Are you paying your HCPs an appropriate rate?  According to AdvaMed’s Code of Ethics and PhRMA’s Code on Interactions with Health Care Professionals, life sciences companies should select HCPs who serve as consultants/advisors according to a number of criteria, such as (but not limited to):

  • specialty
  • years of experience
  • location, practice setting
  • clinical research experience
  • podium presence
  • speaking and publication experience
  • experience with, usage of, or familiarity with a specific Medical Technology

A company may not need the most experienced and accomplished physician to speak/advise/consult on a particular subject matter.  It’s a safe and responsible practice to assess an HCP’s qualifications, skills, and experience in order to compensate them at an FMV rate for their personal services.  HVG’s Tiering Algo ranks a particular HCP candidate into one of 4 tiers based on a series of questions.  Then, HVG develops the FMV compensation rate for each tier.