Driving sales and marketing in pharmaceutical companies has many challenges. Complex regulatory requirements, geographic differences, and the natural dynamism of the sector are just three areas that can impact activities. Dr. Martin Kamleiter-Borski, a Client Service Partner with a-connect’s Life Sciences Practice, explains how Performance Management systems and tools can help you navigate the myriad challenges and drive success.
This article details the challenges we face in establishing performance management systems and processes within the Sales and Marketing teams in pharmaceutical companies. It also guides you through strategies that can help drive sustained success that aligns with commercial objectives.
This highlights the need for a comprehensive performance management that, among other aspects, incorporates:
In the fast-paced and competitive pharmaceutical industry, performance management should focus on:
Never underestimate the influence of stakeholder satisfaction. The human factor in performance management is significant. So it is essential sales and marketing teams have the tools, resources, and skills to deliver on objectives. This demands:
There are five key areas that may constitute challenges to impactful Performance Management and require pre-emptive mitigation strategies:
Europe is a complex market. It has diverse regulatory environments, healthcare systems, and customer preferences. This creates multiple challenges in the development of a standardized performance management process and system.
Data accuracy is crucial for performance management. Decisions based on inaccurate or incomplete data can lead to suboptimal outcomes. However, in sales and marketing this information is often scattered across multiple systems and platforms. And that makes accurate integration and analysis difficult. It’s vital to have robust data governance processes.
The pharmaceutical industry is highly regulated. Compliance is critical. Developing a performance management process and system that adheres to relevant regulations, such as GDPR, HIPAA, and local data privacy laws, can be challenging, but is necessary.
Developing a performance management system that captures and integrates these metrics is essential. To achieve this, you need to:
Pharmaceutical companies often have diverse stakeholders. These can include sales teams, marketing teams, regional leaders, and executive leadership. Quite often each one will have differing perspectives, priorities, and expectations. So, it’s vital that you achieve buy-in and maintain alignment throughout the performance management process.
These must be relevant to sales and marketing functions. Your KPI metrics should be measurable, achievable and built on objective, reliable, and valid data. Ensure they are standardized across all regions for consistency and comparability. This enables you to see areas that are running smoothly and where there is risk requiring action or escalation.
Ensuring data integrity, accuracy, and consistency is critical. It’s essential to invest in robust data integration and quality processes. This includes governance, validation, and cleansing. That way you can ensure data is reliable and accurate.
This provides valuable insights for performance monitoring and decision-making. Dashboards should be visually appealing, user-friendly, and accessible to relevant stakeholders. Most importantly, they must provide real-time or near-real-time data. Whenever creating dashboards avoid the temptation to overpopulate them. Focus on what is relevant for driving business.
This includes GDPR, HIPAA, and local data privacy laws. Regulatory compliance is a top priority when creating performance management strategies. This includes proper data privacy and security measures. Regular audits and reviews will maintain ongoing compliance and mitigate any potential risks.
Successful performance management for sales and marketing demands close cooperation between teams across:
Ensure all relevant stakeholders are involved in the process. And their perspectives and feedback are considered. This drives alignment, increases accountability, and integrates performance management into business processes.
The focus should be on:
To ensure success, regularly assess the adoption and effectiveness of the process and system. Be prepared to provide ongoing support where needed.
Regularly review and analyze performance data. Identify trends, patterns, and areas of improvement. Continuously refine and optimize the process and system to align with changing business needs, evolving market dynamics, and emerging trends.
Remember, performance management should be a culture of discussion. Monitoring should not be purely ‘top down’. It needs to be an inter-functional discussion that includes:
It provides valuable insights to:
By leveraging these strategies, you can effectively navigate challenges and unlock the full potential of your sales and marketing functions. If you’d like further information about this article or how we could help you, please get in touch with the team.
Dr. Martin Kamleiter-Borski is a Client Service Partner within a-connect’s Life Sciences Practice. Martin is a seasoned Life Sciences and Healthcare expert who leverages his deep expertise of many years of hands-on experience in the pharmaceutical industry to assist clients in mastering the challenges of change, evolution, and disruption in this dynamic ecosystem. Martin joined a-connect in 2021, and is a physician with a doctorate in neurosciences from Ludwig-Maximilians-University Munich, Germany. His extensive background includes research, clinical psychiatry, and consulting with EY. His primary areas of focus are Commercial Excellence, Innovative Business Models, and Digital Therapeutics.
InsightsMore Insights chevron_right