There’s been quite a bit of FMV compliance concern and awareness lately surrounding health care professionals (HCPs) providing services to life sciences companies with respect to FMV compensation and commercial reasonableness. When selecting an HCP to provide services such as consulting, teaching, speaking, advisory board, and focus groups (to name a few), the AdvaMed Code of Ethics recommends the company carefully select a physician consultant. Per AdvaMed Code of Ethics, “A Company should select only duly vetted Health Care Professionals to serve as consultants, based on the Health Care Professional’s qualifications to meet the identified need. Some examples of these qualifications include Health Care Professional’s specialty, years of experience, location, practice setting, clinical research experience, podium presence, speaking and publication experience, or experience with, usage of, or familiarity with a specific Medical Technology, among other qualifications.”
 
According to the PhRMA Code on Interactions with Health Care Professionals, “Decisions regarding the selection or retention of health care professionals as consultants should be made based on defined criteria such as general medical expertise and reputation, or knowledge and experience regarding a particular therapeutic area”.  Furthermore, “the criteria for selecting consultants are directly related to the identified purpose, and the persons responsible for selecting the consultants have the expertise necessary to evaluate whether the particular health care professionals meet those criteria.”
 
HVG has developed a Physician Consultant Experience Matrix which allows a company to rate a particular HCP based on pre-defined criteria and qualifications. The resulting score ranks an HCP in one of four tiers.  This experience ranking helps support an appropriate FMV compensation.

If you would like a complimentary copy of our Physician Consultant Experience Matrix, please email us.