3 Successful Pharma Sales Strategies:

The 3 Most Successful Pharma Sales Strategies

Changes in the Pharmaceutical sales model have forced Global Pharmaceutical Sales Leaders to invest in new selling strategies in recent years. However, many of these New Commercial Models (NCMs) are not proven to produce success.

An area of uncertainty for Pharma sales strategies is the decline of the previously successful, tactical, sales rep to doctor model.

EVOLVING OLD STRATEGIES by implementing Key Account Management has proven successful.

However, more and more resources are being allocated to novel methods of reaching customers, despite no clear and proven ROI for these activities.

BARRIERS TO CHANGE

Pharma had now realized that old tactical sales strategies are not effective in a new, changing marketplace. Subsequently, results from this survey show that the Pharma Industry is saturated with new sales and marketing strategies and tactics, at various stages of implementation.  However, the effectiveness of these NCMs is hampered by a resistance to change.

It has been noted that many companies have simply tweaked their old models to adapt to a changing market in place of implementing new strategies, full commitment and buy in to NCMs is crucial for success. For example...

KEY ACCOUNT MANAGEMENT has been proven successful when implemented correctly, however:

75% of respondents agree Pharma mainly repurposes the traditional sales rep model toward account management, without any real change.

NEW MODELS TESTED:

• KAM
• CLINICAL SALES FORCE
• PATIENT/PHYSICIAN PORTALS
• SOCIAL MEDIA
• DYNAMIC CHANNEL MANAGEMENT
• PRODUCT/ BUDGET OUTCOME MODELS
• PRODUCT SPECIFIC VALUE ADDED SERVICES
• ABOVE THE BRAND SERVICES
• JOINT RESEARCH/ ANALYTICS WITH PAYERS & PROVIDERS
• DISEASE MANAGEMENT SERVICES
• INNOVATIVE PRICING & CONTRACT STRUCTURE

We can see many NCMs are being tested, but what is proving to be successful for Pharma companies?

MOST SUCCESSFUL STRATEGIES:

1.    KAM FOR INSTITUTIONAL PROVIDERS

2.    CLINICAL SALES FORCE

3.    SERVICE REP MODEL

KAM strategies for institutional providers, clinical specialist led sales forces and service rep models were ranked most successful. Almost ALL respondents have put in place some form of KAM strategy focused more on B2B interactions.

LEAST SUCCESSFUL STRATEGIES:

1.    SOCIAL MEDIA

2.    PATIENT PHYSICIAN TOOLS

3.    DIGITAL TOOLS MIXED RESULTS

Respondents said Social Media is the least successful strategy implemented.

MIXED RESULTS:

Above the Brand Services & Joint Research/ Analytics had mixed results and saw nearly equal levels of satisfaction and dissatisfaction. It was also found difficult to measure ROI of these content approaches, a problem prevalent with digital tools.

RETURN ON INVESTMENT:

Lack of measurable ROI is a common problem reported for NCMs, especially digital and content tools. Respondents stated that digital tools have a troubling lack of focus in their application as well as "meaningful benchmarks to assess success."

WHAT'S NEXT?

Results show that execs will continue investing in digital tools, despite the apparent lack of success and difficulty of measurement. 65% expect to increase digital interactions, with support centred on digital tools.

83% SAID THEY EXPECT TO FURTHER RESTRUCTURE THEIR COMMERCIAL MODEL IN THE NEXT 2-3 YEARS.

KEY TAKEAWAY:

"One first step we would recommend—it is for companies to fully embrace the alternative personal selling or KAM methods, if they have not already or if they've done so in a way that's not delivering on the expected value. It will be critical to continue evolving the capabilities here—including targeting tailored value propositions, fostering organizational alignment, and ensuring a better fit with local selling strategies.”