This article (TEXT-Fitch: Banner year for new medicines unlikely to overcome record patent expiration) appeared recently on Reuters and highlights the challenges that the Industry faces over the next few years. The looming “Patent Cliff” makes it almost impossible for some companies to be able to grow.
Add to this the increasing focus of Governments and payers on managing drug costs even more closely than before and the environment is challenging to say the least. These pressures are driving a need for more efficiency on top of the trend of the last few years for increased effectiveness.
This means that those who are customer facing need to be better than ever at targeting the right customers and ensuring that there is little or no waste in terms of activity. Marketing needs also to consider the most effective and efficient routes to market leveraging all the marketing channels that it can, not just the sales force and face to face activity.
This however is a challenge as the difficulty is understanding which channels and to which customers . We have seen a lot of interest in the latest simulations we have developed which looks at New Commercial Models and how to effectively leverage multi-channel approaches to your target customer base. This however requires significant training and change in mind-set and approach from not only marketing but also the sales functions within the organisation. Using a simulation based approach is the quickest and most effective way of getting people to realise the impact of using the right channels with the right customer.
If you want to find out more about how we can help with changing mind-set about how to effectively leveraging multiple channels to your customers, get in touch with us.