Irrespective of industry every executive, is pressured to produce maximum out from business initiatives. Sales and Marketing professionals in the life sciences industry are the most burdened with their effort in this regard. Patent expirations, pricing pressures, new product streamlining challenges and increasing competition, all these analyze traditional approaches to business operations. Few industries spend more to introduce a product to market. For a typical, large life sciences company it would be around 15 to 20 percent of revenues. Numerous new product streamline approaches never gain regulatory approval after incurring R&D expense. Added to these, the health care industry are targeted to improve public health at a lower cost. This puts significant pricing pressure on many approaches and affects the profit margins of research-based life sciences companies.
Industry news announce sales force decrease, restructuring and a constant barrage of new regulations limiting sales and marketing practices. The industry’s commercial business model is in the midst of the most dramatic transition in its history. Large sales force supplemented with extensive mass marketing known as the “spend for growth” model is now being evolving into a business model with a clear focus on measurable ROI for all sales and marketing investment. This requires clear knowledge to understand, predict and optimize sales and marketing investment.
Pharmaceutical sales and marketing strategies many times fall short of their full potential because they rely on instinct or intuition rather than fact-based decision making.
We approach the problem by providing solutions to you.
iCAST Symphony Business Analytics for Life Sciences-In Sales and Marketing
Sales and Marketing executives achieve significant advantage using Business Analytics. The advantages can be found by-
- Increasing demand generation
- Increasing sales revenue
- Tracking marketing effectiveness
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