Medical Publications Teams' Budgets Increase from 2009 Averages
In the past four years, pharmaceutical and medical device companies have given increased attention to medical publication teams. More companies are creating dedicated groups to carry out medical publication strategies and, since 2009, have increased financial support for these teams.
A recent Cutting Edge Information study, “Strategic Medical Publications Management: Plan Development and Resource Benchmarks,” found that over a four year period, no surveyed low-output medical publications team received a decreased budget from one year to the next. In fact, from 2009 to 2011, low-output teams' budgets increased on average by 180%. Individual teams experienced budget increases ranging from 33% to 500%.
At the same time, high-output teams' average budget increase totaled only 15%, however their budgets remained much higher than those of low-output publication groups. Individual team budget changes between 2009 and 2011 ranged from a decrease of 17% to an increase of 67%.
“Low-output teams receive a smaller average budget than their high-output counterparts so, of course, any increase in budget will represent a greater percentage change,” said Ryan McGuire, research team leader at Cutting Edge Information. “However, the consistently high percentage change in medical publications budgets that these teams have experienced each year since 2009 shows a trend in these companies' maturation from low- to high-output publishers.”
Though low-output teams still receive less dedicated resources than their high-output counterparts, teams are steadily transitioning from low- to high- output. Though budgets are not the only factor to productivity, necessary resources allow teams to produce more manuscripts and abstracts. As these teams continue to receive more resources, their increased productivity may boost them into the high-output category.
“Strategic Medical Publications Management: Plan Development and Resource Benchmarks,” (http://www.cuttingedgeinfo.com/research/medical-affairs/medical-publications/) explores medical publications teams' best practices for team-building, vendor management and strategy planning. This study benchmarks publications teams' resources and outsourcing, structure, performance metrics and challenges.
For more information about medical publications and medical affairs strategy, contact Cassie Demeter at +1 919-403-6583.
Cutting Edge Information
Cassie Demeter, 919-403-6583