Pharmaceutical advisory boards are vital opportunities to gather expert input, but their success depends greatly on planning and facilitation. Too often, companies treat key opinion leaders (KOLs) like celebrities rather than partners, stifling honest feedback and diverse perspectives. The real value emerges when facilitators create an environment where all participants feel comfortable sharing their opinions, not just the loudest or most prestigious voices.
Harnessing the “wisdom of crowds” can yield remarkable results during advisory boards. Case in point: When our president, Dan Rehal, was leading a BioPharma brand he asked advisors to estimate the number of jellybeans in a jar as they entered the room prior to an advisory board. Many anticipated that the most renowned KOL would guess the correct number of jellybeans. Surprisingly, his answer was the furthest off, while the average of all estimates was within 5% of the actual count. This wisdom of crowds theory is indicative of how collective intelligence often produces more accurate insights rather than relying on the opinion of any single expert, no matter how distinguished.
Drawing from our years of experience facilitating hundreds of advisory boards across multiple therapeutic areas, we’ve compiled these essentials to help you maximize the value of your next advisory board.
Turning Dialogue into Direction
Finally, the post-advisory board period is equally critical. Many companies fail to transform the conversations and data collected into actionable insights. Without proper planning from the beginning with clear objectives and structured questions, the output often becomes a collection of interesting but unfocused opinions rather than meaningful data that can drive strategic decisions.
Our experienced team can assist you in both facilitating your next advisory board and turning the insights gleaned into action.
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