PROFESSIONALDEVELOPMENT
Pharmaceutical sales representatives have historically been the cornerstone of the industry, bridging the gap between manufacturers and healthcare professionals. Their traditional role has centered on direct, personal interactions with healthcare providers, educating them about the latest medications and their benefits and usage.
This relationshipbased approach has been crucial for building trust and credibility, facilitating drug adoption and ensuring that providers were well-informed about new treatments. Sales reps also play a vital role in gathering feedback on provider needs and patient outcomes, which has been invaluable for pharmaceutical companies.
The role of pharmaceutical sales representatives is undergoing significant changes due to advances in technology, shifting market dynamics and evolving regulations. These changes pose new challenges and necessitate adaptations to remain relevant. The industry has seen a shift in sales force sizes, with numbers peaking in 2005 but experiencing declines and slight rebounds thereafter.
Today, despite a similar number of sales positions versus 20 years ago, the landscape is markedly different with a shift toward specialized roles in fields like biotechnology, precision medicine and digital health. This evolution reflects the industry’s response to global healthcare challenges and the demand for more effective treatments.
According to a BioPharma Drive article, 85% of pharma launches will be smaller and a higher number of drugs will have a specialty designation. There are more teams involved in other sales to include patient services, patient hubs, reimbursement teams and medical science liaisons (MSLs).
Sales reps must adapt to these changes by embracing new technologies, understanding the changing industry environment and a shift toward specialized therapeutic areas. This adaptation is crucial for navigating the landscape of the pharmaceutical industry.
Reps’ access to physicians has become more difficult with healthcare professional shortages, time spent with electronic medical record and health record systems and a complex healthcare system. Offices spend a tremendous amount of time helping patients gain access to products.
The pharmaceutical industry has transformed due to technological advancements and shifting market dynamics. Digital technology has changed the way products are marketed and information is disseminated. Digital marketing tools, social media platforms and e-detailing allow companies to reach a broader audience more efficiently than traditional face-to-face meetings.
While many companies have gone back to face-to-face meetings, many physicians prefer a blended marketing approach that includes virtual calls.
Market dynamics have shifted with increased competition from generic drug manufacturers, and biosimilars are beginning to impact the marketplace. These changes have pressured pharmaceutical companies to refine their sales strategies, focusing more on cost-effectiveness and value-based selling.
Providers are looking for real-world data and evidence to not only validate clinical trials, but to understand the health economic value of products.
As a pharmaceutical sales representative trying to stay relevant in a fast-evolving marketplace, it’s important to focus on continuous learning and professional development. Engage in training sessions and workshops to stay abreast of the latest pharmaceutical advancements and sales techniques. Embracing digital tools is also crucial, as is becoming proficient in using customer relationship management systems and virtual communication platforms, which are becoming integral in pharma sales.
Convey complex information clearly and tailor interactions to meet healthcare professionals’ needs by enhancing communication skills. Using artificial intelligence tools will move from experimental to a must-have skill across the industry.
Building a robust professional network through industry conferences and events can provide valuable insights and opportunities. Staying updated on market changes will ensure sales practices comply with the latest standards and laws. Stay abreast by reading information about the disease state and changes in the industry.
Shifting your approach to be more patient-centric, focusing not just on the products but also on the outcomes and needs of patients, can strengthen relationships with healthcare providers.
Finally, develop resilience and adaptability to navigate market shifts and organizational changes. By incorporating these strategies, you can maintain a competitive edge and continue to succeed in the pharmaceutical industry.
Pharmaceutical sales representatives are the chameleons of the healthcare industry, adapting their colors to blend into the rapidly changing landscape around them.
Over the past 20 years, their role has transformed dramatically. Just as a chameleon that cannot change its colors might struggle to survive, sales representatives who fail to adapt to new technologies, regulatory changes and market dynamics will find themselves fading into obsolescence.
Embracing continuous learning and a patient-centric approach is crucial for those looking to thrive in this vibrant and evolving field.
Keith Willis is president of Core Management Training. Email Keith at kwillis@coremanagementtraining.com or connect with him through linkedin.com/in/keithawillis.
SELLINGSKILLS
Sales have changed rapidly over the past five to 10 years, and so has sales training. The pandemic accelerated changes that were already in the works and many organizations have struggled to keep pace.
You may be asking yourself how you can train your sales professionals appropriately and give them the skills they need to adapt to any selling situation. One way to avoid competency gaps is through sales training that closely aligns with your sales process.
A sales process is an organization’s standard approach to closing deals. It’s a series of repeatable steps to move a prospect from the early stage of awareness to a sale.
Research shows that sticking with a sales process correlates with success. Sales teams that don’t follow their sales process find it difficult to meet sales goals.
New data from the Best Practices of High-Performing Sales Teams research report shows that 95% of teams who met or exceeded revenue goals followed their sales process all or most of the time, but only 69% of underperforming teams did. Also, 83% of teams that rarely follow the sales process were behind goal last year.
Sales training that explains and reinforces your sales process ensures your sales team is equipped to follow the best route to winning business.
Over the past decade, while the fundamental principles of sales have remained relatively constant, there have been significant changes driven by technology and shifts in buyer behavior. Consequently, sales professionals often have skill or knowledge gaps that leave them unprepared.
In addition to product and industry knowledge and core skills such as prospecting, building and nurturing relationships, communication and negotiation, sales professionals today must also be proficient in a host of new capabilities, including:
Technology Integration: Sales professionals now rely more on technology for lead generation, prospecting and managing customer relationships.
Data-Driven Sales: There’s a greater emphasis on leveraging data analytics to inform sales strategies, personalize communications and track performance metrics.
Consultative Selling: Buyers are more informed and empowered than ever before. This has led to a greater focus on consultative selling and providing value throughout the buyer’s journey.
Personalization: Customers now expect more personalized experiences, requiring sales professionals to tailor their approach based on individual preferences and needs.
Hybrid Selling: The rise of remote work, accelerated by the pandemic, has necessitated adjustments in sales tactics to effectively engage with prospects and clients virtually.
Training on a consistent sales process is essential in the face of an increasingly complex sales environment.
Sales process adherence means the team has a consistent framework for conducting business. When salespeople adhere to your sales process, the team shares a common language and is more efficient and effective.
Having a sales process in place also allows sales leaders to track their teams’ performance at every stage of the sales cycle and help them improve. Without a process, there’s no way to know what went wrong when a deal is lost or how to avoid that mistake in the future. This makes it difficult to identify and address skills competency gaps.
Big picture: A culture of sales process adherence nurtures and sustains your approach to new and returning business and aligns team activities to the organization’s short- and long-term growth objectives.
When sales professionals aren’t trained on the process (or haven’t retained the sales training), everyone “does their own thing,” depending on their routine, habits and how they feel. Your sales professionals don’t follow the steps, and your process isn’t done right.
Such scenarios can lead to confusion, inefficiency, and ultimately, missed sales quotas. But you can solve this with three straightforward tactics:
Adopt, communicate and enforce a well-defined sales process for every new hire for long-term success.
Incorporate sales process adherence into your sales training. Deliver detailed step-by-step instructions, explaining how to complete the sales process effectively and consistently.
Help your team stick with the process with reinforcement. Your sales team is made up of individuals with different goals and motivators. Reinforce the benefits of adherence and the downside of “winging it” for each.
Training your sales professionals on well-defined, repeatable steps will reduce competency gaps, empower them to stick to your sales process and improve overall sales performance.
Michelle Richardson is the vice president of sales performance research at The Brooks Group. Email Michelle at mrichardson@thebrooksgroup.com or connect through www.linkedin.com/in/michelle-richardson-72b01a4/.