The regional sales manager starts on the Managed Care Plans Performance dashboard to see different MM plans, Formulary data, and sales figures across her region, at various periods of time. A lot of valuable data is presented, providing endless possibilities for issues that would require her attention. Where should she look first?
A Verix HotSpot notifies her of a recent decline in the number of prescriptions, and consequently in market share of one of their drugs under a specific managed care plan (out of thousands of existing plans). Rather then reviewing scores of reports, scavenging for issues that need attention, the HotSpot directs the Sales Manager straight to a high priority issue.
To analyze the root cause of this decline in prescriptions, she goes on to review the contextual information provided with the HotSpot. On her dashboard she can see a timeline of sales of this drug, amounts of samples distributed, and competitive information. With all the related information she can quickly see that the market share has been taken over by a certain competitor under that plan.
She can further drill down to review her sales representatives, and the physicians that they visited with this drug. From here, it is straightforward to find out that the competitor had improved its contract under that specific plan, thus reducing the patients’ co-pay when receiving prescriptions for the competing product.
This information is quickly communicated to the company’s managed care department, who immediately initiates a re-negotiation with the payer to match their terms and eliminate the competitor’s advantage.
Prescription levels of the drug went back to normal within weeks. Fast response prevented entrenchment of the competitor’s drug. Sales of the drug went up 22%.
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