The Business of Medical Writing: Understanding the Value Proposition and Successful Business Models

Abstract

A high-performing medical writing team begins and ends with talented writers, editors, and leaders who understand their mission and their business—the value proposition, the finances that drive strategy and decision-making, the financial goals, and effective communication. To execute the organization’s goals, leaders must orchestrate resources and often have to balance dynamic variables, including budgets and governance that provide bidirectional input into the business strategy. A panel of writers comprising the authors convened on October 28, 2021, virtually at the American Medical Writers Association (AMWA) National Conference to discuss this topic of the Business of Medical Writing. The panel members shared their own journeys as business leaders and methods used to strengthen the business acumen of their teams. Discussion topics included identifying and defining a compelling value proposition; models to teach financial understanding and oversight; business leadership skills, anchored by simple, clear communication, to keep teams motivated and engaged with their mission; collecting data to measure the effectiveness of teams and prioritize and allocate resources in support of business goals; and communication styles to support critical business drivers such as team focus and engagement. These topics, grouped as follows, Value Proposition and Business Models; Communication and Leadership; and Financial Acumen and Corporate Responsibility, will be reprised in this 3-part series, along with thoughts from the authors looking to the future of the business of medical writing, including what we can do in the medical writing community to introduce these topics earlier in the medical writing career path.