Cutting Edge Information (CEI)
Trailblazers in Fair Market Value Data

Life sciences and pharma companies routinely engage with healthcare professionals (HCPs) and non-HCPs in advisory or promotional activities. These professionals need to be adequately compensated for their services in manners that comply with different types of anti-bribery and anti-kickback statutes present in countries around the globe.

Determining the right compensation rates, however, requires access to accurate fair market value (FMV) data for each physician specialist—in each doctor’s country of practice. The complexities in industry regulations, varying compensation rates across both specialties and countries, and changing economic scenarios make this a daunting task.

Cutting Edge Information (CEI), an innovative company specializing in collecting and analyzing global FMV data, simplifies this process for biopharmaceutical, medical device, and all life sciences companies. A trailblazer in FMV data intelligence, CEI provides clients with consistent FMV compensation rate data for a wide range of HCP and non-HCP roles around the globe.

Through its market-leading FMV methodology and a robust online rate tool, FMVConnect PRO^®, CEI offers hourly FMV rates for approximately 270 healthcare roles, specialties, and titles covering over 130 countries and regions. Its extensive and meticulously curated FMV database spares clients from the overwhelming task of collecting data from multiple sources, then figuring out where rates should fall.

“We occupy a unique space in the HCP engagement area with our distinct FMV methodology, which provides a statistically robust foundation for compliance concerns along with the competitiveness critical to life sciences companies,” says Eric Bolesh, COO of CEI.

These sophisticated statistical capabilities and a commitment to being a trusted information source have made CEI a favorite among clients seeking in-depth understanding of industry and compliance standards in FMV compensation rates for HCP engagement activities. Gaining real-time data support in an uncertain post-pandemic world is an added value for clients looking to maintain fair market values in compensation.

Harnessing the Power of FMV Data

CEI redefines data-driven decision-making in helping clients set compensation rates through its unparalleled FMV methodology. The strength of this methodology lies in using real data collected from life sciences companies, including rate cards and data on general economic indicators and salary details. It combines global reach, comprehensive data, and industry insights, enabling CEI to develop the largest database of FMV rates.

Once the data is collected, CEI employs regression modeling techniques and feeds the FMV data into FMVConnect PRO, a display engine that allows clients to see a range of FMV rates for specific specialists and non-HCPs in each market and tier. CEI’s dedicated data team updates and analyzes the information each year to stay in sync with market forces.

Once the data is collected, CEI employs regression modeling techniques and feeds the FMV data into FMVConnect PRO, a display engine that allows clients to see a range of FMV rates for specific specialists and non-HCPs in each market and tier. CEI’s dedicated data team updates and analyzes the information each year to stay in sync with market forces.

CEI’s updated 2023 database, comprised of more than 235,000 data points collected from numerous life sciences companies worldwide, showcases the unsurpassed depth of its data. It has expanded to cover rates for more types of specialists and nonproviders, solidifying its position as an industry leader.

Today, CEI offers fair market value data to more than 300 clients, including 20 of the top 25 pharmaceutical companies in the world. It helps them solve the primary challenge of developing compensation rates that are both compliant and competitive—by accessing complete and accurate FMV data for diverse HCP profiles and markets.

Once armed with the data, compliance teams face the hurdle of setting appropriate rates that align with compliance regulations and market realities. CEI supports its clients in this crucial process by sharing industry insights, working across its wide client base to help all companies build compliant rate cards. It considers this support a part of its data services, not charging extra to assist clients in developing compensation policies.

Personalized, Data-Driven, Holistic Guidance

CEI offers personalized guidance on approaching compensation for different specialists, allowing clients to make informed decisions tailored to their circumstances. It also assists them in considering factors such as preparation time, travel requirements, and other pertinent variables.

For clients operating in multiple markets, CEI eases the formidable task of navigating unique economic landscapes and regulatory environments by analyzing market-specific trends and offering guidance on adjusting compensation to reflect changing economic realities.

For instance, it has observed significant shifts in FMV rates for various specialists following the pandemic. Factors such as increased demand for certain procedures, virtual engagement models, and economic fluctuations have influenced rates both positively and negatively.

CEI’s solution organically considers such factors, including economic challenges from inflation and currency devaluation, to help clients confidently navigate global markets.

Take, for example, an engagement with a global pharmaceutical company seeking FMV rates in the U.S. and Western Europe. It was encountering pushback from HCPs in various markets that have concerns about the appropriateness of the company’s rates.

CEI first identified the countries where the new rates would be deployed and determined the types of physicians or external experts to be engaged. It then collaborated with local teams in each market to analyze previous rates, evaluate the client’s deviation from the new rates, and assess potential disruptions that might arise while transitioning to new rates.

Through effective communication, collaboration, and a deep understanding of market dynamics, CEI helped the client select rates to meet compliance regulations and fair market value. This approach enabled the pharmaceutical company to update its rates while maintaining positive relationships with physicians and external experts.

Future-Ready for the Dynamic Healthcare Landscape

As a market research firm, CEI has a deep commitment to upholding confidentiality in client engagements. This makes it a trustworthy and unbiased partner for navigating rate setting and compliance challenges.

“Every conversation we have with clients is highly confidential. We share industry-standard best practices and common approaches to different issues in determining the right compensation rates,” says Bolesh.

Looking ahead, the company aims to expand its product offerings within the FMV space. It plans to introduce an HCP tiering tool based on a data-rich methodology and industry standards that will objectively place each HCP in a tier based on parameters like prominence, influence, and reputation to help determine optimum compensation rates.

Ever cognizant of the industry’s evolution, CEI also helps clients address emerging trends. That includes sharing information on social media influencers who discuss healthcare products and services, and for patients and caregivers assessing the effectiveness of a drug or therapy. It also tracks local rate caps in various markets, and plans to improve FMVConnect PRO’s user experience and integration capabilities with client systems.
These undertakings will continue to strengthen CEI’s position as a trailblazer in the realm of FMV data. Its unmatched depth and breadth of data, unique methodologies, and unwavering commitment to compliance will be crucial for the players in the life sciences and pharmaceutical industry.

Equipped with CEI’s FMV data and insights, clients can rest assured knowing that they offer the most competitive and compliant compensation rates that best reflect the value delivered by their HCP and non-HCP stakeholders.