LONDON--(BUSINESS WIRE)--In its recent blog titled ‘Revolutionizing the Pharma Market by Improving Sales Force Effectiveness’, global analytics and advisory firm Quantzig evaluates some of the ways pharma companies can drive profitability without increasing its sales force.
Quantzig notes that, “The pharma industry has always placed high importance in terms of costs on research and development and sales force. The reason for the industry’s sales force to be in the limelight is that it is the second biggest cost incurred by the pharma companies. Innovation is the driving factor for the industry in question, however, it is essential to have a dynamic work force or team of sales representatives that drive sales.”
Earlier pharma companies used to follow a size strategy, where they used to increase their sales force in order to cope up with the competitive environment. But due to changing regulatory compliances, buying patterns, narrow margins and tight production processes, companies are coerced to opt for optimizing their sales force to improve its sales force effectiveness. It is believed by top pharmaceutical leaders that by replacing bulk hiring of low skilled sales force with professional sales consultants, companies can create a hike in their sales level.
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By levying sales force effectiveness, pharma companies can start investing more time and effort in acquiring highly profitable customers instead of less profitable prospects. Building an effective sales force encompasses developing a strategy for the sales team, talent acquisition and management, compensation and benefits, and other support services that help the sales force to work better.
For organizations to achieve sales force effectiveness, they need to concentrate on three key areas being strategy, execution and capabilities. After the formulation of a prudent strategy, execution is very important. The success of an organization depends on the execution of its strategy as it involves balancing the strategy impact and the cost to serve, i.e. identifying tasks that require more focus.
More information on how analytics is being adopted in the healthcare industry and how leading pharma companies are driving profit and expanding their customer base, can be found using Quantzig’s resources. These resources are compiled from Quantzig’s team of over 500 analysts with industry expertise.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.