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Pharmaceutical Sales Force Effectiveness Strategies: Evaluating Evolving Sales Models & Advanced Technology for a Customer Centric Approach
Business Insights, Aug 2009, Pages: 137
The social, demographic and economic context in which the pharmaceutical industry operates is changing dramatically, with huge implications for the industry as a whole. All these challenges have major ramifications for the way in which pharmaceutical companies market and sell the medicines they develop. With these challenges comes pressure to gain efficiencies in all facets of the business, but perhaps no aspect of pharma operations is under as much scrutiny as the sales and marketing function. The discrepancy between the growth in sales force size and the decline in prescribing makes sales force effectiveness the top challenge for pharmaceutical sales managers.
The industry has traditionally relied on aggressive marketing to promote its products. One recent study (NEJM, August 2007) estimates that, between 1996 and 2005, total real spending on pharmaceutical promotions rose from $11.4bn to $29.9bn in the United States. Another study (PLoS Med, January 2008) suggests that the true figure is closer to $57.5bn in real terms. Much of this increase in spending has gone on the expansion of the sales force. For years now there has been an unshakable belief that the bigger the sales force, the greater the market share. However, many of the industry’s biggest markets are now saturated with sales representatives, and its selling techniques are becoming increasingly ineffective. The industry has begun to embrace the reality that this model no longer guarantees growth or future profitability. The opportunity lies in moving beyond sales force growth and mass promotion into a new era of sales force effectiveness.
Key features of this report
- Detailed analysis of the current state of the pharmaceutical industry, including the five major trends reshaping the pharmaceutical marketplace and their impact on the sales force.
- The impact that sales force size has on sales, costs and profits in both the short and the long term. Different situations for sizing a sales force such as expansion into new markets, new product launches and downsizing are illustrated. Three different methods that companies use to size their sales force are provided.
- Highlights the importance of sales force recruiting and hiring process as well as the role of training in preparing the pharmaceutical sales force for success. Practical advice on how to implement incentive plans and how to set effective SFE (Sales force effectiveness) metrics.
Use this report to
- Learn how the changing social, economic and demographic context has huge implications for the way in which pharmaceutical companies will market and sell the medicines they develolp in the future.
- Discover why pharma industry revenue will decline for the first time in its history and what the effects on the pharmaceutical sales force organization are.
- Quick and comprehensive understanding of sales force sizing, structuring and deployment and recent trends in physician targeting.
Discover
- Is the pharmaceutical sales representative an endangered species?
- Why should pharma companies adopt a Key Account Management approach to their customers?
- What will the expected shift in marketing and sales efforts look like?
- How can sales organization be sized, structured and deployed for max. effectiveness in the new healthcare environment?
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