Formulating an effective CRM strategy (Strategy Focus)

Publication Date	August 2007
Publisher	Datamonitor
Product Type	Report
Pages	15
ISBN Number	not applicable
Product Code	DAT07194

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Summary

Introduction

This report is a study of the strategy that the pharmaceutical industry needs to take to enable higher profit margins - and how technology vendors can enable this through the use of CRM.

Scope

Pharmaceutical companies need to increase drugs' profitability during its profit window
A reduced sales force needs to be more effective - and this can be achieved through the effective use of CRM
Sales and marketing should be coordinated - and CRM should be a part of this.

Highlights

As the pharmaceutical industry faces a number of pressures on their profit margins pharma companies need to ensure that they formulate a strong sales and marketing strategy. Vendors can help pharma companies achieve this by helping achieve the most from their CRM installations.

Reasons to Purchase

Understand the strategy that the pharma companies should be taking to achieve greater profit margins.
Learn how CRM can help pharma companies achieve their aims.
Understand how the unique characteristics of the pharma industry can be met through the effective use of CRM.

Content

Datamonitor View
Catalyst
Summary
Analysis
- Pharma Companies Need To Increase Drugs' Profitability During Their Profit Window
- Sales Need To Be More Effective In A Short Period Of Time
- Getting The Message Of The New Drug Across Is Essential
- A Genericized Trademark Is The 'Holy Grail' For Pharmaceutical Companies
- Viagra - A Success Story Of Branding
- Crm And Unified Communications Can Help To Make A Reduced Sales Force More Effective
- Unified Communications Will Help To Increase Sales
- An Effective Communication Strategy Is Based Around The Sharing Of Information
- Knowledge Of The Physician Is Crucial To Making The Most Of The Time Spent With Them
- Having A Flexible Sales Force Can Allow Market Changes To Be Cushioned And Demands Shifted
- Pharma Needs To Come Up With An Effective Long Term Sales Strategy And Be Less Conservative
- Crm Solutions Should Be Part Of Creating A Coordinated Marketing And Sales Approach
- Coordination Means Communication From All Departments
- At The Heart Of This Approach Must Be Sales And Marketing Working In Tandem
- Pharma Companies Need Crm Solutions That Manage Both The Patient And Physician
- Reaching The Patient Is Continuing To Increase In Importance
- Providing The Patient With Sufficient Advice And Information Is Crucial As They Become Key Influencers
- As Pharmacogenomics Becomes More Prevalent Pharma Companies Need An Appropriate Strategy
Actions
- Vendors Need To Provide Crm Solutions That Can Target Different Customers
- Coordinated Crm Solutions Are Essential To Provide Pharma With Increased Profit Margins
Appendix
- Definitions
- Methodology
- Further Reading
- Ask The Analyst
- Datamonitor Consulting
- Disclaimer
List Of Tables
- Table 1: How Likely Are The Following Factors To Affect Or Impact Your Prescribing Decisions?
List Of Figures
- Figure 1: Increasing The Profit From A Drug During Its Lifecycle
- Figure 2: Total Crm Spending From 2006-2012
- Figure 3: Market Size For Crm By Application From 2006-2012 In North America, Japan And Emea
- Figure 4: Diagram Illustrating Different Strategies Of Pharmaceutical Companies
- Figure 5: Marketing Automation Market Size From 2006-2012