The Traditional Pharma Model Isn’t Working – It’s Time to Evolve!
August 23, 2022
The pharmaceutical industry of 2022 is very different from the space that we all knew in 2012, 2016, or even 2020. From new legislation to functional shifts in marketing and advertising, the pharma industry works hard every day to keep up with new regulatory requirements and the constantly evolving expectations of prescribers and patients. Optimally, they also want to do this while simultaneously ensuring profit maximization and territory expansion.
What are these new and existing pharma regulations, expectations, and challenges? To name just a few:
– Telemedicine/Telesales & COVID Restrictions
– Inefficient & Expensive Sales Strategies
– Increased Caution From Patients & Prescribers
– New & Updated Legislation
– Whitespace & Vacant Territories
PharmaKinnex has spent more than 18 years helping companies adopt new strategies, increase profitability, and expand their product reach. Today, in 2022, the industry is changing again, and in some big, exciting ways. Let’s dive into the current state of the pharma industry and learn more about what your team can do to stay ahead of the curve and the competition.
COVID-19, Telemedicine, & The New Pharma Landscape
Everyone knows that COVID-19 changed everything, but even almost 2 years later, the pharma industry is still struggling to catch up. As the pandemic ramped up, patients and prescribers ditched their traditional methods of interacting within the office and telemedicine became the new norm. More convenience and safety? What’s not to love?
Unfortunately, for many in the industry, this meant newly closed doors instead of the open ones they’ve come to expect from prescribers (we’ll talk more about this next!) Without a robust and remote supplementary sales strategy, many of these pharma marketing companies have been left scrambling in a new environment where their old techniques don’t work and they’re not sure how to move forward with the new ones.
While sales representatives, patients, and prescribers saw huge interruptions in their schedules at the beginning of the COVID19 pandemic, pharma research & development kept on chugging. New drugs are still being developed, approved, and launched with regularity…but unfortunately, many of these new products failed to live up to their full potential. Why you may ask? Primarily because of a fact that the pharmaceutical industry has known for some time—constant, honest, and meaningful communication with prescribers is lacking in the post-pandemic world.
Are Pharma Sales Representatives “Over?”
Due to the inherently personal nature of face-to-face interactions, they’ve always been (and remain) the optimal choice for businesses of all types. But what happens when that in-person meeting is no longer a viable option for your prospect? Bearing the brunt of these COVID19 restrictions, pharmaceutical reps have had a hard time getting in the door to make sales, and their employers have noticed:
- Limited In-Person Access To HCPs
- Higher Travel & Marketing Costs
- Increased Product & Legal Knowledge Requirements
- Fewer Networking & Industry Trade Show Events
Hiring, training, and managing sales representatives were never cheap. But for a time, it produced accounting dividends that made sense. But now? They’re expensive, inefficient, and time-consuming in the current, restrictive environment. But, with surprising and frustrating challenges come newer, better solutions.
PharmaKinnex knows that identifying, qualifying, and then directing leads toward a successful sale is extremely difficult in today’s environment. We want to help you do it all more quickly and efficiently. Click here to schedule a call with one of our team members and get started building your team’s perfect pharma marketing strategy today!
The PhRMA Code, The Sunshine Act, & Inflation Reduction
“On April 18, 2002, the Pharmaceutical Research and Manufacturers of America (PhRMA) adopted a new marketing code to govern the pharmaceutical industry’s relationships with physicians and other health care professionals…” – AMA Journal of Ethics
After decades of in-person meetings, dinners, lavish events, and speaking engagements, the pharma landscape has shifted away from friendly relationships between doctors and representatives. In the course of attempting to protect prescribers and patients from unfair marketing practices, the pharmaceutical industry has taken steps to limit unfettered access to HCPs and clinics. Unfortunately, the poor and unethical behavior of a few has reduced your sales team’s ability to travel, interact with, and close leads…and it’s only going to get worse.
From letter changes in the PhRMA Code that limit what can be purchased or who can participate to informal company directions to “NOT” do “THAT” anymore, pharma businesses and their employees are confused, demotivated, and most importantly, losing sales in the process. Their access is limited and their direction is unclear—the problem is not with your individual sales representatives, it’s with your strategy and the resources at your disposal.
Outside of the internal pressure from the pharmaceutical industry, governments around the world have also begun to crack down on pharma sales/marketing practices long considered commonplace (and highly profitable). First passing the Physician Payments Sunshine Act (PPSA), on the heels of the 2008 economic crisis, the US government has made it abundantly clear that we are in a new era of strict regulation. With many of the provisions and requirements in the PPSA not even becoming active until just a few years ago and the recent law enforcement actions taken against some large pharmaceutical firms, members of the industry have to realize now that the old model won’t work anymore because of these new laws, not despite them.
This law, along with the upcoming Inflation Reduction Act of 2022 (IRA), will only continue to change more and more about the way the pharmaceutical industry sells and markets its products. If you’ve not adopted newer, more cost-effective remote sales strategies, it’s going to get more difficult for your team.
That’s why our trained inside sales experts work remotely with planning and precision to contact, communicate, and close with leads, no matter their location or availability. From whitespaces to vacant territories, PharmaKinnex puts you in touch with thousands of HCPs across the country—all for an affordable and cost-saving price package that will help your company grow.
Looking for more info on the remote inside sales advantage? PharmaKinnex helps you make better and more informed decisions for your product, your prescribers, and their patients. Click here to schedule a free consultation with one of our team members and learn more about what PharmaKinnex can do for your business.
Inside Sales & Affordable, Modern Pharma Marketing
In order to succeed and grow, pharmaceutical products and service providers must remain flexible and up-to-date with modern marketing and technology that supports, educates, and comforts their consumers.
While navigating legal restrictions and in-person sales challenges is difficult, it’s not impossible—and with PharmaKinnex, you have better options than your competitors.
By leveraging our professional, remote, and expertly-trained inside sales team, your team can accomplish more with less and make more money while doing it. PharmaKinnex’s multi-channel marketing approach gets the message across with clarity and consistency, breaking through the noise of the competition.
Click here to schedule a call with one of our pharma marketing experts and put your products in front of the right prescribers today.