Strategic account planning. A well-known process within the medical device space that sometimes can be hard to prioritize and nail down. Streamlining the strategic account planning process will provide long-lasting benefits in the future. Medical device organizations that can nail down their strategy and modify it as needed will have a competitive advantage, especially with the right talent in place.
In the pharmaceutical industry, a slew of interesting patterns and relationships have been identified as a result of COVID-19. When it comes to commercial organizations, it’s important that senior sales leaders stay on top of both internal and external trends in order to maintain a competitive edge and continue providing value to customers. More recently, it has become increasingly obvious that in the pharma industry, the impact of COVID-19 has sparked a need to modify the commercial model on all fronts.
In pharma, there is a consistent trend we keep hearing that MSLs are experiencing a role shift in terms of their responsibilities and which key stakeholders they engage with. With organized planning and the right data capabilities, MSLs are better positioned for driving the strategy towards P&T committees when medications are ready to be evaluated for formulary inclusion.
Three Key Considerations for Commercial and Market Access Teams
Silos. We’ve all heard of this term in the pharmaceutical industry however, do most of us truly understand how negatively silos affect internal and external collaboration? Long-term, consistent, and inefficient collaboration can seriously impact an organization’s bottom line. Especially when it comes to the commercialization process, collaboration is a necessity. Whether a product is going through the launch cycle or it has been on the market for quite some time, it is important that market access teams and commercial teams are consistently collaborating.
There are many factors that need to be taken into consideration when optimizing and accelerating market access. One of the first items that should be on your checklist is honing in on a strong messaging and engagement strategy when targeting payers. In understanding what messaging most resonates with payers, market access, commercial, and marketing teams can gauge where value is perceived according to each payer.
The digital transformation is changing the way pharmaceutical companies interact with healthcare professionals (HCPs). Life sciences decision-makers need to equip their teams with powerful data to help them best capitalize on HCP communication preferences as well as their geographic, therapeutic area, specialty, and patient mix. With email automation and virtual conferencing capabilities on the rise, embracing digital innovation by working around the pandemic will allow organizations to best decide how to target physicians for the most meaningful interactions.
It is no question that the COVID-19 pandemic has made in-person engagement much more difficult. As a result, organizations are struggling to maintain relationships with key stakeholders. For pharmaceutical and medical device organizations, medical affairs and sales teams are grounded, making strong targeting and engagement strategies even more imperative in order to gain a competitive advantage.
Integrated Delivery Networks (IDNs) are modifying their business strategies due to changes in the industry, such as healthcare reform and financial pressures. IDNs influenced by the B2B strategy are shifting their operating models and changing the way pharmaceutical and medical device companies interact with them. It is also important to acknowledge that as more IDNs are created and others continue to grow, each has its own set of motivators and values important to their leadership and key decision makers.
Across the life sciences industry, there is a call to break down the silos associated with frequent acquisitions and divestments. Companies are growing faster than they can consolidate their technologies and information, requiring more cohesive digital strategies. With the rise of digital and the number of customer accounts that need to be managed, data change management procedures are necessary to ensure stronger, more organized digital collaboration.
Life Sciences & Contracts Management: Visibility, Time Savings, & Driving Revenue
Value-based contracts (VBCs) are increasing in popularity throughout field, market access, and contracts teams across the life sciences industry. It’s important that relevant data is used to create these types of contracts so that the output is most advantageous to the customer, as well as the patient. Not only is visibility into contract management beneficial to the customer but it also has dual benefits for both commercial and contracts and pricing teams in medical device and pharmaceutical companies.