Pharmaceutical market will be driven by embedded analytic and predictive capabilities to determine TRENDS, RISKS and OPPERTUNITIES which were not possible with historical reporting.
Cost containment issues and falling productivity are putting pressures on the pharmaceutical industry’s traditional sales and distribution model involving huge promotional budgets and assertive sales forces.
The most prominent performance related issues from Organizational perspective are:-
- Increased competition and unethical practices adopted by some of the propaganda base companies.
- Low level of customer knowledge. ( Doctors, retailers, wholesalers )
- Poor customer (both external and internal) acquisition, development and retention strategies.
- Varying customer perception.
- The number and the quality of medical representatives.
- Absence of ideal mechanism of sales forecasting from field sales level, leading to huge deviations.
- Very high territory development costs.
- High training and re-training costs of sales personnel.
- Very high attrition rate of the sales personnel.
- Poor territory knowledge in terms of business value at medical representative level.
- Busy doctors giving less time for sales calls.
- Unknown value of revenue from each retailer in the territory.
- Unclear value of prescription from each doctor in the list of each sales person.
- Absence of analysis on the amount of time invested on profitable and not so-profitable customers and lack of time share planning towards developing customer base for future and un-tapped markets.
This requires pharmaceutical companies to Re-structure their sales and marketing operations to determine the impact of promotional activities on sales in real time in order to remain competitive.
Vincit lifesciences pvt ltd should ready to help pharmaceutical companies to manage this tradition and to understand physician behavior as well as attain cost effective sales and marketing efforts.