Portfolio optimization in the healthcare industry ı In the first part of this guide we discussed the main resources optimization challenges the pharmaceutical industry is facing. Optimizing two types of resources - Products & People - can be tricky, this is why today we provide you with a comprehensive methodology and decision making tools to optimize your product portfolio.
On the product side: What does an optimized portfolio look like?
Crossing results from a strategic and commercial analysis, you can discover some really interesting surprises in your product portfolio!
1. How should I organize my product portfolio? Strategic stream first.
First of all, we need to tackle the product portfolio. An optimized portfolio reflects the company strategy as well as market opportunities and estimated future changes. Following a long term strategy is usually the winning strategy; better than changing direction three times a year…
A strategic portfolio analysis can uncover some genuinely hidden strategic product value for the company. Definitely will give us the main overview and understand our future priorities the best.
2. How should I prioritize my product portfolio? Commercial stream afterwards.
Additionally, the company portfolio needs to be prioritized thanks to a robust step-by-step process complying with key commercial and financial parameters aiming for the best commercial results.
As a starting point, products can be analyzed in terms of gross profit: what is the commercial contribution of this specific item of the portfolio, what is its growth potential, what is the market share growth, and so on?
Once we have listed our products into groups according to their importance (high – medium – low), we combine this information with customer group importance. This means that the products with the highest priority combined with the highest priority customers will definitely play the key role in the future scenario building process.
In the last part of this guide (Salesforce Optimization Guide), we will discuss a comprehensive methodology to optimize the size and structure of your sales force. If you want to learn more about commercial excellence in the pharmaceutical industry, download our free eBook below.