To respond to recent
regulations and changes to the healthcare marketplace drug companies are implementing key account management (KAM) strategies to adapt
their sales forces to the new challenges.
Formularies — especially in
European countries but increasingly so in the US as well — have begun playing a
larger role in determining which drugs end up in patients’ hands. Pharma
companies therefore need to find a way to reach the administrators nurses and
others involved with the process for deciding which treatments end up on the
formulary.
Cutting Edge Information’s
latest study “Pharmaceutical Sales
Management: Sharpening Customer-Centric Strategies to Restore Access and
Strengthen Relationships” found that for many companies key account managers fulfill this need.
A successful KAM strategy however requires more than renaming
sales reps to account managers. Instead companies need to hire individuals with
skillsets outside of traditional sales train them to speak to customers
differently and allow the KAM team freer rein over their own territory and
accounts.
KAMs need to wear the
mantle of leading cross-functional teams consisting of all the groups that call
on physicians and other decision makers within the accounts. Proper
coordination of sales medical affairs marketing and market access allows the
right message to reach its intended target at the right time relative to all
the other messages from the company.
Companies should also
continue to employ sales reps in a more traditional role to create pull-through
demand from the end of the line. Even within a restricted formulary list physicians nurses and pharmacists
retain some leeway in their prescribing habits. These sales reps however must
work in conjunction with the account managers and other teams within the
company to deliver products and services to the customers.
“Pharmaceutical Sales
Management: Sharpening Customer-Centric Strategies to Restore Access and
Strengthen Relationships” (http://www.cuttingedgeinfo.com/research/sales/reinventing-sales-forces/) explores the new strategies and tactics sales forces use to overcome access barriers and
provide customers value in today’s increasingly restrictive sales landscape. Use
this report to:
- Implement customer-centric strategies to overcome physician access challenges.
- Employ key account managers to open communication channels with the new decision makers.
- Embrace eDetailing to supplement traditional physician detailing efforts.
- Benchmark cost per rep and per detail to balance resources and control costs.