Strategy is in the Eye of the Account Manager

Strategy is in the Eye of the Account Manager

Account Manager

Strategic account planning. A well-known process within the medical device space that sometimes can be hard to prioritize and nail down. Streamlining the strategic account planning process will provide long-lasting benefits in the future. Medical device organizations that can nail down their strategy and modify it as needed will have a competitive advantage, especially with the right talent in place.

With strong talent and a simplified strategic approach that focuses on customer improvement, more valuable relationships will form and positively impact the organization’s bottom line. Enabling this process with digital capabilities will support your commercial team in having a well-rounded and more efficient account strategy.

Strategic Yet Simplistic

Creating strategic plans needs to be a well-thought out process with little complications. Some medical device organizations over-complicate the customer management model by tailoring messaging to the nth degree. While tailored messaging is beneficial to engaging with a variety of customers, taking it too far can result in reduced quality and, in turn, may prevent the potential profit entirely.

In addition, when it comes to the strategic account planning process, some companies tend to think of the short-term. For instance, they may tend to focus on the highest possible revenue at first instead of analyzing and addressing the potential customer’s needs from the get-go. Therefore, it is important that account managers keep top of mind the needs of the customer and address them in a simplistic manner. This will enhance the strategic account planning process rather than hinder it.

Putting the Customer First

So how do you keep top of mind the customer’s needs? Showing the potential customer how you can improve their business will help them realize the future potential commercial relationship. For example, you can highlight the improvements both in economic performance as well as patient outcomes management by utilizing your product offering. 

In addition, you can also improve the customer relationship itself through more organized planning by prioritizing the customer’s needs. In the medical device space, it is important to thoughtfully consider the needs of the customer. Through thorough research, account managers can closely align their products with the needs of their accounts to enable that value-based relationship. Therefore, there is an opportunity to focus more on growth at first. Once the account relationships have been developed, the retention should be the focus.

Cultivating Strategic Account Planning Skills

A strong account planning strategy needs even stronger talent. Thoughtful and strategic recruitment of account managers who align with your goals will help take your strategy to the next level. Account managers should be able to mine customer insights to pinpoint specific points of interest as well as think analytically while collaborating cross-functionally.

Once the right talent is in place, account managers need the right capabilities to cultivate strong planning skills. Organized planning makes for more effective and long-lasting relationships with accounts that tend to have a huge impact on the bottom line. Visualizing the strategic account plan helps make the process less complicated and gives you a 360-degree view into the customer profiles.

Within TikaDevice, the Strategic Account Planning module helps you map out the blueprint for your team to easily focus on the objectives and resources needed to bring the plan to fruition. View each account against a unique account plan by addressing the specific goals and objectives that are defined for each customer. Users can easily associate the customer’s goals and priorities against internal goals and priorities to improve success rates overall. 

Citations

https://www.gartner.com/en/sales/insights/trending-topics/account-management-and-growth 

https://www.bcg.com/publications/2013/biopharmaceuticals-marketing-sales-essentials-for-pharma-key-account

The Three Rs for Pharma Commercial Strategy

The Three Rs for Pharma Commercial Strategies

The Three Rs for Pharma Commercial Strategy

In the pharmaceutical industry, a slew of interesting patterns and relationships have been identified as a result of COVID-19. When it comes to commercial organizations, it’s important that senior sales leaders stay on top of both internal and external trends in order to maintain a competitive edge and continue providing value to customers. More recently, it has become increasingly obvious that in the pharma industry, the impact of COVID-19 has sparked a need to modify the commercial model on all fronts.

Therefore, pharma organizations need to keep top of mind how to maximize their commercial value with the use of data. Pinpointing issues allows leaders to focus on areas of improvement for the organization’s commercial approach. Similarly, reacting to trend analyses and realigning your SWOT analysis will help your commercial team identify prominent opportunities and capitalize on them. 

Reacting to Trend Analyses

The first “R” of the pharma commercial strategy – reacting to trend analyses. Not only can data tell a story about the past, but it can also give insights into the present and future with the right predicting capabilities. Integrating trend analysis into your sales strategy keeps sales reps aligned to their commission goals as well as increases productivity and revenue generation. 

On a larger scale, more pronounced trends might tell a bigger picture story about the effectiveness of your commercial strategy overall. For example, information into prescriber behavior, patient journeys, and even competitor trends all play into a larger, overarching story. Therefore, being able to identify trends and react to them accordingly will help you decide how to have maximum commercial success when driving the strategy forward.

Realigning to Maximize Commercial Value

Once you have reacted to trend analyses the second “R” of the commercial strategy needs to be the primary focus – realigning to maximize commercial value. Realigning the commercial strategy may take the form of reallocating resources such as moving reps to different teams or even breaking up different territories. 

Realignment may also present itself through adapting to changes in therapeutic areas and reframing messaging and targeting strategies. To make this process more effective, pharma organizations should invest in digital resources to make interacting with HCPs easier. Capabilities that allow commercial teams to identify who to target and what messaging to utilize will make engagement more straightforward.

Realizing the COVID-19 Impact on SWOT

Once the realignment of the commercial strategy has occurred, you can appreciate the third “R” of the commercial strategy – realizing the COVID-19 impact on your SWOT analysis. Understanding and pinpointing exactly what aspects of the SWOT analysis are effective will help pharma leaders modify their commercial model to address the impact COVID-19 has had on the industry.

Unfortunately, COVID-19 may be around for a while. The slew of concerns it causes should be taken into account such as delay in pre screenings and backup of non-essential surgeries due to limited office visits or availability during the pandemic. In addition, commercial teams should be equipped with information regarding the virus’ relationship to their products, which requires collaboration within the organization with medical affairs teams.

Senior leadership should revisit their strategy often, especially in the face of a pandemic where patterns could be highly unpredictable. With TikaMobile, you can review the SWOT analysis related to a specific customer or product within the TikaPharma platform and compare it against the strategic plan. In addition, you can view the trend analyses and access product metrics as well as understand how they trend against the market to build the strategy and make more informed business decisions. 

Citations

https://www.pharmexec.com/view/strategic-realignment-better-future

MSLs Driving the Strategy Towards P&T Committees

MSLs Driving the Strategy Towards P&T Committees

MSLs Driving the Strategy Towards P&T Committees

In pharma, there is a consistent trend we keep hearing that MSLs are experiencing a role shift in terms of their responsibilities and which key stakeholders they engage with. With organized planning and the right data capabilities, MSLs are better positioned for driving the strategy towards P&T committees when medications are ready to be evaluated for formulary inclusion. 

These committees require an evidence-based approach to evaluating pharma companies’ products. Therefore, MSLs need to be strategically aligned with their organization’s approach and even partner with KOLs on the committee. In partnering and collaborating with pharma organizations, KOLs who sit on P&T committees are in a better position to vouch for the product being discussed and serve as a credible source for the drug’s safety and efficacy. 

Medical Affairs as a Strategic Function

As the overall healthcare landscape continues to evolve and become more complicated, it is apparent that medical affairs is emerging as a strategic leader in data-focused engagements with key stakeholders. Whether MSLs are engaging with healthcare providers, pharmacists, or members of P&T committees, they are constantly leveraging their scientific expertise to disseminate relevant information and Real-World Evidence (RWE) related to their organization’s products. This is what makes medical affairs and MSLs a strategic function within pharmaceutical organizations.

More specifically, their expertise in product attributes and the competitive landscape, puts them in a position to be leaders in the organization’s strategic blueprint. As more companies are realizing the value of this function, they should be investing in capabilities that enable them to be more productive and efficient. MSLs constantly need to be prepared with evidence-based information to share with key stakeholders, especially when it comes to engaging with P&T committees. This is where partnering with the right KOLs is a necessity.

The Non-Physician KOL

Strategically profiling and targeting KOLs becomes critical when a product is nearing commercialization. Engaging with the right KOLs as early as possible will only make a product launch more likely of being successful and well-received by the medical community and prescribers who fall within your organization’s disease area. 

Meaningful engagements with KOLs are increasing across a broader set of stakeholders. The increase of the non-physician KOL in medical settings tends to include payers, regulators, and those members that advise on P&T committees. Partnering and engaging with these types of KOLs becomes critical during the commercialization process where their fundamental needs must be closely understood, aligned with, and tailored to. Especially for those KOLs that sit on P&T committees, having an in-depth understanding and using an evidence-based approach when trying to get a drug evaluated to be on the formulary is critical.

Using an Evidence-based Approach

When evaluating medications for inclusion in the formulary, the P&T committee uses a structured and evidence-based approach. Knowing that this is a systematic review and approach, MSLs should be prepared with RWE, clinical studies, and biomedical literature to make their case for the drug to be included on the formulary.

Having the right capabilities in place will make for better prepared MSLs when these conversations do happen as the evaluation occurs. TikaMobile’s intuitive platform for medical affairs teams and MSLs, TikaMSL, empowers MSLs to be more strategic in their interactions with vital information at their fingertips. The platform pulls in massive amounts of data to help profile KOLs and also has a clinical asset manager for easily accessing and sharing the evidence needed to discuss with the P&T committee regarding the effectiveness and safety of your organization’s drugs.

Citations

https://www.pharma-mkting.com/articles/cross-functional-collaboration-drives-launch-success/

https://www.pharmexec.com/view/launch-strategies-what-you-need-know-2020

https://www.ashp.org/-/media/assets/policy-guidelines/docs/guidelines/gdl-pharmacy-therapeutics-committee-formulary-system.ashx 

https://www.linkedin.com/pulse/white-paper-use-key-opinion-leaders-kols-healthcare-medical-capper/ 

Three Key Considerations for Commercial and Market Access Teams

Three Key Considerations for Commercial and Market Access Teams

Silos. We’ve all heard of this term in the pharmaceutical industry however, do most of us truly understand how negatively silos affect internal and external collaboration? Long-term, consistent, and inefficient collaboration can seriously impact an organization’s bottom line. Especially when it comes to the commercialization process, collaboration is a necessity. Whether a product is going through the launch cycle or it has been on the market for quite some time, it is important that market access teams and commercial teams are consistently collaborating. 

The continuous conversation between the two functions is a part of a greater cross-functional strategy that needs to be maintained. In addition, it is important that the two teams work together to realign strategies according to value perceived based on the stakeholder or customer they are targeting. Ultimately, collaboration within pharmaceutical organizations will prove very beneficial in the long run, positively affecting an organization’s overall performance.

The Power of Three

In the ever-changing landscape of the pharmaceutical industry, we see three key considerations that will be powerful in helping senior leaders understand the importance of market access influence in commercial launch strategies. The three considerations are as follows:

1. Cross-functional strategy as a necessity

No ifs, ands, or buts, cross-functional strategy is a necessity. A challenge that pharma companies tend to face is developing a product that has both FDA approval as well as having it covered by payers. Unfortunately, if collaboration occurs too late, it could have negative consequences in formulating the value proposition around the product. In addition, a second challenge facing the commercialization process is increasing market access restrictions.

These challenges result in a need for market access insights to be incorporated into the commercialization process and shared with the field team. The market data needed for collaboration between commercial and market access teams oftentimes is not shared or used for optimizing the product launch strategy. For instance, pre-launch activities need to be focused on preparing for conversations and deciding what engagement mechanisms are needed to target key customers. Therefore, commercial teams need to have ongoing conversations with market access teams to receive the necessary insights.

2. Value from a different perspective

The second of the powerful three is understanding value from a different perspective. With the increased trend towards value-based healthcare, market access teams that are heavily collaborating with commercial teams will give a new perspective and influence on the commercial strategy. Through increasing visibility into market data with enhanced business intelligence capabilities, market access teams can gauge what will be perceived as most valuable, which will make for stronger engagement strategies for the field. 

Their higher-level perspective will help commercial teams align their messaging and targeting strategies accordingly. Driving these types of conversations is imperative to get ahead of the competition. Especially, engaging with stakeholders and payers early on will help pharma companies bypass access barriers through collaborating on the different value propositions that arise from real-world data (RWD).

3. Collaboration as a strategic advantage

Last but certainly not least, pharma companies need to view collaboration as a strategic advantage. There is a need to understand the interdependencies and the value that could come out of collaborating more effectively especially with the use of digital technologies to support these efforts. Collaboration should be viewed as a strategic advantage especially in the face of COVID-19 where remote work might hinder collaborative efforts that were once in-person.

TikaMarketAccess helps better prepare teams for collaboration within one application. Paired with our commercial modules within the overall platform TikaCRM, teams are prepared to access geographic mapping capabilities as well as advanced business intelligence capabilities. Commercial and market access teams are better equipped to collaborate and have ongoing conversations about market insights and trends to make more informed business decisions.

Citations

https://www.pharmavoice.com/article/2017-4-commercialization/

https://pharmaphorum.com/webinars/powering-pharmas-commercial-teams/ 

https://www.pharmexec.com/view/launch-strategies-what-you-need-know-2020 

The Formulary Speaks for Itself, or Does It?

The Formulary Speaks for Itself, or Does It?

Fomulary Blog Banner

There are many factors that need to be taken into consideration when optimizing and accelerating market access. One of the first items that should be on your checklist is honing in on a strong messaging and engagement strategy when targeting payers. In understanding what messaging most resonates with payers, market access, commercial, and marketing teams can gauge where value is perceived according to each payer. 

Formulary positioning

Formulary positioning and communicating value are key to driving interest and having quality engagements with payers. In addition to formulary positioning, other market dynamics to consider include enrollment mix of medical and Rx lives as well as therapeutic area or disease state. In order to drive impactful conversations with payers, market dynamics capabilities and digital tools are needed to aid in targeting and messaging to gain a competitive edge in the marketplace and establish strong relationships for future contracting decisions.  

No More Tiers

Preferential formulary positioning helps measure the success of market access strategies. For those organizations’ drugs that are on higher tiers, it makes communicating value and finalizing contracts that much easier. When engaging with payers, market access teams should take into consideration where their products are positioned on the formularies. From there they can build a strong messaging and targeting strategy.

On the other hand, it’s also important to note that favorable formulary positioning doesn’t necessarily mean a drug has favorable performance and profitability. A healthy mix of rebating, value-based contracting (VBC), and patient services should also be taken into consideration. Positioning your messaging and highlighting these different perspectives around your drug will help target a variety of payers with different value propositions, increasing the likelihood of accelerating your market access strategy. Instead of solely relying on formulary position, market access teams can communicate value by differentiating on clinical outcomes using real world evidence (RWE) or by emphasizing patient preference and convenience regarding the product.

Communicating Value

According to IQVIA, the implementation of value-based payment models will continue increasing through 2027. When it comes to communicating value, there is no one specific model that needs to be used. It is up to the discretion of each pharma company to decide the cost-value mix for each of their drugs. 

Therefore, market access teams need to analyze what payers, like Managed Care Organizations (MCOs) and Pharmacy Benefits Managers (PBMs), perceive as most valuable and what drugs provide maximum outcomes for the patient. Knowing where to assign value and being able to communicate it as early as possible will help drive market access strategy efforts. This is where market dynamics capabilities come into play.

Market Dynamics Capabilities

The market dynamics that are impacting the pharmaceutical industry have to be addressed and woven into the market access targeting strategy. Especially when your drug has less favorable formulary positioning, extra steps need to occur before deciding what messaging strategy to use. Market access leaders need sophisticated analytics capabilities to help them track market dynamics to help them decide what strategies to invest in.

TikaMobile’s capabilities pull in market dynamics data so that market access leaders have a well-rounded understanding of the market to decide what messaging strategies will help communicate value for drugs while also giving them a competitive advantage. To better target payers, TikaMarketAccess enables market access teams to explore and analyze the enrollment mix of medical lives, as well as Rx lives to have a stronger engagement strategy with key decision makers. More specifically, the Payer Detail Module provides market access teams with actionable information concerning payers such as attributes, plan profiles, and contract developments, enabling teams to disseminate information and break down silos.

Citations

https://www.iqvia.com/-/media/iqvia/pdfs/library/presentations/7-market-access-trends-for-2027.pdf

https://www2.deloitte.com/us/en/insights/industry/life-sciences/pharmaceutical-pricing-market-access.html

https://www.zs.com/insights/accelerating-market-access-three-trends-shaping-pharmas-future

Meaningful Data for Meaningful Remote Engagements

Meaningful Data for Meaningful Remote Engagements

Meaningful Data for Meaningful Remote Engagements

The digital transformation is changing the way pharmaceutical companies interact with healthcare professionals (HCPs). Life sciences decision-makers need to equip their teams with powerful data to help them best capitalize on HCP communication preferences as well as their geographic, therapeutic area, specialty, and patient mix. With email automation and virtual conferencing capabilities on the rise, embracing digital innovation by working around the pandemic will allow organizations to best decide how to target physicians for the most meaningful interactions.

Screen-to-screen is the new normal

Gone are the days of relying on face-to-face interactions. Even in our personal lives there is a heavy reliance on screen-to-screen communication and now this trend is spilling over into the pharmaceutical industry. Especially within commercial organizations, there has been an emphasis on e-detailing strategies whether it be through pre-approved emails or video conferencing.

With this trend only on the uptick, reps need to understand how to use digital technologies for more engaging, virtual interactions that provide lasting value to the customer. Standing out to customers when there are many physical barriers can be quite challenging. Therefore, it is important to embrace technology as the pandemic’s time frame is unknown, causing lasting effects on the life sciences industry as a whole.

The meaning is in the data

While virtual engagement capabilities are helpful in the face of remote work, they aren’t what makes engagements meaningful. In order to have a clear-cut engagement strategy when interacting with physicians, data needs to come into play. Commercial teams need insightful data that helps them in targeting and segmenting physicians based on location, patient type, specialty, and affiliation. 

In addition, understanding what topics are most popular will help commercial and medical affairs teams refine their strategies. For instance, sample ordering and clinical trial results are some of the more common topics discussed during interactions in the face of COVID-19. Ultimately, thoughtfully planned interactions means using data to create targeted and segmented messaging to provide the most value to the physicians that your reps and MSLs engage with. 

Emphasizing Medical Affairs and MSL Collaboration

The pandemic has caused a shift in the priorities of HCPs, especially those who treat a high volume of patients. HCPs are typically most concerned about new possible treatments, treatment protocols, product supply, and safety and efficacy. However, COVID-19 has HCPs more concerned with how the virus can affect their patients’ existing treatments.

This prioritization shift of HCPs requires commercial teams to collaborate more with medical affairs. These functions must work hand-in-hand to provide the most value to HCPs by addressing their immediate concerns. This need typically was not as high in demand pre-pandemic, so advanced capabilities and digital tools are needed to help with these collaborative efforts.

Start with Digital

With physical barriers almost eliminating face-to-face contact, TikaMobile’s solutions step in to support your team. With TikaPharma, you can equip sales reps with the meaningful data they need about their customers in real-time so they have targeted messaging and relevant information for strengthening key relationships. More importantly, the Physician Targeting module promotes strong segmentation strategies while keeping conversations concise and meaningful with key prospects and customers.

Make the most out of your virtual engagements either via TikaConnect or our Automated Email capabilities. Use these tools to share important information through targeted messaging for more meaningful and engaging conversations. Maximize impact with TikaMobile.

Citations

https://www.firstwordpharma.com/node/1716504?tsid=17 

https://www.ifpma.org/resource-centre/pharma-industry-updates-advice-on-engaging-with-healthcare-professionals-as-countries-emerge-from-covid-19-lockdown/

http://www.pharmexec.com/how-covid-19-forcing-pharma-adopt-new-physician-interaction-models

Keep Your Data Close and Your KOLs Closer

Keep Your Data Close and Your KOLs Closer

Keeping my Data close but my KOLs closer Banner

It is no question that the COVID-19 pandemic has made in-person engagement much more difficult. As a result, organizations are struggling to maintain relationships with key stakeholders. For pharmaceutical and medical device organizations, medical affairs and sales teams are grounded, making strong targeting and engagement strategies even more imperative in order to gain a competitive advantage. 

More importantly, maintaining relationships with key opinion leaders (KOLs) is central to a life science organization’s success. In parallel, data capabilities are needed to profile and target the right KOLs who are closely aligned with your organizational goals. Finding ways to bypass physical barriers, like COVID- 19, with remote capabilities that enable valuable engagement will be what makes finding and maintaining the best KOLs to partner with, easy. 

Defining a KOL

A KOL is a clinical or scientific thought leader who is typically a physician or healthcare professional who is willing to speak on behalf of a company’s products compared to competitors’ offerings. Additionally, KOLs can also be speakers, government officials, and even philanthropists who can partner and provide industry expertise to your organization. They typically collaborate with MSLs and medical affairs teams at pharmaceutical and medical device companies. 

KOLs are helpful in guiding the product through the launch cycle by aiding and reviewing commercial messaging related to the product’s benefits and outcomes. Ultimately, a KOL is a key partner for life sciences looking for guidance on how to successfully progress products through the FDA, how to expand reach, and how to drive revenue in the marketplace. Targeting KOLs who will align with a company’s brand initiatives and commercial goals is key for product and overall organizational success. 

Prioritizing Stakeholders

While MSLs typically engage with KOLs, the role of the MSL is shifting causing a shift in the stakeholders that medical affairs engages with. For instance, new stakeholders might include HTA bodies, regulators, and patient groups. While these relationships are highly important, it is important that medical affairs keep KOLs top of mind during COVID-19. They are the subject matter experts (SMEs) on how certain products and drugs can and should be used if patients have the coronavirus.

Prioritizing KOLs and focusing on messaging is imperative in the face of the pandemic, but it’s important to maintain relationships with other stakeholders to uphold a certain level of trust and mutual respect regardless. Collaborating with and targeting this many stakeholders may get confusing and messy. Therefore, upskilled capabilities are needed for MSLs to manage and organize stakeholder data, segmented for maintaining valuable relationships especially with limited face-to-face communication. 

Driving Engagement

In a recent study by the MSL Society, about 50% of MSLs report that KOL access was reduced by 76% – 99% as a result of COVID-19. In response, MSLs should be capitalizing on digital capabilities to maintain relationships with stakeholders. Shifting to virtual relationships in the face of the pandemic may prove difficult but by creating more valuable and interesting messaging, progress becomes easier. Additionally, sharing valuable insights and clinical assets will make for more meaningful interactions with KOLs.

Using data to better understand what specific KOLs are interested in will make for more informative and collaborative relationships. CRM solutions with KOL profiling capabilities coupled with virtual conferencing capabilities will help boost valuable relationships and your organization’s mission of improving patient outcomes. Keep your data close and your KOLs closer with TikaMobile’s solutions.

TikaMSL enables MSLs to profile and target KOLs, capture and log interactions, and track Medical Inquiry Request Forms. The built-in KOL profiling module allows MSLs to identify KOLs, conduct profiling and research, and drive better targeting and prioritization. Full integration with CRM Plus allows for quick look-up of KOL details while conducting research as well as real-time updating of KOL details and easy sharing of information with authorized users within the organization. Integration with TikaConnect promotes virtual engagements with key stakeholders via video conferencing and e-detailing capabilities. 

For a strong medical affairs profiling and engagement strategy, contact us for more information or to request a demo to learn more about our industry-tailored solutions.

Citations

https://social.eyeforpharma.com/medical/building-medical-affairs-organisation-tomorrow 

https://learn.h1insights.com/blog/2019/5/16/a-rare-species-the-medical-device-kol

https://www.healthindustryhub.com.au/pharma-biotech-med-tech-medical/role-of-msls-in-a-covid-19-world-survey-results/

IDNs Influenced by the B2B Strategy

IDNs Influenced by the B2B Strategy

IDNs Influenced by the B2B Strategy

 

Integrated Delivery Networks (IDNs) are modifying their business strategies due to changes in the industry, such as healthcare reform and financial pressures. IDNs influenced by the B2B strategy are shifting their operating models and changing the way pharmaceutical and medical device companies interact with them. It is also important to acknowledge that as more IDNs are created and others continue to grow, each has its own set of motivators and values important to their leadership and key decision makers.

This poses an opportunity for national account managers (NAMs) to be more organized in their account planning by using data and analytics for the basis of their strategies. If NAMs capitalize on this opportunity, they can create stronger IDN targeting strategies for not only commercial teams but also marketing, contracting and pricing teams. Advanced digital capabilities with analytics at the forefront of NAMs will enable commercial teams to engage with key decision makers at IDNs for more valuable and efficient interactions.

Moving Away From B2C

Many IDNs are seeking to emulate corporate operating models, driving demand for B2B strategies rather than B2C. Therefore, sales strategies need to shift to mirror the changes occurring within these large organizations. Conversations and messaging will need to address higher level topics such as improving efficiency and effectiveness across the entire network for more simplified healthcare delivery.

With a focus on standardization, it’s important that suppliers and manufacturers keep top of mind the importance of patient outcomes and care quality. Commercial teams engaging with IDNs should use product-related data points to provide a level of credibility regarding the standardization of their products in an effort to reduce medical errors for these networks. Utilizing a B2B approach will therefore require a strong understanding of the organization’s product portfolio as well as it’s competitors’ value propositions.

The Unicity of IDNs

While a B2B approach is a strong starting point, NAMs and commercial teams need to also consider the unicity of IDNs. All IDNs are unique given that each organization within the network has a multitude of practices, specialities, and treatment areas they focus on. Therefore, each IDN requires its own targeted engagement strategy from the perspective of medical device and pharmaceutical companies. 

Analyzing medical claims data regarding patient procedures and diagnoses will help commercial teams narrow down which IDNs are a suitable target for their therapies. Additionally, it is important to analyze each IDN carefully to gauge what they value depending on the healthcare network data and insights at hand. These analyses will drive more successful targeting strategies to enable meaningful engagements with IDNs that will land your commercial team closer to a contract.

Relationships with the Top

Who should these engagement strategies be targeting? With the focus on B2B selling strategies and the standardization of healthcare delivery, engagement strategies should be targeting the key decision makers within IDNs. The shift from individually targeting physicians to administrators with institutional objectives can be difficult and require NAMs and their commercial teams to conduct in depth analyses regarding each IDN and its respective leadership team.

When engaging with these customers whether they be purchasing executives, a pharmacy committee head, or GPO, it is important that reps better understand the unmet needs of the targeted IDN. From there, reps can position their organization’s products to address those unmet needs while providing maximum value at the best cost. Reps need to be equipped to discuss topics such as market share gain and ROI with these decision makers.

Equipping your Team for IDN Targeting

TikaNAM enables commercial teams to profile and target specific IDNs in one platform using constantly updated analytics. This solution helps managers optimize team efficiency by providing them with access to individual IDN and GPO performance by hospitals, units, and revenue. National account managers are able to segment IDNs, create strategic plans, generate proposals, analyze how each product group is doing and track the performance of the IDN itself across geographies.

Creating customized engagement strategies for each IDN and focusing more on a B2B strategy, will help your organization align more closely with the needs of the healthcare network. With the right solutions for your commercial team, TikaMobile enables more contracts with lasting success and profitability.

Citations

https://www.zs.com/insights/what-do-idns-care-about-we-have-the-data 

https://pharmaceuticalcommerce.com/brand-marketing-communications/the-truth-behind-idns-is-it-who-you-know-or-what-you-know/

https://www.thepharmaletter.com/article/three-insights-that-will-change-how-you-approach-integrated-delivery-networks

Data Change Management Initiatives for Diverse Healthcare Networks

Data Change Management (DCM) Initiatives for

Diverse Healthcare Networks

Across the life sciences industry, there is a call to break down the silos associated with frequent acquisitions and divestments. Companies are growing faster than they can consolidate their technologies and information, requiring more cohesive digital strategies. With the rise of digital and the number of customer accounts that need to be managed, data change management procedures are necessary to ensure stronger, more organized digital collaboration.

Emphasis should be placed on the importance of maintaining a diverse healthcare network, especially in the face of frequent organizational restructure. Digital tools that have all information in one place will mitigate confusion and will be easy to distribute throughout the company. Overall, enabling data change management for your life science organization will provide lasting value and cross-functional efficiencies

Reducing Redundant Information

While life sciences organizations have data change management processes in place, many still follow antiquated models that are more inefficient than organizational leadership might believe. These models typically rely on spreadsheets for managing and updating important customer information. Commercial and medical affairs teams in pharmaceutical and medical device companies need to maintain strong relationships with KOLs, physicians, and government bodies and cannot do this without cohesive customer information. 

There is a need to shift away from managing customers in offline spreadsheets and have them all in one centralized location for a more structured and consistent approach. Embracing the shift to digital, collaborative tools will reduce the redundancies associated with customer data that does not have single location for viewing and managing. This is important for maintaining more accurate customer records that, in turn, will result in more quality interactions with physicians and key stakeholders. Overall, reducing redundancies will promote diversity within the organization’s healthcare network.

Clean Customer Data, Means Compliance

Once senior management embraces digital, they will understand that streamlining change control processes will promote compliance throughout their organization. Customer data that is clean and has an audit trail of updates and reviews will promote efficient and effective compliance in data change management procedures. 

Digitizing change management processes also helps validate new customers being on-boarded against validated physician ID databases that determine the legitimacy of physicians. Ultimately, this will help commercial and medical affairs team members remain compliant during engagements because they will be positive they communicated with the correct customer.

Behavioral Change for Change Management

Data change management cannot happen overnight. As many life sciences organizations are still using outdated methods of managing important customer-related information, digital tools will need to be methodically introduced and implemented across the organizations. Data change management is a continuous behavior change process that will need to permeate throughout the entire commercial and medical affairs organization within your life sciences company.

Data Change Management with TikaMobile

User-friendly digital tools that help make this change easier for your organization will provide lasting value in the long-run once they become a part of your daily business activities. TikaMobile’s Data Change Management (DCM) module helps reps manage accounts, physicians, health systems and affiliations, to quickly update, edit, and approve records with a configurable workflow.

This module allows an organization to manage its customer information under a regulated workflow with designated approval and review processes to dictate what customer information can be updated and accepted as the master record. The information is regulated and considered valid based on these checks and balances. One leading pharmaceutical company saw improved response times for their 3,500 sales reps when updating and managing physician and key stakeholder profiles using TikaPharma

Citations

http://jprsolutions.info/newfiles/journal-file-56bbeb0b952538.84233778.pdf 

Visibility into Contracts Management for Driving Revenue

Life Sciences & Contracts Management: Visibility, Time Savings, & Driving Revenue

Value-based contracts (VBCs) are increasing in popularity throughout field, market access, and contracts teams across the life sciences industry. It’s important that relevant data is used to create these types of contracts so that the output is most advantageous to the customer, as well as the patient. Not only is visibility into contract management beneficial to the customer but it also has dual benefits for both commercial and contracts and pricing teams in medical device and pharmaceutical companies.

Having heightened contracts visibility helps drive stronger decision making, which allows organizations to better gauge potential profitability of contracts with IDNs, insurers, and benefits managers. From initial requests to contract creation and execution, the entire network of communication would benefit from a stronger digital infrastructure. With the right digital tools in place, commercial and contracts teams can collaborate more efficiently to save time, re-prioritize efforts in other areas, and ultimately create better access to care for patients.

Drawbacks of inefficient contract management

In order to expand the use of VBCs, the points of inefficiency in contract management need to be understood and addressed first. For example, lack of contract performance metrics in one collaborative location makes it difficult for commercial and contracts teams to analyze and create pricing strategies. This leads to insufficient collaboration between the two teams and leaves room for error and miscommunicated information throughout the organization.

Lack of effective decision making regarding the value and potential revenue that could come out of specific contracts is another major drawback of inefficiently managing contracts. This drawback is a direct result of not having the digital infrastructure, the data capabilities, or the transparency needed to optimize market access and collaboration within life sciences organizations.

Driving profitability

Increasing efficiencies throughout the entire contract management process, will drive profitability for your life sciences organization. With the right tools and performance analytics history, your team will understand what contracting strategies work best for ultimate impact and profitability. Having pull-through recommendations will help your commercial and contracts teams in driving more VBCs with IDNs as well as insurers and other external partners.

Digital collaboration tools are needed to bridge communication gaps and reduce confusion. Analytics at the forefront of both contracts and pricing and commercial teams will increase visibility, ultimately helping senior leaders control costs and improve patient outcomes. 

Dual-benefits from digital

Embracing digital tools for smarter and more streamlined contracts management and improving your technological infrastructure can have dual-benefits for your commercial and contracts and pricing teams. One global medical device and equipment manufacturing company saw the following benefits for their teams:

  • Contracts/Pricing Team
    • Obtained high net positive time/productivity gains
    • Reduction in NAM daily requests, allowing for an overall increase in saved costs
    • Time savings were utilized to do Level 5 Analytics on strategic contract pricing analysis and analytics
  • Commercial Teams
    • Reduction in daily NAM Requests to pricing team
    • Greater visibility to make better contracting decisions and Pull through with Field

Collaborative digital tools ease the pain points associated with managing contracts among internal contracts, field teams, and customers. TikaMobile’s Contract Management Module allows for seamless collaboration on contracting decisions in real-time between commercial and contract teams that will save time and help both teams become more self-sufficient.

Citations

https://www2.deloitte.com/us/en/insights/industry/life-sciences/pharmaceutical-pricing-market-access.html