Pharmaceutical Sales Force Effectiveness Strategies: Evaluating evolving sales models & advanced technology for a customer centric approach - 2009/08/01 - Business Insights

Report title: Pharmaceutical Sales Force Effectiveness Strategies: Evaluating evolving sales models & advanced technology for a customer centric approach

from Business Insights
137 page report published Aug 01, 2009

Price $3,835.00 available for immediate download

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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. Through analysis and forecasts, this report provides insight into the latest sales force effectiveness initiatives, which is underpinned by how biopharmaceutical companies will alter their sales force strategies in the future.

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Business Insights

Document ID:

rbhc0234

Industry:

Pharmaceutical

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Title	Starting Page	Number of Pages
Sections
Table of Contents Pharmaceutical Sales Force Effectiveness Strategies Executive Summary 9 The pharmaceutical industry at a crossroads 9 Sizing and structuring the sales force for strategic advantage 10 Recruiting, training and motivating an outstanding sal	0	1
Table of Contents	0	1
Pharmaceutical Sales Force Effectiveness Strategies	0	1
Executive Summary 9	0	1
The pharmaceutical industry at a crossroads 9	0	1
Sizing and structuring the sales force for strategic advantage 10	0	1
Recruiting, training and motivating an outstanding sales force 11	0	1
Reinventing the pharmaceutical sales model 12	0	1
Utilizing new technologies for sales excellence 13	0	1
Beyond 2010 â€“ The future of pharmaceutical sales 14	0	1
Chapter 1 The pharmaceutical industry at a crossroads 16	0	1
Summary 16	0	1
Introduction 17	0	1
The state of the pharmaceutical industry 18	0	1
Patent expiration and generic substitution 18	0	1
Pipelines not delivering innovative products 20	0	1
Slowing growth in mature markets 23	0	1
Government intervention and price controls 25	0	1
Poor reputation and new restrictions 26	0	1
Restricted access for pharmaceutical sales representatives 27	0	1
Pharma industry revises Codes on interactions with physicians 29	0	1
The traditional go-to-market strategy 31	0	1
ROI in pharmaceutical sales force has plummeted 32	0	1
The access problem 34	0	1
The end of armies of pharma sales reps in the field 34	0	1
Need for new marketing and sales approaches 36	0	1
Chapter 2 Sizing and structuring the sales force for strategic advantage 40	0	1
Summary 40	0	1
Introduction 41	0	1
The role of the sales force 41	0	1
Determining sales force size 42	0	1
Activity-based method 42	0	1
Target return-per-call method 43	0	1
Sales response method 44	0	1
Getting sales force deployment right 45	0	1
Resource allocation 45	0	1
Optimal profitability 46	0	1
Matching sales force structure with companiesâ€™ business lifecycle 48	0	1
Sales force structure 48	0	1
Getting the size right 50	0	1
From mass market endeavor to individual physiciansâ€™ needs 51	0	1
Rethinking targeting strategy 51	0	1
The impact of lifecycle factors on sales force targeting 55	0	1
Year 1 â€“ New product launch 55	0	1
Year 2 â€“ Accelerate growth 56	0	1
Year 3 â€“ Defend and grow 56	0	1
Year 8 â€“ Manage the sales decline 58	0	1
Conclusion 59	0	1
Chapter 3 Recruiting, training & motivating an outstanding sales force 62	0	1
Summary 62	0	1
Introduction 63	0	1
Hiring pharma sales reps: Getting the process right 64	0	1
The impact of bad hiring decisions 64	0	1
The right recruit 65	0	1
Key points to consider when hiring 67	0	1
The evolving training needs of the pharma sales force 69	0	1
The training dilemma 70	0	1
Training for the new environment 72	0	1
Changing environment places different demands on sales training 75	0	1
Motivating and compensating the sales force 79	0	1
Motivation 80	0	1
Driving performance through incentive compensation plans 82	0	1
Conclusion 83	0	1
Chapter 4 Reinventing the pharmaceutical sales model 86	0	1
Summary 86	0	1
Introduction 87	0	1
Sales force model progression 88	0	1
Addressing a range of new customers 89	0	1
Existing stakeholders are gaining influence 90	0	1
The path to key account management 92	0	1
Is the pharma sales rep an endangered species? 95	0	1
The customer-centric approach: a new model for pharmaceutical sales 95	0	1
From mass army to specialty sales force 98	0	1
Conclusion 99	0	1
Chapter 5 Utilizing new technologies for sales excellence 102	0	1
Summary 102	0	1
Introduction 103	0	1
e-Learning â€“ meeting sales reps training needs 104	0	1
Case study â€“ e-Learning as part of AstraZenecaâ€™s sales training strategy 104	0	1
e-Detailing 105	0	1
Virtual live e-Detailing 106	0	1
e-Detailing through a portal for doctors 106	0	1
Scripted e-Detailing 106	0	1
The benefits of e-Detailing 107	0	1
Putting it in practice: The key factors for success 108	0	1
From tablet PCs to closed loop marketing 109	0	1
Will closed-loop marketing transform the pharma sales process? 111	0	1
Common pitfalls on the way to implementing closed-loop marketing 114	0	1
How to ensure successful implementation of closed-loop marketing 116	0	1
Conclusion 117	0	1
Chapter 6 Beyond 2010 - The future of pharmaceutical sales 120	0	1
Summary 120	0	1
Introduction 121	0	1
The sales force of the future: variable in size and structure 121	0	1
Will samples need pharmaceutical sales reps? 123	0	1
New industry models and their implications for sales force effectiveness 125	0	1
Aligning marketing and sales to match the healthcare environment 126	0	1
The use of analytics to drive sales force approaches 126	0	1
Content-driven interactions between sales reps and customers 126	0	1
To what extent will the sales model change in the immediate future? 127	0	1
Designing a marketing and sales function that is fit for the future 129	0	1
Chapter 7 Appendix 134	0	1
Bibliography 134	0	1
Index 136	0	1
List of Figures	0	1
Figure 1.1: Projected revenue losses ($bn) due to patent expirations, 2007e-2012p 19	0	1
Figure 1.2: R&D investment ($bn) in the US, 2004-2007 21	0	1
Figure 1.3: FDA new drug approvals, 2000-2008 22	0	1
Figure 1.4: Global pharma market growth slowdown 24	0	1
Figure 1.5: Survey of US medical practices, February 2009 28	0	1
Figure 1.6: US sales force size - top 30 companies, 1997-2007 32	0	1
Figure 1.7: Pharma sales rep funnel 34	0	1
Figure 2.8: Field force: Sales, cost and profit impact 47	0	1
Figure 2.9: The impact of three different sizing scenarios on company profits 50	0	1
Figure 2.10: Physician segmentation enabling effective targeting 54	0	1
Figure 2.11: Modeling doctorsâ€™ prescribing behavior 58	0	1
Figure 3.12: The training trade-off 71	0	1
Figure 3.13: Effective sales force training responds to a new selling environment 73	0	1
Figure 3.14: Sales rep characteristics with the most influence on physician satisfaction 74	0	1
Figure 3.15: Implications for future sales force training 76	0	1
Figure 4.16: Sales force restructuring and innovation - State of the industry 89	0	1
Figure 4.17: The expected shift in marketing and sales efforts 91	0	1
Figure 4.18: Implications for pharma companies on the path to KAM 94	0	1
Figure 5.19: e-Detailing as part of the multi-channel approach to CRM 109	0	1
Figure 5.20: CLM feedback loop 112	0	1
Figure 5.21: TGaS survey on CLM implementation among top pharma companies, 2007-2008 114	0	1
Figure 6.22: Sampling trends %, 2008 124	0	1
Figure 6.23: Readiness for new business models in the next two years 128	0	1
Figure 6.24: Future organization of the pharmaceutical marketing and sales function 130	0	1
List of Tables Table 1.1: Blockbusters going off-patent 2010-2012 20 Table 1.2: Planned job cuts by big pharmaceutical companies, October 2008 35 Table 2.3: Target return-per-call method in eight steps by Zoltners & Sinha 44 Table 2.4: Comparison of sales	0	1

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