The Business Knowledge domain and competencies for Medical Affairs professionals focus on learning key business concepts and frameworks. These competencies will enable Medical Affairs professionals to understand which elements are needed to run a for-profit business, analyze and interpret business fundamentals and financial goals, plus assess the systems in which pharmaceutical companies operate. These will afford a robust understanding of several types of healthcare systems, which factors determine how medicines and devices are developed, and how medicines and devices are managed and reimbursed in different value and payor systems. The competencies will provide a solid grounding in business fundamentals to enable medical leaders to be confident in the environment they work in.