Study Highlights What Makes an Effective Corporate Affairs Group in the Pharmaceutical Industry
Published: Apr 06, 2018
CHAPEL HILL, N.C., April 6, 2018 /PRNewswire/ -- A robust corporate affairs function plays an integral role in building a biopharmaceutical company's reputation and brand. As part of this effort, corporate affairs oversees the development of strong corporate relationships with key external stakeholders.
Thus corporate success is linked to optimizing corporate affairs' structure, budget, staffing, and activities to ensure the role's effectiveness. Research and consulting leader Best Practices, LLC undertook benchmarking research to probe corporate affairs capabilities, structures, outsourcing, budgets, effectiveness and success metrics for internal and external activities. The study also highlights the future trends that may have a positive impact on the effectiveness of an organization's corporate affairs group.
For instance, the study found that corporate affairs groups are becoming increasingly reliant upon digital and social media to communicate with internal and external stakeholders, and yet few firms believe they have perfected this communication channel.
"Identifying Superior Corporate Affairs / Corporate Communications Capabilities" analyzes the following areas:
- Corporate affairs function involvement and role
- Mission and future trends of corporate affairs
- Corporate affairs function performance relative to competition
- Corporate affairs function reporting and leadership level
- Corporate affairs function structure, budget and staffing
The study contains best practices from industry peers around brand, digital, media relations, planning, and other activities that impact how this function engages with internal and external stakeholders. The research includes insights and data from 18 leaders from 18 world-class companies in life sciences. The participants in the study serve as leaders and executives within their organization's corporate affairs function.
Review a complimentary summary of the study at http://www.best-in-class.com/rr1491.htm.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.