Strategies to Improve Operations and Competitiveness
Optimizing Pharmaceutical and Biotech Performance With Proven Solutions
The pharmaceutical and biotech industry has faced significant market dynamics in recent years that greatly impact bio-pharma reps. Alexander Group’s research shows:
- 75% of clinical trials are now occurring outside of Big Pharma companies
- 50% of new products are orphan drugs explicitly developed for rare diseases
- Additionally, the increasing acceptance of biosimilars as an alternative to expensive brand-name drugs impacted the market
To adapt to these evolving market conditions, high-performing pharma and biotech companies provide are adapting more patient-centric commercial models. Commercial changes include more investment in specialist commercial roles, reimbursement support, digital provider engagement, case management, patient support programs and patient access programs.
BioTech pharma companies should consider additional attributes to help their sales reps adapt to the evolving market headwinds and customer needs. This approach can include providing more training and support, investing in new technologies and developing a strong relationship with key stakeholders, such as healthcare providers and payers.
Alexander Group works with biotech leaders to establish sales strategies to support your go-to-market model with specific sales strategies that grow revenue and increase market presence.
How We Help
- Digital & virtual engagement: Enable sellers to interact virtually with hospital providers through advanced technology and digital capabilities to overcome limited access to providers.
- Omnichannel strategy: Develop a robust omnichannel process to work in tandem with the primary sales reps so they can focus more attention on high-priority accounts.
- Alternative resources: Identify the correct mix of core and alternative roles deployed to drive cost-efficient productivity and meet evolving customer expectations.
- Sales compensation: Align sales compensation programs with go-to-market strategy and ensure pay levels match therapeutic focus and sales motion.
- Research & benchmarks: Determine current and relevant data, trends, benchmarks and voice of customer research to help guide Sales, Marketing and Operations decisions.
Related Insights
Participate in Our Research
Open Opportunities Briefing Offers- Commercial Practices to Drive Profitable Growth & Valuation 80% of healthcare companies are growing, with 45% having revenue growth goals that exceed their 2022 growth rates. Most healthcare executives are confident that they can achieve their 2023 revenue growth goals, which is the most optimistic outlook since the start of the pandemic.
- Commercial Talent Management Strategies Healthcare firms that consistently realize profitable growth spend 32% less on sales turnover. Why? These organizations have developed effective strategies to support commercial talent management. Discover the five principles to implement an effective and competitive talent program.
- Healthcare Hospital Providers Survey Healthcare executives, physicians and surgeons were recently surveyed to determine their views on current industry trends and investments. From staffing and supply shortages to procedure volume and interaction preferences, discover what healthcare providers are prioritizing for the new year.
- Improving Marketing Pipeline Contribution The marketing channel mix is evolving, highly impacting demand generation performance. Healthcare leaders are investing over 53% more in demand generation which has led to a 36% increase in marketing qualified leads. Determining the right allocation of resources between different marketing channels and initiatives, however, is the challenge to increase conversion rates. How are your demand generation tactics performing?
- Revenue Operations Survey Over 200 executives in sales and revenue operations were surveyed across Business Services, Financial Services, Manufacturing and Distribution, MedTech, Health and Wellness, Media and Technology to determine the leading practices of world-class revenue operations organizations.
- Sales Compensation Hot Topics Survey Over 350 sales compensation leaders across seven industries provided insights on key sales comp topics including costs, quota planning and attainment, profitability, AI’s impact on comp, global comp practices, marketing comp practices and client/deliver services comp practices.
Upcoming Healthcare Events
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EMEA Sales Comp Community: The Last Mile: Ensure Your Sales Compensation Programme is Set Up for Success
Virtual RoundtableAs we head into 2024, ensure your sales compensation programme’s strategy and structure are in place to successfully measure, track and manage for constant improvement.
• Costing Modelling: How to make sure changes to your compensation programme won’t break your budget.
• Manager Training: Leveraging first line managers to champion new plan designs.
• Plan Communication: Tools to simplify what sellers need to know about their sales compensation plan.-
Wednesday, December 6, 2023
2:00 p.m. – 3:00 p.m. BST -
Virtual
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Precision Pricing: Unlocking Profit to Outperform Competitors Series
WebinarSession 3 | Cost-Plus Pricing: Stop Leaving Money on the Table
Intuitively, using cost-plus to set pricing would allow organizations to keep pace with inflation and ensure long-term financial viability. Yet, more than half of B2B organizations failed to keep pace with inflation in this past year. In this webinar, Avy Punwasee of Revenue Management Labs and Kyle Uebelhor of Alexander Group will outline how using value-based pricing in place of cost-plus is essential to commercial success.
Key Takeaways:
– Cost-based pricing versus value-based pricing
– Unlocking customer value and willingness to pay
– Understand the competitive landscape and how that will impact pricing decisions
– Determining the true financial value of your offering
– Change management considerations when migrating to a value-based approach-
Tuesday, December 12, 2023
2:00 p.m. – 2:30 p.m. ET -
Virtual
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Join our Pharma and BioTech Community
Alexander Group’s community enables leading executives to share insights and takeaways for immediate use. Participants engage with sales leaders in interactive discussions while gaining knowledge on best practices, pitfalls and challenges.
Practice Leadership
Alexander Group Can Help
Is your go-to-market strategy focused on sales productivity to ensure profitable growth?