships, or emerging experts rather than top established thought leaders.
- Gaining insights related to spend volume for promotional education activities for a particular drug class or field of therapy.
- Highlighting experts that have recent funding from direct competitors, specifically over time. An expert who has an ongoing relationship with a competitor may present challenges for deep engagement. However, a single industry payment from a competitor a few years back might indicate industry experience and be a positive rather than a negative criterion.
- Performing competitive intelligence by identifying expert relationships you share across companies, finding experts who have yet to be engaged, and following how relationships change over the course of an expert’s career.
Payment data, especially trends over time, are therefore a valuable source of information for medical affairs professionals when identifying, prioritizing and engaging external experts.
Industry Payments in Monocl ExpertInsight
Detailed information about each healthcare provider, who has received payments, is available online and accessible as a standalone data stream. However, to create comprehensive expert profiles that data has to be integrated with other relevant information about the expert which, when done manually, is tedious and time-consuming.
The Industry Payments Data in Monocl ExpertInsight allows a user to see all payments made to a specific expert over the entire reporting period in the context of all other activities of this expert. Intuitive visualization tools make it easy to discern trends, establish which company paid the expert how much, when and for what purpose and to compare different experts.
Monocl ExpertInsight is an expert-centric database with every search returning a list of experts that are relevant to the specific search term. Our in-house experts suggest to start a search with a relevant term, e.g. a disease, technique of interest or similar and then narrow down that list using filters including criteria such as industry payments.
In this example, we’ll start with the search term “breast cancer”, which returns over 370,000 experts worldwide. To narrow down that list we can apply a second filter, in this case we are focusing on experts who have been invited speakers at conferences. This decreases the number of hits to about 2030. Adding a requirement that an expert received $10K or more in general payments from life science companies results in a short list of 401 experts. Using Monocl ExpertInsight’s visualization tools make it easy to quickly identify the most relevant experts.
In each individual expert’s profile industry payments can then be analyzed by type and amount and explored in further detail.
Detailed records like the (anonymized) one shown in Fig 2 contain relevant information about a payment. For example, this expert recently received compensation for a speaking (or faculty) engagement from a company for a drug used to treat breast cancer.
Further, Monocl ExpertInsight shows that the expert does not have a history of receiving compensation from that company but received significant payments from a top 5 pharmaceutical company between 2016 and 2018. While the expert continues to receive general and research payments from this company, the level of involvement decreased significantly in the second part of 2019, perhaps indicating the availability of this expert for engagement.
Industry payments provide valuable information about scientific and medical experts and can lead to actionable insights, especially when considered in the context of an expert’s 360-degree profile as provided by Monocl ExpertInsight.
If you are interested in learning more about accessing that critical information through Monocl ExpertInsight, please contact us.