The Life Sciences analytics industry is progressing each day with AI/ML driven technologies and the exploding healthcare data, which is expected to cross 2,314 exabytes by 20201. New databases are emerging from sources like patient claims & electronic medical records (EMRs), social media, and digital channels. Stakeholders’ preferences are evolving as well, with pharma sales reps finding healthcare physicians (HCPs) more challenging to reach.
The life sciences industry is experiencing a digital transformation. Patients’ expectations have grown with the amount of health-related information available online, and almost 67% of healthcare professionals are set to become digital natives by 2020. Digital footprints are left at every stage of their journey and the Pharma industry must use all available insights to ensure relevant and contextual engagement.
We all know that in sales, the outcomes you get are the outcomes you incent. This is especially important for large field forces such as pharma, where a very large number of influencers are being targeted and sales compensation is computed based on terabytes of external data! Good incentive compensation (IC) plans combined with well administered execution can motivate the sales force and drive the right behaviors to align with corporate goals. But how do we know if the measures we’ve selected contribute to an intelligent incentive plan design?
Axtria conducted a workshop on Multi-Channel Marketing and Next Generation Engagement at the PMSA January Symposium in Las Vegas.