Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
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Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
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SEARCH JOBSSocial media is an excellent way for life sciences companies to develop a deeper connection with patients and healthcare professionals. Creating meaningful relationships and a two-way flow of communication, social media facilitates an intimacy and immediacy no other communication channel offers. The life sciences industry is noticing recent pharma industry research forecasts that within six years there will be a 70% increase in medical brands spending over 20% of their marketing budget on digital channels.1
Significant to social media are influencers - users of social media who have established online credibility in a specific industry or who otherwise have access to a large audience and can persuade others by virtue of their authority and reach. Social media influencers are an important element of a successful, multi-faceted digital engagement strategy. Influencers are perceived as genuine, authentic voices, and the trust and authority they enjoy among their followers are powerful tools of persuasion. The strength of their recommendation and the extent to which that drives consumer behavior make them valuable marketing tools.2
Engaging with social media influencers carries regulatory risk for life sciences companies, however. In addition to significant concerns regarding FDA fair and balanced disclosures3, 4 life sciences companies should also consider the Fair Market Value of services provided by social media influencers for purposes of satisfying safe harbors and exceptions under the Anti-Kickback Statute and the Stark Laws.
Generally, the Fair Market Value of a service provided by a healthcare professional is determined by the time incurred in such an activity. For services provided by social media influencers, the calculation of Fair Market Value should go beyond the consideration of the influencer’s time in posting on social media – the value of the influencer’s time invested in developing a network of followers is likely even more relevant. How this value is developed, along with the FMV framework (e.g., contracting, tiering criteria) will have a direct impact on the pharmaceutical company’s success in developing a safe harbor or exception. FMV is likely to be established either using observed prices or earned media value.
Also consider the FMV framework, which is just as important as the FMV itself. When is an HCP also a social media influencer? What tiering criteria should be employed to categorize the social media influencers and consistently apply FMV across the company and across contracts? How should the contracts with social media influencers be structured? One common mistake made by life sciences companies when dealing with social media influencers is using the same contract as that for HCPs. The criteria for payment to social media influencers is different than that for HCPs; therefore the contracts should be structured differently.
Our team at IQVIA has performed several FMV assessments specifically devoted to social media influencers. We are happy to discuss our approach and methodology and answer any questions you might have. Proactively developing a robust compliance strategy for engaging with social media influencers will not only demonstrate your ability to partner with operations but will also speed adoption of social media as a core strategy in your company. Fair Market Value considerations when engaging with social media influencers should be in the foreground when developing that strategy.
For additional information or to speak with a representative from our FMV team, please visit Commercial Compliance - IQVIA.
About the Author: John Moose, MBA, ABV leads a valuation practice that is solely devoted to providing FMV assessments that help life sciences companies meet the regulatory demands of their business – no matter the type of service or data set, whether it is provided by a healthcare professional, a healthcare provider, or a channel partner. He has over 30 years of valuation and accounting experience.
[1] Pharma Digital Marketing Focuses 2021, page 12: https://a.storyblok.com/f/108600/x/2bbfec5ec7/icrossing_pharmareport_2021_final-24-02-21-highres_linked.pdf
[2] For an example list of social media influencers in the life sciences industry: https://www.disruptordaily.com/top-25-biotech-influencers-to-watch-on-twitter/
[3] The FDA is taking an active role in assessing the risks. In early 2020 the U.S. Food and Drug Administration’s Office of Prescription Drug Promotion (OPDP) rolled out a plan to study Instagram influencers and how their commentary is perceived by their followers. “We are interested in the role of endorsement and payment status on participants’ recall, benefit and risk perceptions, and behavioral intentions,” the agency states. https://www.policymed.com/2020/03/fda-opdp-working-on-two-studies-to-better-understand-viewer-comprehension.html
[4] For up-to-date FDA guidance on social media practices, refer to the following link: https://www.fda.gov/about-fda/center-drug-evaluation-and-research-cder/industry-using-social-media
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