Recent events in the bio-pharma sector have companies wondering how to navigate unknown waters. Market changes are accelerating, forcing the industry to face unexpected predicaments. The most challenging market dynamics include supply chain disruptions, reimbursement changes, price pressures, competitor product launches and decreased access to decision-makers. While any of these events would cause a market shift, the combination of these issues raises new concerns about developing and maintaining a consistent go-to-market strategy. Alexander Group’s research addresses these matters including:
The confluence of these events is having a marked impact on bio-pharma firms. So, what will have to change to ensure they meet aggressive growth targets, keep the customer at the center of their go-to-market model and realign their sales team?
It will be difficult for bio-pharma firms to adapt to the evolving market without reinventing their sales rep model. Attracting new, high-quality talent will be problematic unless the firms can prepare their sales reps to handle these new challenges. Customers will also be impacted by the industry changes, requiring innovative solutions and internal alignment to support evolving customer demands.
Alexander Group’s research indicates that firms will have to build a “Bio-Pharma Rep of the Future” comprised of four key attributes:
Sales reps are entering a new era of selling, and high-performing companies provide the right combination of tools and strategies to help them excel.
High-performing companies have a higher percentage of reps that achieve quota, supporting corporate growth plans. However, sustaining this level of success requires critical investments to produce above-average results.
Your company may already have some of these fundamental investments in place. But how do you know if your reps and tools are performing up to par? Consider these questions to evaluate your new sales-era readiness.
Alternative resources
Do you have the correct mix of core and alternative roles that drive cost-efficient productivity and meet evolving customer expectations?
Compensation alignment
Does your current comp plan align with your corporate strategy and growth goals?
Virtual channels
Are you successfully leveraging digital customer engagement and seller enablement tools for greater productivity?
Omnichannel
Does your omnichannel strategy support customers and your core sellers?
High-performing companies are leveraging their investments in these areas to drive both growth and cost-efficiency. While these companies recognize it is difficult to predict market behavior, they understand how critical it is to invest in their sales reps with leading tools that help the company pivot to new demands.
Alexander Group is available to help with commercial model transformation alongside these industry changes. Contact a Healthcare practice leader today to see how we can help your organization.
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Healthcare Leaders: How We Help
Whitepaper: Non-traditional Investments to Meet Evolving Provider Needs
Article: New Go-to-Market Investments to Drive Business Performance
Insight type: Article
Industry: Health Tech, Healthcare, Medical Device, Pharmaceutical
Role: C-Suite, Sales and Marketing Leadership, Sales/Commercial Operations
Topic: Job Design, Strategy, Talent
Healthcare Leaders: How We Help
Whitepaper: Non-traditional Investments to Meet Evolving Provider Needs
Article: New Go-to-Market Investments to Drive Business Performance
Doug Beveridge is a principal in the Atlanta office and a leader of the firm’s Healthcare practice. Doug brings a wide range of experience working with clients who serve the healthcare industry including biotech, pharmaceutical and medical device manufacturers, software and service providers, and insurance companies. Doug also brings significant cross-industry experience and leads complex engagements including organizational mergers and integrations, global go-to-customer transformations and comprehensive change adoption programs.
Tray Chamberlin is a principal in the Atlanta office and co-leads the Healthcare practice in Pharmaceuticals and Health Tech. During his tenure with the firm, he has worked on projects in sales compensation, business strategy, sales deployment, sales coverage and quota development. Tray’s experience with Alexander Group spans international markets, as well as companies across several of the firm’s key industries, including medical device, pharmaceuticals, life sciences, financial services, BPO and technology services. Tray is also a member of the firm’s Pharma/Medical Device practice.