Category: Insights

As large pharma companies face diminishing pipelines, they often look to acquire emerging pharma companies with promising therapies. While there are benefits to this approach, companies must answer five questions to ensure they maximize efficiencies and launch products successfully after an acquisition. Partner Jon Hesby and Manager Dennis Fournogerakis describe the keys to post-acquisition product launches in this cover story in PM360.

Pharma companies may be regulated to publicize drug prices in advertisements, but sharing only the drug’s list price can be misleading. Pharma companies should share context such as a drug’s typical out-of-pocket costs, efficacy, safety and dosing convenience to help patients make informed decisions. Partner Steve Trokenheim explains how pharma companies can educate physicians and patients on the full context of a drug’s value.

A fair incentive compensation plan is necessary to attract, reward and retain reps. By implementing machine learning and artificial intelligence into the plan design, commercial teams can help reps better target customers and improve the plan’s overall effectiveness. Partner Patrick Lezark shares how technology can improve incentive compensation plans and increase sales force effectiveness in Med Ad News.

There are numerous possibilities for pharma companies to implement artificial intelligence. Companies can deploy AI to automate targeting, analyze click-through rates of a digital marketing campaign, or determine the “next best step” for a sales rep. Manager Dennis Fournogerakis describes how pharma companies can optimize AI and produce actionable insights in Med Ad News.

An incentive compensation plan can significantly impact whether a product is a blockbuster or bust. Emerging pharma companies should equip the sales force to “own” their territories and add on-the-ground insights for analytics-driven targeting. Associate Partner Kevin Frymire writes in Pharmaceutical Commerce why companies should incorporate the sales force’s feedback into their incentive compensation plan design.

The technology behind predictive models and analytics has advanced dramatically over the past decade. It may be tempting for pharma companies to begin analytics instead of following an effective predictive analytics strategy. Associate Partner Emily Eller describes steps for pharma marketers to reach and engage their customers more effectively in PM360 magazine.

An effective, fair and motivating incentive compensation plan is key to a happy sales force and a successful product launch. Emerging pharma companies should tailor their incentive compensation plans to each product launch, implement a measurement strategy, and incorporate new data and technology into their plans.