The commercial ecosystem of the medical device industry is an intricate one. Medical device sales teams constantly watch out for opportunities across the sales process, beyond the overarching life sciences commercial protocol (salesforce structure and deployment, sales activity design, incentive compensation, and operations outsourcing). These intricacies arise from various factors, like the heavy dependence on sales reps, mechanics and scale of the products being sold (sometimes complete health solutions), diversity of the stakeholder entities involved (from market influencers to centralized purchasing teams), and back and front-end supply chain fallouts. Here are some examples.
This tri-blog series delves into the need, challenges, requisites and approaches to implementing an effective global segmentation & targeting (S&T) strategy in the life sciences industry. The upside of a standardized S&T strategy has been discussed in detail in the first blog of this series. This second blog focusses on the components of a global S&T strategy needed for its success and dives into some best practices for implementation.
Effective roster management has long been an overlooked topic in Pharma commercial operations. In fact, in our 2016 Commercial Excellence Survey, we found that 46% of Pharma organizations still don’t have integrated processes to manage their sales rep to territory mappings. At any point in time, it is critical for the Sales Operations business processes to have access to the latest and distinct set of sales personnel that will need to be accounted for.
Prescribing decisions in the institutional setting differ considerably from the retail setting. As noted in the figure below, HCPs are influenced by several parties, both internal and external. While the health of the patient and safety of medications continue to be of paramount importance, over the past several years, financial considerations have increased attention on quality of care. No longer is a hospital’s survival dependent on the “hotel model” (where higher occupancy equals greater profitability), rather insurance companies, in an effort to control costs, are incentivizing institutions (IDNs) to keep patients healthy, reduce the length and frequency of hospitals visits, etc. Further, as new information systems and technologies are implemented (many driven by requirements outlined in the Affordable Care Act) the ability of key payers to manage costs and processes will improve. This will continue to drive the behaviors of healthcare professionals and their employers.
Continuing our blog series examining a ‘year in the life’ of Sales Strategy and Operations . This time of the year (late spring, early summer) marks the classic sales force sizing season. Why now? Many executives engage in the strategic planning and/or anticipate next year’s budgeting process, which is why this is a perfect time to take a fresh look at the overall sales force investment.
Continuing our blog series examining a ‘year in the life’ of Sales Strategy and Operations. This time of the year (late spring, early summer) marks the classic sales force sizing season. Why now ? Many executives engage in the strategic planning and/or anticipate next year’s budgeting process, which is why this is a perfect time to take a fresh look at the overall sales force investment.
Day of Reckoning: “the time when one is called to account for one's actions, to pay one's debts, or to fulfill one's promises or obligations.”
Over the past several decades, we have experienced a proliferation of channels, including direct sales, mass media advertising (think Mad Men), direct mail, telesales, online/digital, email, social, mobile etc. Each of these channels has advantages with respect to efficiency or effectiveness (topic for another day), often work well in combination, and should be tailored to the chosen business and marketing strategy.
Welcome to Axtria’s blog series on sales strategy and operations. This series will examine a ‘year in the life’ of sales operations. In the process, we will highlight the major ‘seasons’ throughout the year as the annual cadence goes through a strategy, planning, implementation, tracking and measurement processes.
I like Thomas Friedman. While some of his metaphors are twisted, he totally “gets” globalization and the unambiguous virtues of entrepreneurial-based economies.
You may be familiar with Friedman … he has written the best-selling books “The World is Flat”, “Hot, Flat, and Crowded”, and “The Lexus and the Olive Tree”. He also writes regularly in the New York Times.