What’s the Secret to Successful New Commercial Models Adoption in Pharma?
Is your pharma organization scratching its collective head, wondering how it can compete in the new global marketplace? You’re not alone in the struggle. The pharmaceutical industry as a whole is experiencing a massive commercial evolution.
Sales executives need to create new commercial models (NCMs) to maintain a competitive edge for their companies and keep their jobs. If you’re buckling under the pressure of new regulations, increased costs, ongoing provider consolidation, rising market complexity and dynamic operating models, commiserate with your fellow pharma sales VPs, but know that you can overcome these barriers and optimize your organization’s outcomes by employing an analytics solution.
New commercial models need to bridge the divide between pharma and customers. Engaging customers requires foregoing traditional sales and marketing strategies. Some of the approaches organizations are using, such as key account management (KAM) and clinical sales force approaches to selling, can light the way for others. In addition, some companies are adopting digital tools as a means to educate patients. Other NCMs include social media promotion and dynamic channel management. However, with these new channels, organizations must also generate new content.
In spite of these new possibilities, it’s not clear which approaches are the most successful. Many organizations in pursuit of these new marketing and sales channels are in the pilot stage, exploring the potential of the strategies. At the same time, pharma is pursuing digital tools, even though many organizations perceive it as the least successful NCM. Overcoming barriers like agreement within the organization as to what strategies will work, managing complexity of approaches, regulatory concerns, internal stakeholder buy-in and strategy execution is critical to ensuring a successful adoption of the commercial model.
Pharma sales VPs must successfully navigate these barriers in order to bridge the gap between evaluating NCMs and innovating through them. Some of the strategies for overcoming barriers include:
- Acknowledging that the sales rep role has completely changed. The personal selling model/KAM will engage customers.
- Adopting digital media and devices so that sales teams can target and provide value to all of the members of the physician’s staff.
- Employing tools to manage the sales force KPI’s and the entire sales strategy, a necessary shift in attention called for by a digital approach.
- Identifying the value in and adopting tools for managing the amounts of data the sales team needs in order to succeed.
The NCM calls for the latest data sources to support the sales reps. As such, there is significant emphasis on having the right analytics to maximize the value of the data sources. With a sophisticated business analytics solution, reps not only have a consolidated view of all their data, but also intelligent business alerts that prompt them to take action.
Pharma sales VPs can harness the power of data and drive new commercial model adoption success with the right business analytics solution. With a comprehensive data solution and deep domain expertise, the analytics tool should allow for CRM call/sampling activity integration, compensation goal incentives, and internal data use, while leveraging information from existing BI platforms and enterprise data warehouses. With the advantages that a business analytics solutions delivers, pharma sales VPs finally have the tools and capabilities they need to navigate the quickly changing pharma market and adopt new commercial models.