Speaker Programs Won't Always Be Around in the US - Set a Solid Foundation for Future Marketing Reach NOW

Speaker programs are a common way for pharmaceutical companies in the United States to educate healthcare providers about their products. In a speaker program, a healthcare provider (HCP) is invited to speak at an event about a particular product or disease. The HCP is typically trained and compensated for their time and travel expenses by the company who produces the product. Speaker programs can be a valuable educational tool for HCPs and can provide up-to-date information about new products and treatments, along with the benefits and risks of these products. However, despite the efficacy of these programs there is a known risk that they could be used to induce healthcare providers to prescribe or recommend particular products and therefore are closely monitored by regulators.?

According to a report by the Pharmaceutical Research and Manufacturers of America (PhRMA), pharmaceutical companies spent an estimated $1.2 billion on speaker programs in 2022. This represents a decrease of 10% from the previous year, the second double digit drop in as many years. The decline is likely due to a number of factors, including increased scrutiny of speaker programs by regulators and the growing use of other marketing channels, such as direct-to-consumer advertising. The PhRMA report also found that the majority of speaker program spending (60%) went to physicians, while the remaining 40% went to other healthcare providers, such as nurses and pharmacists. The report also found that the most common topics for speaker programs were new drug therapies (30%), medical devices (20%), and patient education (15%).

The scrutiny is coming from The Office of Inspector General (OIG) which is found within the U.S. Department of Health and Human Services (HHS).?The OIG recently issued a Special Fraud Alert (SFA) on speaker programs in the pharmaceutical industry. The SFA identifies "inherent fraud and abuse risks" associated with speaker programs. The OIG is mainly concerned that speaker programs may be used to induce HCPs to prescribe or order products from the manufacturer, rather than based on their medical judgment. In order to minimize this risk, pharmaceutical companies should carefully consider the following factors when developing and implementing speaker programs:?

• The educational content of the program should be objective and unbiased.
• The speaker should be qualified to speak about the topic of the program.
• The speaker should not be compensated based on the number of prescriptions or other business generated.
• The speaker should be required to disclose any financial relationships they have with the pharmaceutical company.
• The program should be subject to independent oversight.

The OIG also urges companies to implement safeguards to ensure that their speaker programs are not used to induce HCPs to prescribe or order their products.?To assist with this, you may want to consider a service provider to support your Speaker Program Operations, to ensure you are compliant and your sunshine reporting is accurate (we can recommend a few if you want to reach out ).?

In addition to the SFA, The OIG is encouraging pharmaceutical companies to consider alternative, less-risky means of educating HCPs about their products. It is time to begin these conversations because if speaker programs are banned in the pharmaceutical industry, there will need to be a major shift in how pharmaceutical companies reach and educate healthcare providers about their products.?The team at Phoenix BioPharma Group, LLC can assist you in exploring possible alternatives to speaker programs, which could/should include:

• Publication of educational materials; such as white papers, case studies, and journal articles
• Webinars and other online educational programs
• Direct marketing
• On-Demand Information Portals
• Social Media
• A strong Omnichannel Strategy

It is important to note that there is no single alternative to speaker programs that would be effective in educating healthcare providers on new products and treatments, it must be a holistic approach because preferences are varied. In addition to finding new ways to educate healthcare providers, pharmaceutical companies will also need to find new ways to build relationships with them. This could include sponsoring educational events, donating to charitable causes, or simply providing access to information and resources. A ban on speaker programs will certainly be a challenge for the pharmaceutical industry, but it could also serve as an opportunity for further innovation. By inventing new ways to educate healthcare providers, pharmaceutical companies can continue to play a vital role in improving patient care.

Alana Goodman (She/Her)

CEO & Founder

Phoenix BioPharma Group, LLC

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E?| [email protected]

W | https://phoenixbgllc.com ??

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