Sharing your story: Knowing how much to charge pharma
When it comes to healthcare, patient engagement and insight is gaining prominence as an essential component of informed decision-making and research. Patients, caregivers, and patient groups play a pivotal role in shaping the future of healthcare by collaborating with healthcare organizations and private companies. But how are patients supposed to know how much to charge when sharing their stories, speaking engagements, co-creation, focus group participation, being an advisory board member, etc?
I wanted to share a FREE helpful tool that has helped me navigate Patient Engagement Activities and consulting agreements. It is called the Fair Market Value Calculator and it was created by the National Health Council.
Reminder: do not use this tool for marketing contracts! You can essentially charge whatever you want for a marketing contract.
The Purpose of the FMV Calculator
The NHC's Patient Engagement Fair Market Value (FMV) Calculator is an online tool designed to provide guidance on determining reasonable and fair compensation for patients, caregivers, and patient groups participating in patient engagement activities. These activities typically involve partnerships between patient organizations, unaffiliated patients, and private companies within the healthcare sector.
Hourly Compensation Range
At its core, the FMV Calculator aims to establish an estimated hourly compensation range. It helps organizations and individuals involved in patient engagement activities determine a fair baseline for compensating participants for their valuable time and expertise. By offering this range, the NHC promotes transparency and equity in patient engagement.
Exclusions and Special Considerations
It's important to note that the FMV Calculator focuses exclusively on hourly compensation and does not account for other expenses associated with patient engagement activities. Costs such as travel, supplies, Institutional Review Board (IRB) fees, and similar expenses are not factored into the calculator's estimates. Additionally, the tool is not intended for assessing rates related to research access, data usage, or other fee-for-service applications, as those determinations are case-specific. Another reminder, do NOT use this to determine how much to charge for marketing agreements / contracts! You should be charging more for those.
For more information about the FMV Calculator and related resources, visit the National Health Council's website.
