10 Aug 2016
Understanding the effectiveness of Professional Medical Conferences for Strategic KOL Management
Medical Conferences are one of the most promising platforms for identifying the right healthcare experts for your business objectives. In order to successfully manage and streamline complex key relationships with healthcare specialists, Life Science companies require a comprehensive business approach that identifies, maps, and profiles each Thought Leader.
In this Article:
- 1.The Optimal Platform for Medical Professionals and Industry Stakeholders
- 2.Strategic Utilization of Medical Conferences: Leveraging Opportunities Across Varied Objectives
- 3.Thought Leader Identification and Engagement
- 4.Utilizing a Strategic KOL Mapping Approach
- 5.Time to Harness the Power of Conferences
Life Sciences Companies can identify top healthcare specialists by leveraging the sessions and networking opportunities at professional medical conferences. These companies constantly try to cut through the layers of information at medical events in their quest to identify the right specialists - local, regional, national, or international - who could significantly benefit and boost their business. Hence they need to develop a structured and holistic framework to identify, profile, update, track, and measure the impact of KOLs - to engage them better on a continuous basis.
The optimal platform for Medical Professionals and Industry Stakeholders
Medical conferences act as a global marketplace for healthcare innovation, where invited speakers include reputed professionals, along with representatives from the Pharmaceutical, Biotechnology, and Medical Devices and Equipment Industry as attendees.
These conferences have a long and impressive list of representatives from Academic Institutions, Advocacy Groups, Clinicians, HealthTech, Imaging, Diagnostics and Publications, and Continuing Medical Education.
For many companies, this Thought Leaders' pool is nothing but an 'overlooked' or 'unimagined' opportunity, for which they need to find a way to 'make it happen.'
Strategic Utilization of Medical Conferences: Leveraging Opportunities Across Varied Objectives
Identify Medical Experts
Attending medical conventions allows companies to identify experts who are at the forefront of medical innovation and can be of great value to their business objectives. In this context, effective conference planning also plays a crucial role for pharmaceutical companies seeking to make a significant impact in medical sessions and identify prospective experts.
Since a diverse range of healthcare professionals actively participate in medical conventions, it presents a great opportunity for healthcare companies to connect with the right experts and initiate discussions around potential collaborations.
Visibility and Branding
By participating in medical conventions, healthcare companies can showcase their products, therapies, or research findings to a broader audience of medical professionals. Having exhibition booths or sponsoring sessions is a great way to increase brand recognition, credibility, and visibility and attract the attention of key medical experts interested in collaborating with companies.
Medical events feature panel discussions or presentations on market dynamics, future projections, and regulatory updates, which help sectors in biosciences to gain valuable insights into the evolving medical landscape. This also enables teams to identify potential gaps or opportunities.
Continuing Medical Education (CME)
Some reputed medical conferences offer CME programs for medical experts to help them stay updated on the latest developments in their area of therapy and earn credits. Healthcare companies can sponsor such CME activities and position themselves as supporters of professional development and education. This helps to foster positive relationships with experts who value lifelong learning.
Thought Leader Identification and Engagement
For Life Sciences Companies, medical conferences act as a platform to spot an opportunity and have the means to convert that opportunity into a viable business. Identifying and collaborating with the right Thought Leaders is crucial for these companies to achieve their desired objectives. Hence, they need the most effective ways to collaborate with the HCPs, who conduct research, publish articles, or attend top-level medical events.
Thought Leader possesses different interests and prefers to be engaged differently. Some experts are very clinical-based in their interest, and others are engrossed in research. Such diversity in interest areas makes it essential for companies to assess and re-evaluate the needs of Thought Leaders on a regular basis. This also helps the Life Sciences companies to ensure an ethical, long-term partnership with their Thought Leaders.
Also, having the mindset, skill set, and toolset to implement a comprehensive expert profiling venture within an organization is essential. In particular, MSLs and clinical development teams are often valuable resources for identifying potential healthcare specialists. Many Life Science companies depend on these networks, while others may outsource the identification process and contact these experts once they've been identified by the third-party vendor.
Also, various factors such as experts' Professional and Sociometric analysis need to be considered. Studying the convergences of these analyses and applying the precepts provides insight into current Thought Leaders and leads to accurate predictions of upcoming and rising healthcare experts. In this framework, the ranking of these experts constantly varies and is created through changing professional engagements.
Utilizing a Strategic KOL Mapping Approach
Mapping the right experts is crucial for categorizing the most talented collaborators for clinical trials, advisory boards, and peer-to-peer programs. Life Sciences companies often combine positional, bibliometric, and sociometric analyses to identify leading experts for a given therapeutic area. The KOL mapping process helps segment medical experts based on factors such as geography, relevant research interests, peer influence, etc.
Life Science companies can conduct this exercise early in the product life cycle, with contributions from various sources, such as CRM, affiliates, and existing collaborations.
Once the experts are identified and aggregated, their medical profiles should be created to gain a complete and all-inclusive view of the medical professionals. Comprehensive medical profiles of these specialists capture details such as Biographical information, Activity participation history, Publications activity, Clinical trials activity, Educational details, Network maps, and Personal and Contact information.
Profiling these HCPs helps healthcare companies to understand their professional interests, scientific research, networks, and connections. The analysis does not just help identify experts at professional medical conferences but, more importantly, offers an enhanced understanding of these conferences, making the whole KOL Management process successful.
Time to Harness the Power of Conferences
From learning rapid advances in science and technology to the challenges of medical care delivery, growing demand for medical care around the globe, and opportunities for medicine, conferences deliver a vast array of helpful information in a short time.
Professional medical conferences offer a valuable platform for life sciences companies of all sizes aiming to discover untapped market opportunities, gain insights into industry operations, and tackle specific challenges. You can now stay updated on the upcoming events happening around the globe in the therapeutic area of your interest and gain complete event analysis (Pre and Post event analytics) by requesting a detailed medical conference report with us today.
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