In the current environment, medical education groups are faced with the challenge of holding down costs while adding new programs and expanding into emerging markets. As a result, pharmaceutical and medical device leaders are beginning to leverage their resources in these emerging areas, such as China and India, in order to help fuel overall growth.
Medical Device companies only allocate 7.5% of their Medical Education FTEs to the Asia-emerging areas and an even smaller percentage of their Medical Education budget, 6.4%, according to primary research on “Professional Medical Education Excellence: Structures, Resources, Services & Performance Levels to Optimize” conducted by Best Practices, LLC. Similarly, pharmaceutical companies offer even greater potential for growth into emerging markets, as they currently dedicate only 1.9% of their Medical Education FTEs and budget to these geographic areas.
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The full 85-page report contains over 350 benchmark metrics and more than 17 narratives, delivering benchmarks around medical education groups’ geographic focus, utilization of staff, and outsourcing of program creation and deployment provided by 40 top medical education leaders.
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For more reporting on this topic, see our Prescription Drugs and Pharmacy news hub.