There are many ways for physicians to supplement their income and have an impact on patient health. One way is through consulting work with pharmaceutical companies. Physicians can help them develop innovative drug therapies that could improve the health of patients around the world. This post will share insights on how you can leverage your credibility and experience as an MD with industry. In particular, you'll learn about different types of physician consultant activities and find resources to get started.
Why work as a physician consultant with the pharmaceutical industry?
There are many reasons why physicians might choose to work with pharmaceutical companies. First, physicians can have tremendous influence on the direction of research and development of new drugs. As a practicing physician, you are acutely aware of the unmet medical needs and knowledge gaps in your specialty. Sharing these insights with pharmaceutical companies will help them develop effective products with appropriate strategies for getting them to patients.
For some consulting opportunities like advisory boards, pharma companies usually have a preference for working with leading academic experts. However, for other consulting activities, pharmaceutical companies are often willing to work with physicians who are interested in gaining experience. Therefore, you may be able to gain valuable research experience in the field of drug development.
In addition, some physicians may be interested in exploring non-clinical work. You might want to learn more about working within a pharma company. Consulting with pharma companies gives you exposure to industry-relevant work and enables you to build a professional network. That way, you see what you like better: your clinical work or the work that is relevant to the pharmaceutical or biotech industry.
Lastly, one of the most compelling reasons is the potential to make a lucrative side income. Physicians who can substantially help a company and have specialized knowledge are in high demand.
Knowledge consulting is subject matter expert consulting
Pharmaceutical companies gain access to leading experts in their fields through knowledge or subject matter expert consultations. We list many of the most common avenues for this type of consulting here.
Pharmaceutical Advisory Boards
Pharmaceutical companies often hold advisory boards where they bring together experts to determine the future of their drugs. This is a valuable resource for companies because it allows them to gain important insights from knowledgeable individuals.
Medical experts advise pharmaceutical companies on topics such as:
- unmet medical needs
- prescribing and drug administration practices
- design and interpretation of clinical trials
- study procedures
- labeling
Pharmaceutical companies typically invite key opinion leaders (KOLs) or therapeutic area experts (TAEs) to participate on advisory boards. These physicians are successful thought leaders in the field who have strong relationships with other physicians. KOLs or TAEs are usually highly respected leading experts in their specialty. They have published in medical or scientific journals, and they have insights and influence on the direction of their field.
Serving on advisory boards is usually a relatively low-commitment way for physicians to engage with pharma while still maintaining their clinical practice. The hourly pay can typically range from $200 to $500.
Clinical Trials and Clinical Research
Clinical trials are the gold-standard way for pharmaceutical companies to investigate the efficacy and safety of drugs. Physicians may serve as consultants on clinical trials, assisting with the design and interpretation of the study. These physicians that consult on clinical trials are called medical monitors or physician-investigators. Being involved with clinical trials means that you participate in the research process for innovative products while also having direct patient care.
The physicians who work on clinical trials are responsible for screening and recruiting patients. They also work with patients to ensure they understand the trial and what is required of them. Physicians also communicate directly with patients to keep them updated on the trial. Moreover, they help to make sure that the trial is conducted safely, the data collected are accurate, and that the trial is conducted according to protocol. Leading investigators may also present trial results at medical conferences and help draft manuscripts for journal publications.
You can become a medical monitor or physician-investigator by working for either an independent contract research organization (CRO) or directly with a pharmaceutical company.
Collaborative Research
Research collaborations may be paid or unpaid physician consultant opportunities depending on the scope and requirements of participation. Oftentimes, physicians collaborating with pharmaceutical company staff have opportunities for authorship or co-authorship on research publications. A physician consultant may provide input into the research conducted and help interpret the results for publication in scientific articles. They might review and provide feedback about the content before peer review.
Physicians with experience in outcomes research or health services research are eligible to lead the collection and analysis of health care data. These physicians work closely with pharmaceutical companies, medical associations, and other healthcare providers to collect information that will assess product performance or measure public policy impacts on patients' quality-of-life and other important health outcomes metrics.
Medical Communications
Pharmaceutical companies contract with physician consultants on medical communications projects. Some examples of these include:
- presentations (to regulators, payers, other healthcare professionals)
- news media interactions
- patient/physician handouts or brochures
- other educational materials
Medical communications play an important role within the pharmaceutical industry. They provide the essential clinical data to decision makers that prescribe or pay for their products. Sometimes, pharmaceutical companies contract with medical marketing agencies to provide medical communications services. These agencies hire physicians who can consult with the pharma company's clinical team to help them draft the communication materials.
Medical Education
Medical education departments within pharmaceutical companies rely on physicians to leverage their knowledge and skills in specific areas, such as:
- understanding the barriers, risks, and benefits of a given drug
- being able to communicate the latest research to medical audiences
- helping to design educational materials for both physicians and patients
Physicians consult in medical education either directly with the pharmaceutical company or through medical education agencies. They need to have detailed knowledge about their clinical subject. Also, they can communicate highly technical or scientific information through written materials or by giving presentations. In addition, these physicians build a strong professional network with other physicians, as they may have opportunities to give presentations to large groups of colleagues.
Pharmaceutical Marketing
The pharmaceutical industry spends lots of money on marketing because of its vital role in bringing new drugs to market. Pharmaceutical marketing is the promotion of drugs and other medical products to consumers, typically physicians. Therefore, companies hire physician consultants to advise on the marketing and branding of products. Physician consultants share their clinical expertise on related products, brands, or treatment options to assist in the development of new materials.
Third-party organizations often find potential physician speakers for pharma and biotech companies' marketing efforts. These physician speakers do presentations at professional society meetings and continuing education seminars. As a speaker, you can expect to receive an honorarium for your time, in addition to reimbursement for any expenses incurred while traveling to the event.
Market Research Surveys and Focus Groups
To help them make research or business decisions, pharmaceutical companies need to understand current prescribing patterns, physician preferences, and trends in disease treatment options. They get some of this information from market research.
These market research companies contracted by pharma companies will often hire physicians as market research survey respondents. You can complete these surveys, covering a variety of topics relevant for the pharma company, by phone or online. You will receive a fee for completing each survey, with the amount dependent on the length and difficulty. For example, your compensation may be $25-50 for completing a 5- or 10-minute survey or several hundred dollars for a more extensive survey.
Pharmaceutical companies may contract with market research agencies to conduct focus groups with physicians. If you participate in a physician focus group, you will provide clinical expertise and contribute to the clinical knowledge base that is valuable for a pharma company's drug development, medical education, or marketing efforts.
How to find your physician consultant work with pharma
When you are looking for pharmaceutical industry consultant work, it is important to expand your professional network to include people working in those companies. This can help you get started and give you an edge in the competitive market. The people you know in pharmaceutical companies can recommend you for consulting opportunities. You might reach out to your pharmaceutical sales contact. Your Medical Science Liaison (MSL) might also be aware of consulting opportunities at their companies.
You can also meet pharmaceutical professionals at conferences and events. Your goal should be to establish strong relationships with them to ensure that they know your name when opportunities arise. Pharmaceutical companies participate in many industry events, particularly at medical conferences, so there is no shortage of networking opportunities. Therefore, establishing yourself as an expert in your field will pay dividends.
Building strong relationships with third-party organizations that pharmaceutical companies hire will increase your chances of getting hired for physician consultant work with pharmaceutical companies. Some of these third-party organizations include rep firms, medical education companies, market research companies, public relations agencies, and advertising agencies. Companies that represent pharmaceutical companies will often attend industry and networking events to find potential candidates for their expertise pool.
In today's highly competitive marketplace, it is important to have a strong presence in as many different channels as possible. Therefore, make sure you have an updated LinkedIn profile. That way, pharmaceutical companies or their contracted third-party organizations can easily find and identify you as a candidate consultant.
Some important considerations before you start as a physician consultant
Some physicians participate in clinical trials but refuse to be involved with marketing or medical education. Others complete market research surveys from the comfort of their homes rather than traveling to give presentations. And some physicians want nothing to do with pharmaceutical companies at all. There are many options for how you might want to consult with the pharmaceutical industry, depending on your opinion of industry practices, your time commitment, and your goals.
Code of Interaction
First, let's discuss ethics. You should evaluate and understand your comfort level with current pharmaceutical practices in areas like pharmaceutical marketing and pharmaceutical medical education. There is no need to participate in any activities that challenge your professional or personal integrity.
The Pharmaceutical Research and Manufacturers of America (PhRMA) has a Code of Interaction found here. You can read it to understand how the industry approaches and provides guidance for its ethical relationships with health care professionals like you.
Payments and Disclosures
Next, let's consider fees and payments. The compensation for services from pharmaceutical companies must be at fair market value (FMV). That is because no company wants the perception that they are offering kickbacks to physicians. This is damaging to the reputations of both the companies and physicians. Moreover, non-compliance risks regulatory penalties and fines.
In addition to FMV, another consideration is the Physician Payments Sunshine Act. This legislation requires pharmaceutical companies to report financial relationships with physicians to the Centers for Medicare and Medicaid Services (CMS). In turn, CMS discloses the information to the public in an attempt to provide transparency of potential conflicts of interest between physicians and pharmaceutical companies.
If you are contemplating physician consultant work as a side gig with pharmaceutical companies, then you should understand that direct and indirect payments of money will be tied to your name and disclosed to the public. These include any transfer of value, such as transportation, food, lodging, entertainment, honoraria, and educational expenses. So you need to be aware that anyone, including your patients, can see this publically available information.
There are also additional considerations depending on your home state or country. In the US, some states impose limits on the maximum amount that physicians can earn. For example, physicians licensed in New Jersey are subject to a $10,000 yearly cap for all of their activities involving pharmaceutical companies. Therefore, it’s best to check your state’s regulations on payments and disclosures.
Third-party organizations that hire physician consultants
In this article, we often refer to third-party organizations that contract with pharmaceutical companies and hire physicians consultants for various projects. Some of these include:
- GLG
- Guidepoint Global Advisors
- M3 Global Research
- Schlesinger Group
- Coleman Research Group
- Sermo
- AlphaSights
- Advarra
Last Words
Working as a physician consultant for the pharmaceutical industry can help you gain valuable research experience. It can help advance your career. Plus, it can help you determine whether you might want to leave clinical medicine and get a job in a pharmaceutical company in the future. As a side gig, this physician consultant work can help you earn more income.
We hope this article helps you get started exploring different types of knowledge consultant work with pharmaceutical companies - such as advisory boards, clinical research consulting, and medical communications. Your pharmaceutical industry consultant work might prove to be both professionally rewarding and fulfilling as well as have a tremendous scientific and medical impact on patients and your specialty.