Vol. 7, Issue No. 7: SEPTEMBER 2008 – EXECUTIVE SUMMARY PhRMA’s New Code on Interactions with Healthcare Professionals Survey Results and Discussion of Issues
On July 10, 2008, the Pharmaceutical Research and Manufacturers of America (PhRMA) Board of Directors adopted measures to enhance the PhRMA Code on Interactions with Healthcare Professionals. This Code, which may have a profound effect on how pharma-ceutical companies interact with physicians, became effective on January 1, 2009.
To better understand the impact of this code on the pharmaceutical industry, Pharma Marketing News surveyed readers between July 10, 2008 and August 7, 2008, and collected comments from pharma-focused blogs and bulletin boards. This article is a summary of the PMN survey results and opinions of experts, bloggers, and anonymous commentators.
Topics and issues covered include:
- Survey Results
- Who Benefits from the New Code?
- Massachusetts Health Care Cost and Quality Act
- Free Gifts to Physicians
- What Sales Reps Have to Say
- Compliance is the Elephant in the Room
- PhRMA vs. ABPI: How Do the Codes Compare?
- Does the Code Address the Real Problem?
- Support for Continuing Medical Education
- Use of Prescription Data
- Formulary Committee Disclosure
Read this article now. It’s FREE…
Building Power Sales Messages The Core of Effective Selling
This article is the second in a series of articles focused on improving pharmaceutical sales call effectiveness. It is based on an interview and webinar featuring Ian McKinnon, Senior Vice President, TNS Healthcare, who spoke on building and developing “power messages,” which are messages that drive sales results.
This article will help you achieve the following goals:
- Build the Best Messages; i.e., create messages with the power to generate prescribing.
- Identify Competitive Messages that Hurt; i.e., identify which competitive messages are detrimental to your brand — and blunt their impact through counter detailing.
- Learn how you can adapt messaging in response to market changes, ensuring your brand’s continued growth.
- The New Sales Model
- Identify Your Competitor’s Weaknesses; i.e., find the Achilles’ heel in your competitor’s message — and act to gain a market advantage.
- Understand the Voice of the Competitor Before Entering a Market
Read this article now. It’s FREE…
Current Issues and Future Prospects for Sales Force Effectiveness Training to Adapt
There is no doubt that the face of pharmaceutical sales is going to change in the next five years. With more than one rep per physician, the industry has seen a 25% drop in call productivity over the past 5 years, down a whopping 23% in 2004 alone. Although difficult to give precise numbers, many authorities estimate that the total number of medical sales professionals will drop from a peak of 110,000 in recent years to about 70-80,000 in the next five years. Gone are the days of throwing large numbers of sales professionals at physicians trying to sell the newest product and achieve the needed new scripts and market share.
The industry will have to adapt its sales model to meet the new challenges ahead. This article offers insights on the new sales model and how to achieve it from pharma experts who presented at a recent eyeforpharma Sales Force Effectiveness Summit.
Topics include:
- Sales Force Reduction is in Progress
- Adapt to the New Reality
- Role of Technology and Sales Training
- The New Sales Model
- TNS Healthcare Survey of What Physicians Value
- Low Morale Leads to Low Productivity
- Need to Counteract Negative Public Opinion
- A New Value Proposition
- Sales Professional Still Best Way to Deliver Value
- Focus on the Right Success Metrics
Read this article now. It’s FREE…
India’s Booming Pharmaceutical Market Is it Part of Your BRIC Marketing Strategy?
India is emerging as a global powerhouse in the pharma business with a robust domestic industry. India has an estimated population of 1.16 billion, making it the second most populous country in the world. The healthcare market in India — which includes pharmaceuticals, healthcare, medical and diagnostic equipment, and surgical equipment and supplies — is estimated to be US$ 30 billion. Revenues from the healthcare sector account for 5.2 per cent of the GDP and it employs over 4 million people. Private spending accounts for almost 80 per cent of total healthcare expenditure. This article, written by a marketer with firsthand experience, provides an overview of the pharmaceutical markets and promotional practices in India.
Topics include:
- Medical Tourism
- Booming Indian Clinical Trial Business
- Allopathic/Biologicals Market
- Herbal/Ayurveda Market
- Indian Biotech
- Internet vs. Mobile Phone Channels
- Aggressive Marketing: Indian Gift Giving
- Health 2.0 In India
Read this article now. It’s FREE…
