Commercial Excellence
Axtria collected and analyzed incentive compensation plan and performance data from 12 organizations for the 2022 plan year to develop a robust and holistic set of anonymized benchmarks representative of incentive practices across the industry.
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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