Sales Force Effectiveness In Pharmaceuticals
Over the last few years, there has been a paradigm shift in the pharmaceutical industry
regarding the methods of effectiveness in selling, which is reflected in the effectiveness of the sales force.Since the industry witnessed a number of sales job cuts, sales forces in the US and Europe have reduced drastically. This reduction has directly influenced pharmaceutical companies to realign the size, structure, and sales strategies of their sales forces. Pharmaceutical companies are now pressurized to generate more profits with lower sales resources. Key Account Management (KAM) for a pharmaceutical company is about creating a strategic relationship with customers in order to deliver a long term profitable sales growth and achieve a pharmaceutical companys medium term goal.
Sales force training is the most important factor for success in generating higher sales revenues.Many companies have realized this and have set up internal training teams for their sales forces.Large companies have implemented advanced techniques and spend significant amounts on their training. External training consultants may also be used. The interim motive behind sales force training is to increase sales and improve productivity. However, the long term motive is to motivate the sales force, build customer relations and reduce the sales.
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Many pharmaceutical companies outsource their recruitment process to save time, effort and cost.The main advantages of outsourcing the recruitment employment process is to create a dynamic talent pool and to save recruitment costs. Due to the success of an initial RPO program in one large pharmaceutical company, it now aims to expand the use of RPO across the entire enterprise for all positions worldwide, from coordinators to director levels. The company also plans to extend the use of RPO to elements such as sourcing, screening and offer letter processing. This success means that it is likely that other large companies will use this system in the future.
Pharmaceutical companies have to understand the importance of assessing their medical sales reps during the initial phases of training. These assessments allow a pharmaceutical company to foresee their sales forces preparedness to perform in the field. Leading companies have the best continual assessment programs and deploy these in their sales culture. Large pharmaceutical companies address these issues by creating and establishing a long-term assessment plan. These plans measure the knowledge and practice of the sales force throughout their careers. By doing this, companies are successful in enhancing a sales reps performance. Also, companies can determine the additional training opportunities that are required to enhance a sales reps performance.
GBI Researchs report, Sales Force Effectiveness in Pharmaceuticals - Cost Pressures
Increases Pharmaceutical Companies' Adoption of New Sales Models and Technologies,
provides in-depth analysis of trends, issues and challenges in this industry. The report analyzes the sales force effectiveness strategies that shape the industry dynamics for the key geographies: the US, the top five countries in Europe (the UK, Germany, France, Italy and Spain) and Japan.Further, the report provides competitive benchmarking for the leading companies and analyzes the licensing agreements that shape the global markets. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Researchs team of industry experts.
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http://www.gbiresearch.com/Report.aspx?ID=Sales-Force-Effectiveness-in-Pharmaceuticals-Cost-Pressures-Increases-Pharmaceutical-Companies-Adoption-of-New-Sales-Models-and-Technologies&ReportType=Industry_Report&Title=Pharmaceuticals_and_Healthcare
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by: GBI Research
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