The sales representative’s role in the life sciences industry has evolved in recent years. With the pharma landscape becoming more dynamic, designing region-specific policies and strategies to drive customer success is increasingly important.
Incentives are a proven way to drive sales rep behavior, and incentive compensation (IC) team leaders must be aware of the latest industry trends and region-specific best practices to design incentive plans that can drive sales force performance. Axtria conducted its 2023 Global (Ex-US) Incentive Compensation Benchmarking Study across life sciences organizations with global operations.
Key areas covered in the complete study include:
- IC target pay variations by therapy, role, and geography
- Common incentive plan design practices by therapy and geography
- Commonly leveraged MBO types
- Data sources used for incentive crediting
- Pay mix variations by role, therapy, and region
- Typical IC performance periods and reporting frequencies by therapy and region
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