The Decline of Pharma Advisory Boards: Why They’re Losing Their Worth

Advisory boards have long been regarded as indispensable assets, offering invaluable insights into product development, marketing strategies, and regulatory compliance. However, in recent years, a growing chorus of voices within the industry has questioned their efficacy and relevance. Several factors have contributed to the diminishing value proposition of pharma advisory boards, from escalating costs to shifting regulatory dynamics and evolving stakeholder expectations.

1. Escalating Costs: One of the primary reasons behind the waning appeal of advisory boards is the soaring costs associated with convening and maintaining them. Pharmaceutical companies typically incur substantial expenses in assembling a diverse panel of experts, compensating them for their time and expertise, and covering associated logistical and administrative costs. As budgets come under scrutiny and cost-cutting measures intensify, the substantial financial outlay required for advisory boards becomes increasingly difficult to justify, especially in uncertain returns on investment.
2. Regulatory Scrutiny: The regulatory landscape governing interactions between pharmaceutical companies and healthcare professionals has significantly transformed in recent years. Stricter regulations, heightened transparency requirements, and increased…