Put incentives back into compensation: The return of traditional incentive plans

A year ago, we shared how life sciences companies should adjust traditional incentive compensation plans to account for pandemic-driven changes in life sciences commercialization. Now that we’re a little over a year into the COVID-19...
Over a year into the COVID-19 pandemic, many life sciences sales teams continue to struggle to visit physicians in person. The “new normal” ushered in by the pandemic forced sales reps to get comfortable with...
Sales forecasts often prove the old adage, “Garbage In, Garbage Out.” Fortunately, the amount of helpful patient-level data – combined with recent developments in analytics software and marketing research – gives every company the tools...
Many life sciences sales reps remain effectively grounded and unable to make in-person visits to health care professionals. As a result, companies have shifted to non-personal promotion and virtual meetings with physicians. Though these tactics...
Data is the new gold for life sciences companies today. It is the most valued currency. It is the fuel that powers the best forecasts. It is the ultimate hedge against the inevitable vagaries of...
How much does the most successful coach in NFL history rely on analytics when he makes in-game decisions? “Less than zero,” he says. We’re deep in the Moneyball era. Advanced analysis of large data sets informs...
Companies from all types of industries – from insurance to life sciences to transportation – rely on data to inform their commercial operations. But where do they store, manage and manipulate this data? Many still...
The influx of data in the pharmaceutical industry presents numerous challenges to emerging companies, according to Beghou Consulting’s 2019 Emerging Pharma Pulse Report. We asked over 100 pharmaceutical companies—two-thirds of which had annual sales of...
Thanks to the robust technology housed within mobile devices today, pharma sales forces can access ever-increasing amounts of customer data and information on the go. This accessibility enables sales reps to tap real-time insights and...
Data management processes for life sciences companies are consistently in flux. This era of change presents great opportunities but also significant potential pitfalls. Life sciences companies need not only whip-smart data scientists, but also the right...
The quantity of data, the number and diversity of data sources – as well as the complexity of data in the life sciences industry – is increasing at a mind-numbing pace....
Emerging pharma companies must work hard to fine-tune their incentive compensation plans today. But they also must keep a close eye on how changing industry dynamics will impact sales rep motivation and force changes in...
As we continue to explore the importance to be bold enough to trust the counterintuitive advice that data can provide, life science companies should deploy advanced analytics techniques to generate actionable predictions. We recommend deploying a...
Earlier this season, the Tennessee Titans faced a fourth down and two in overtime at the Philadelphia Eagles’ 32-yard-line. If Titans coach Mike Vrabel followed conventional wisdom, he would have sent kicker Ryan Succop out...