Leading business intelligence provider GBI Research has released its latest research report, entitled “Sales Force Effectiveness in Pharmaceuticals – Targeted Sales Models such as Enhanced Key Account Management (KAM) and Closed-Loop Marketing (CLM) Strategies Drives Sales Force Efficiency”. The report provides key data, information and analysis of trends and practices adopted to improve sales force effectiveness in the pharmaceutical industry. The report provides a comprehensive insight into the strategies adopted by pharmaceutical companies to improve their sales force effectiveness. It provides case studies and sales force strategies of pharmaceutical companies and IT solution providers. The report also analyzes the opportunities and challenges that could play a role in shaping the future of sales force effectiveness. The report finishes with a detailed analysis of 12 key pharmaceutical companies, with respect to their sales efficiency.
This report is built using data and information sourced from proprietary databases, primary and secondary research, and in house analysis by GBI Research’s team of industry experts.
At present, the pharmaceutical industry is changing due to expensive promotion and research and development (R&D) campaigns, which are crucial to examine opportunities to simplify and streamline operations in order to align businesses towards the needs of customers. In this situation, sales force effectiveness drives the success of pharmaceutical companies. Sales force effectiveness begins with developing an effective sales strategy, sizing and structuring the sales force, designing incentive compensation plans, setting goals, managing sales performance, recruiting sales people, motivating the sales force, building a potent sales force culture, and coordinating sales and marketing.
Pharmaceutical companies should have the best sales force to generate the most sales, and should also know how to integrate strategic business objectives with selection program strategies. Due to the changing pharmaceutical market environment, sales force roles are also changing. Sales representatives in leading companies now have the responsibility of delivering marketing messages and offering information and educational opportunities to physicians to build and change behaviors and relationships. Physician demand for more detailed, comparative and customized information from pharmaceutical sales representatives is also increasing. As a result, new sales representatives should have the right set of skills to play these varying roles.
In recent years, there has been a change in direction in the pharmaceutical industry about methods for effectiveness selling. The industry has recorded a number of sales job cuts, and as a result, sales forces in the US and Europe has reduced drastically. This reduction has forced pharmaceutical companies to change the size, structure and sales strategies of their sales forces. In addition, pharmaceutical companies are now under pressure to generate more profits with smaller sales forces. To achieve this, pharmaceutical companies are adopting strategies to remain competitive in the market.
- The need for sales force effectiveness for pharmaceutical companies and the factors that affect it.
- A study of major strategic sales models with case studies that enhance sales force effectiveness.
- Sales force sizing, recruitment strategies, and key sale force training and compensation models.
- An analysis of the competitive landscape, including profiles of major companies such as Pfizer, GlaxoSmithKline, Teva Pharmaceuticals, Novartis, Merck & Co., BMS, Johnson & Johnson, Eli Lilly, AstraZeneca, Abbott and Sanofi.