Fair Market Value Compensation for KOLs

If you work in the medical industry, then you understand the importance of thought and key opinion leaders. While they can play a crucial part in the success of your company, the only way to attract the best in the industry is with transparent and competitive compensation. KOL FMV compensation rates depend on market conditions, and while you can try and work them out yourself, using a third-party who makes it their business to stay on top of fair-market value compensation rates will provide you with more accurate results. 

Accurate Data to Support Your FMV Rates 

In order to accurately assess the FMV compensation rates of a specific region, you need to sift through thousands of data points. First you need to identify and segment KOLs, physicians and thought leaders. After that you need to determine their fair market value, since the best ones expect to be compensated more, and they will know their worth. Making an offer that is too low could result in a bad first impression. The good news is that certain companies exist for the sole purpose of collecting data from medical professionals, and then translating that data into information which you could use to determine a competitive compensation rate. 

Making Data Analysis Easy 

Certain companies works with an entire network of life science professionals, which they use to conduct regular surveys. The feedback from those surveys is used to constantly update fair-market value compensation rates. Of course, physician, thought leader and KOL feedback is also used for other purposes, such as answering complex questions that apply to a variety of medical fields. While there are databases that already have answers to many tough questions, you may need to conduct a custom survey. This is often true when it comes to pharmaceuticals. The design of a custom survey can determine whether you will get the answers you seek. To make sure each custom survey accurately reflect the needs of your product, you should work with someone who specializes in designing them.

Get the Data You Need 

At the moment, you can already access a number of reports which provide accurate KOL FMV compensation rates for a multitude of regions. This way you can identify professionals which are most likely to help your company succeed, and what you should offer in terms of compensation. To get started, find the region you need data from and select that report. If other services are required, such as designing a custom survey, please email or call our offices.