Pharma advisory boards are small, paid meetings where a life sciences company asks a group of experts for advice. They’re often called “ad boards”. The company brings a few clear questions, the experts give honest feedback, and the company uses it to make better decisions on trials, data, launches or programs.
A good advisory board is one of the most useful meetings a company can hold. A badly run one can look like a payment for showing up. This guide covers how to plan, run and follow up on a pharma advisory board, step by step.
What is a pharma advisory board?
A pharma advisory board is a meeting of paid external experts who answer specific questions for the company. The key word is advice: the company listens more than it talks.
Common types include:
- Clinical or scientific advisory boards: input on trial design, endpoints or how to read new data.
- Commercial or market advisory boards: feedback on how a product fits treatment practice and what HCPs need to know.
- KOL advisory boards: a group of key opinion leaders in one therapeutic area, often national experts.
- Regional advisory boards: community physicians who bring a local, real-world view.
- Payer or patient advocacy boards: input from people who shape access and the patient experience.
An advisory board isn’t a speaker program. A speaker program educates HCPs using approved content. An advisory board asks experts for their views. If the real goal is to tell HCPs about a product, it’s a speaker program, and it should be run as one.
When to hold a pharma advisory board
Hold one when you have a real question that only outside experts can answer well. Typical moments:
- Before finalizing a trial design or endpoints.
- When new data reads out and you need help interpreting it.
- In the year before a launch, to understand practice and unmet needs.
- Before a label expansion or a new indication.
- When the treatment landscape changes.
If you can’t write down the questions in advance, you’re not ready to hold one.
How to plan a pharma advisory board, step by step
- Write the objective and the questions. Start with three to five specific questions. The PhRMA Code, which is voluntary but widely adopted, says consulting arrangements need “a legitimate need for the consulting services” that “has been clearly identified in advance” (PhRMA Code, Section 6). Advisory board members are paid consultants, so this applies to them.
- Choose the right advisors. Pick experts whose background matches the questions. Mix national leaders with community physicians if you need both views. Keep the group small enough for real discussion. The PhRMA Code says the number retained should not be greater than “reasonably necessary” for the purpose. Medical and compliance teams should approve the list. Our KOL engagement guide covers how to find and vet experts.
- Pick the format.
| Format | Best for | Watch out for |
|---|---|---|
| In person | Complex topics and deep discussion | Travel cost and time. The venue must suit a working meeting. |
| Virtual, live | National experts with little time, and quick turnaround | Shorter attention spans. Keep sessions tight. |
| Virtual, asynchronous | Input over several days on an online platform | Needs good moderation and clear deadlines. |
- Contract and set fair pay. Use a written agreement for each advisor that describes the services. Pay fair market value for actual time spent, including preparation, set by a consistent FMV method. The PhRMA Code says compensation “should be reasonable and based on fair market value.” Advisory board fees are generally reported in Open Payments as a “Consulting fee”, with meals and travel reported separately (CMS). See our guides to negotiating agreements with HCPs and processing HCP payments.
- Prepare the materials. Send a short pre-read about a week ahead: the objectives, the questions and the key data. Have medical, legal and regulatory review all materials, especially where unapproved uses or unpublished data come up. Collect confidentiality agreements where needed.
- Sort out the logistics. Choose a modest venue that suits a working meeting, book travel, and appoint a skilled moderator. Our pharmaceutical event management team handles this kind of planning.
Advisory board meeting agenda: a sample
Here’s a sample half-day advisory board meeting agenda. The rule of thumb: the company should present briefly and spend most of the time listening.
| Time | Session | Purpose |
|---|---|---|
| 0:00 | Welcome, objectives, disclosures | Set the questions and the ground rules |
| 0:15 | Background data | Short and focused, only what advisors need to answer |
| 0:35 | Discussion: question 1 | Moderated discussion |
| 1:20 | Break | |
| 1:30 | Discussion: question 2 | Moderated discussion |
| 2:15 | Discussion: question 3, or breakouts | Deeper input in small groups |
| 2:55 | Summary of recommendations | The moderator reads back what was heard. Advisors correct it. |
| 3:15 | Close and next steps | Explain how the input will be used |
Before
- Questions agreed and approved
- Advisor list approved by medical and compliance
- Contracts signed and FMV documented
- Pre-read sent and reviewed
On the day
- Disclosures and ground rules covered
- Attendance recorded
- Notes taken against each question
After
- Summary report written
- Actions assigned
- Payments made and recorded
After the meeting: turn advice into action
The meeting is only half the job. Within a couple of weeks:
- Write a summary report. List each question, the main views and the recommendations.
- Decide what you’ll do with it. Assign owners to each action.
- Keep the record. The PhRMA Code expects companies to keep “records concerning” consulting services and make “appropriate use” of them. A report showing how the advice was used is your best proof.
- Pay promptly and record it. Log every fee, meal and travel cost for Open Payments. See our Sunshine Act reporting guide.
- Close the loop with advisors. A short note on what changed because of their input builds trust for next time.
Pharma advisory board compliance checklist
The OIG’s compliance guidance for drug makers says fair market value payments to a small number of physicians for legitimate consulting are “unlikely to raise any significant concern”. It flags payments to “consultants” who mainly attend meetings passively. At a minimum, it says companies should check that the arrangement is in writing, there’s a legitimate need, the services are actually provided, and pay is fair market value (OIG Compliance Program Guidance, 2003).
Use this checklist for every board:
- Written contract describing the services
- Legitimate need and questions set in advance
- Advisors chosen for expertise that fits the questions
- No more advisors than reasonably necessary
- Pay at fair market value for actual time
- Venue and setting suit a working meeting
- Advisors actively contribute, rather than just listening to presentations
- The same advisors aren’t reused on the same topic again and again without a reason
- Records kept of the work and how it was used
- All transfers of value logged for Open Payments
- State rules checked. See our state-level compliance roadmap.
For wider context, see our PhRMA Code guide and our summary of OIG guidance on speaker programs.
Virtual advisory boards: what works
Virtual advisory boards make it easier to bring together busy experts from across the country. To get real input:
- Keep live sessions short. Split a long agenda into two shorter sessions.
- Use asynchronous rounds. Post one question a day on a secure platform and moderate the replies.
- Make the tech simple. Test it with advisors beforehand.
- Apply the same rules. Contracts, FMV, records and reporting are the same as for an in-person board.
Our virtual program best practices cover the setup in more detail.
Common pharma advisory board mistakes
- Too many advisors. Discussion gets thin, and the headcount is hard to justify.
- Too much presenting. If the company talks for half the meeting, it’s not an advisory board.
- Vague questions. You get vague answers.
- The same faces every time. You hear the same views, and the pattern looks bad.
- No report. Without a record of how the advice was used, the need is hard to prove.
How ZHM helps with pharma advisory boards
ZHM plans and runs advisory board meetings for life sciences teams. We handle advisor contracting, FMV-based payments, venues, travel and on-the-day logistics, through our pharmaceutical event management and speaker bureau management services.
Our platform, Zvent.ai, keeps contracts, approvals, attendance and payments in one place, with an audit trail and Sunshine Act and Open Payments-ready reports. Learn more about our HCP engagement platform, or see where advisory boards fit in our guide to HCP engagement strategies.
See our Verrica Pharmaceuticals case study, or try Zvent.ai free.
This article is general information, not legal advice. Talk to your compliance and legal teams about how these rules apply to your programs.
Pharma advisory board FAQ
What is an ad board in pharma?
An ad board is a pharma advisory board: a paid meeting where a company asks a small group of experts for advice on specific questions.
How many advisors should a pharma advisory board have?
As few as you need to answer the questions well. The PhRMA Code says the number shouldn’t be greater than “reasonably necessary”.
Are advisory board payments reported?
Yes. Fees to covered recipients are generally reported in Open Payments as consulting fees, with meals and travel reported separately, subject to the rule’s exclusions.
How much are advisors paid?
Fair market value for their actual time, based on a consistent FMV method that reflects specialty and expertise. Check costs against your budget benchmarks.
Should advisory boards be virtual or in person?
Use in person for complex, in-depth topics. Use virtual for speed, reach and lower cost.
