Life sciences

CRM in Pharmaceutical Industry

How CRM Fosters Customer Engagement in the Pharmaceutical Industry

How CRM Fosters Customer Engagement in the Pharmaceutical Industry 1920 1080 Xcelpros Team

At a Glance

  • Pharmaceutical Companies are updating their software systems to improve customer retention, customer satisfaction and increase up-selling products.
  • By the end of 2018, the Customer Relationship Management (CRM) system became the most extensive and fastest-growing software market globally, estimated to churn out $80 billion revenue by 2025.
  • The primary reason for the staggering growth of the CRM software industry is the accessibility to customer data that help businesses close customer deals.
  • The pharmaceutical industry’s complexity makes CRM software a must for faster development to retain and expand its existing customer base.

Post COVID19, most sales and marketing teams have gone remote. The unforeseen circumstances of not having an in-person interaction with customers have driven businesses to invest in the latest and conversion-oriented CRM tools. Pharmaceutical Companies are rapidly onboarding systems for marketing, sales, and customer service. Companies now have newer sales objectives such as managing long-distance interactions, maintaining the same engagement with health care providers, pharmacies and even end patients. Tools need to be interactive, AI-based and understand customer behavior based on their interactions to meet the mentioned sales objectives. We have seen an increase in polls and surveys, more digital content like videos, podcasts, and more impetus on tracking each of these interactions’ results. There is a lot more crossover between sales and marketing now, with sales professionals taking over some marketing responsibilities. With the role shifting, there is no other way than moving to digital-AI-based CRM systems.

All these changes and life sciences companies rushing to bring out a COVID19 vaccine have intensified competition. But competition is just a small concern that pharmaceutical organizations face. Profitability becomes a key concern with rapidly changing stringent government regulations, time lag between testing, commercialization of the drug and stiff competition due to lower-priced products.

Recently Mark Cuban, an American billionaire entrepreneur and investor, announced that he is investing in a business that will manufacture low-cost generic drugs. Per Forbes, the low-cost generic pharmaceutical drug company’s business plan is to maintain supply chain transparency. They intend to achieve this by buying drugs from wholesalers, packaging them, adding only a 15% markup, selling to pharmacies, clinics and health systems.”

Driving drug costs down will become a trend moving forward to make prescription drugs more affordable for end-users. The Pharmaceutical market anticipates its growth to exceed $1.2 trillion by 2022. Due to this growth, companies invest in innovative and cutting-edge technologies to manage their most significant asset – customer insights.

According to a report by Seeking Alpha, the CRM market’s potential is estimated to be approximately $82 Billion by the year 2025, with an annual growth rate of about 12% per year. The report also suggested that if the same annual growth rate is maintained until 2034, the CRM market can grow to $228 billion. Your company is more successful in selling, maintaining customer relationships, and improve customer loyalty when users from different departments are trained on the right CRM tools.

The statistics prove that CRM helps meet the end-to-end customer acquisition demands, potential leads from the vast database of loyal customers, and keep customers satisfied with the products offered. Pharmaceutical firms gain a competitive edge through lead scoring, quote management, marketing automation integration. Most Pharmaceutical companies need to send samples to customers before actual orders are placed. They track how samples performed and what the viability is for sale to happen.

The solution to a slow-growth company is to increase its profits by keeping the existing customers happy and acquiring a more extensive customer base. CRM in the pharmaceutical industry offers to centralize functioning by providing a common platform for maintaining the existing customer base and developing new strategies to expand in the market. Maintaining customer relationships helps ensure that customers are happy and will not be poached by competitors.

Figure: 1 How much time do your sellers spend engaging with customers?

32%on average sellers only spend 32% of their time selling.

Source: CSO Insights

59% of sellers say they have too many sales tools.

Source: Accenture

18%Only 18% of salespeople are considered trusted advisor.

Source: HBR

Why Pharmaceutical Companies Need CRM?

  • Building better relationships with customers – The directly proportional relationship between drugs released and an increasing number of patients makes it essential for your pharmaceutical company to strategize relationship building with your existing customer base.
  • Finding and utilizing data – Effectively using CRM insights by capturing useful data about patients, doctors and drugs. Developing a centralized repository with customer interactions accessible to various departments ensures transparency and enhances customer experience in the pharmaceutical industry.
  • Improving marketing strategies – Smart marketing through collateral and digital media can help gain customer attention. CRM in such customer-centric industries derives valuable insights from centralized repositories containing relevant information (of all their open and closed activities) for pharmacies, doctors and other clients. This helps sales experts to expand their customer base and increase customer loyalty.
  • Tracking campaigns – An advanced CRM software helps in campaign management for pharma companies who advertise their products. The software also increases transparency in sales costs vs. the number of leads generated and converted.
  • Effective customer service – Solving queries raised by customers immediately, reducing delays and providing effective customer support services are must-haves to increase customer retention. Various AI-based customer service tools like assignment rules and alerts are instrumental in building a customer base.
  • Building on customer feedback – The feedback and suggestions gathered from the existing customer base help strategize better customer interaction in the future. This helps in making more refined, enhanced products and services thus, expanding the business areas. Implementing a tool to track feedback helps ensure that departments know to manage unhappy customers, and help with customer pain points.

According to a report by Capterra, 80% of the CRM users reported that their sales teams are the ones who have access to these systems, helping them acquire better quality leads and potential customers. The marketing and customer service departments come after the sales department to access the CRM software used for pipeline reporting and ROI tracking, edging at approximately 45%.

Why building effective customer relationship management in pharmaceutical industry is essential?

  • Salesforce predicts that 51% of sales pros give building and maintaining customer relationships more importance.
  • Building functional customer relationships is the paramount need for companies to increase their customer retention metrics and expand their customer bases.
  • Research conducted by Zesty showed that only 5% increase in customer retention results in up to 25-90% increase in profits for firms.
  • Building an effective customer relationship is essential for pharmaceutical companies as maintaining functional relationships with customers boosts the company’s revenue and helps acquire large customer bases by increasing customer satisfaction in the pharma industry.

How Microsoft Dynamics 365 CRM serves your pharmaceutical company?

Dynamics 365 CRM helps improve the connection between you and your customer instantly by managing your customer engagement from Discovery to closure. It offers you the full range of functionality you need for a high-performance, motivated sales department.

Dynamics 365 CRM for pharmaceutical integrates into your ERP and BI systems to leverage your customer data’s full potential. It is used as your central information platform from leads management functions to smart customer analytics, and with AI helps you make the right moves to close deals. Move ahead of your competition with advanced sales force automation. Dynamics 365 Sales is a state-of-the-art CRM solution that integrates with your everyday tools like Microsoft Office applications to increase seller productivity, fully grasp your customer needs, and increase sales.

Figure: 2What can your company do to get ahead?

Make Smarter Decisions

How do sellers know which opportunities to pursue and how to personalize conversations?

Leverage data-driven insights and AI to guide sellers with next-best point for personalized engagement.

Free up time selling

How much time do your sellers spend on administrative tasks?

Reduce busywork by automating manual tasks and enable sellers to complete actions right from Outlook to be more productive.

Get up and running fast

How many tools does your sales team use to get work done?

Empower your sellers and help your IT staff focus on other priorities with a connected sales platform that is easy to set up, configure, and maintain.

D365 provides you the following add-ons for project-specific extensions-

  • Business intelligence with Microsoft Power BI for business development
  • Campaign management
  • Customer segmentation
  • Enterprise Resource Planning (ERP) integration
  • Project and Resource management
  • Terms and conditions data price/lists

Key Takeaways

  • You must stay at par with the growing market structures to thrive, mostly post COVID19 and adopt the new technologies as they emerge.
  • The benefits of CRM, especially with AI, has transitioned from just customer acquisition to maintenance of good customer relations and many more.
  • With all the capabilities to make your sales and marketing teams successful, the right CRM application is a key growth-enabler for your company.

Get the right tools for customer engagement and customer relationship management

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About XcelPros

XcelPros is a Chicago-based company delivering transformation through technology. We offer business and technology solutions with deep industry experience in Chemical, Pharma, Life Sciences (including Medical Devices, Bio-Medical & Biotech), Insurance, Discrete Manufacturing, Process Manufacturing, Distribution and Food & Beverage.

XcelPros is a Microsoft Gold Partner, Direct Cloud Solutions Provider (CSP) and a Systems Integrator (SI) offering software licensing, implementation and consulting services for Microsoft Dynamics 365, CRM, Microsoft Dynamics AX, Business Intelligence & Analytics (Power BI), SharePoint, Office 365 and Azure (Cloud, IOT, Microsoft Flow amongst many others).

Our mission is to provide integrated technology solutions that amplify impact and empower our customer’s businesses. We believe technology is the key enabler of exponential growth for us and our customers.

Contact XcelPros today to transform your business.

Call us toll-free – 1.855.411.0585 (or) visit www.xcelpros.com

Current biotechnology issues

Top Concerns of Biotechnology Industry Current Issues

Top Concerns of Biotechnology Industry Current Issues 1920 1080 Xcelpros Team

At a Glance

  • The world has turned its hopes towards biotech companies to reduce the spread and impact of the Covid-19 pandemic.
  • The biotech industry is working continuously towards fortifying healthcare systems, enabling serosurveillance to gauge the spread of disease in a community and to aid in the development of a vaccine.
  • With governments across the globe funding research and production costs to enable biotech companies to win this battle against time, there are various operational, technological, and workforce concerns that these companies face that need to be addressed with strategic maneuvering from the apex.

Introduction

The Biotech and Life Sciences industry is one of the most sought after sectors this year in conjunction with the pharmaceutical industry as a solution to the current Covid-19 pandemic. Health experts across the globe have agreed that highly effective treatments, including the development of a vaccine, would be needed to reduce and eventually stop the spread of novel coronavirus, allowing cultures around the world to get back to normal activity. While some countries have fared better than others in handling the Covid-19 health crisis, there are still looming fears of new waves. Current Biotechnology issues are expected to normalize with an effective antidote or vaccine.

While the biotech industry sprung into action to begin developing a solution almost immediately, there’s still a long way to go. Challenges faced by biotechnology have been as real as the crisis itself. While the biotech and life sciences industry has a primary role in addressing pandemics like that of COVID-19, it’s not immune to economic downturns, supply chain disruptions, workforce shortage, or any other challenges.

Below are some of the pain points that the Biotech and Life Sciences industry are facing:

01.Roadblocks and Hurdles

All over the world, various biopharma companies, both privately and through government-funded efforts, are performing clinical trials for different potential vaccines and drugs. In 63 days after the genome sequence of the novel coronavirus was shared with the world, USA’s Moderna Biotech Inc. had developed its mRNA candidate to battle the pandemic. Being able to move at a pace never seen before requires immense talent, robust AI-enabled software setup to perform bioinformatics processes, and exceptional R&D infrastructure.

The journey from vaccine development to approval and administration on a global scale is wrought with numerous additional steps and hurdles, requiring mobilization of assets and task forces, recruitment of volunteers, conducting clinical trials, collation, and analysis of humongous amounts of data, smoothly operating supply chains, enormous monetary investments, and a well-equipped production and distribution infrastructure.

02.Collateral Delays

The spread of the coronavirus pandemic brought most of the world to a screeching halt, with many businesses having been forced to close. A result of this is disruptions to major clinical trials and research work on drugs and vaccines for other life-threatening diseases like cancer, HIV, autoimmune diseases, etc. These are collateral delays, and the biotech industry is now challenged with not ignoring existing health issues while still focusing on developing a solution for the ongoing pandemic.

03.Global Distribution

Health experts and top executives at significant biotech companies agree that even if we succeed in making an effective vaccine for Covid-19, there would be a need for immense strategic and operational changes in the current global and local supply chains to ensure that it’s produced and distributed to everyone around the world. With disruptions to most supply chains, only adding to challenges faced by the Biotechnology industry, it will be interesting to see how these organizations address these issues.

Figure 1Covid-19 Vaccine Development in Phases: The Role of Biotech and Pharma

04.ROI

A global health crisis of this scale requires a humanitarian approach to ensuring treatment is available to all. This is why most pharmaceutical and biotech companies have agreed that the first or even second batches of any drugs or vaccines they produce(should they prove to be valid) will be distributed at non-profitable rates. We shouldn’t, however, neglect the current biotechnology issues who are investing millions of dollars in rising to the occasion. These organizations will need a blueprint for steady business growth and monetary returns in the post-COVID era.

05.Remote Solutions

Now more than ever, biotech companies need highly skilled and experienced scientists, health experts, and paramedical personnel who can make this journey towards vaccine development smooth. With most businesses still not fully operational to support new workplace requirements, more remote access solutions will have to be developed and embraced to keep operations moving forward.

Role of Microsoft Dynamics 365 Supply Chain in Biotech Companies

We have spoken about some ongoing challenges faced by the biotechnology industry in the war against Covid-19. It is important to note that current biotechnology issues are handled with strategic realignment and robust Enterprise Resource Planning tools. An ERP system such as Microsoft Dynamics 365 Supply Chain enables biotech companies of all sizes to optimize their supply chains, mitigate costs on manual labor, avoid redundant efforts, automate billing cycles, and other enterprise-level processes.

Key Takeaways

These are challenging times for organizations in the Biotech and Life Sciences industry. They now, more than any other sector, continue to work at unprecedented speeds to help the world end this global crisis. Billions of lives are at stake, waiting anxiously for a solution to the ongoing pandemic. There are many challenges that the biotech sector needs to address from disrupted supply chains to the need for multi-layered coordination for clinical trials. With strategic intervention by strong leadership and the use of modern robust tools, these challenges and more, can all be overcome.

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About XcelPros

XcelPros is a Chicago-based company delivering transformation through technology. We offer business and technology solutions with deep industry experience in Chemical, Pharma, Life Sciences (including Medical Devices, Bio-Medical & Biotech), Insurance, Discrete Manufacturing, Process Manufacturing, Distribution and Food & Beverage.

XcelPros is a Microsoft Gold Partner, Direct Cloud Solutions Provider (CSP) and a Systems Integrator (SI) offering software licensing, implementation and consulting services for Microsoft Dynamics 365, CRM, Microsoft Dynamics AX, Business Intelligence & Analytics (Power BI), SharePoint, Office 365 and Azure (Cloud, IOT, Microsoft Flow amongst many others).

Our mission is to provide integrated technology solutions that amplify impact and empower our customer’s businesses. We believe technology is the key enabler of exponential growth for us and our customers.

Contact XcelPros today to transform your business.

Call us toll-free – 1.855.411.0585 (or) visit www.xcelpros.com

CRO Strategic Partnerships

How life sciences cros are changing to strategic partners: the covid-19 effect

How life sciences cros are changing to strategic partners: the covid-19 effect 1500 1000 Xcelpros Team

At a Glance

  • The biotechnology and life sciences industry is at a cusp of major changes due to COVID-19. There is a lot of fluidity built up due to the pandemic and a huge dependency on government rules, FDA regulations, intricate drug production, and overall research and development at this time.
  • These firms are looking for CROs who can take the role of strategic partners that can manage their life sciences research & development. The preference of CROs has already shifted from traditional to technologically adaption that can handle the rapid pace needed due to the existing COVID-19 emergency.
  • The call for innovation and increased collaboration amongst the CROs have led to the onset of a new, evolved era of project management that is more comprehensive improving customer engagement and experience.

The Role of a Contract Research Organization

Project management is considered to be the backbone of any Contract Research Organization be it for biopharmaceutical development, commercialization, preclinical research, clinical research, clinical trial management, or pharmacovigilance. Pharmaceutical/ life sciences companies outsource R&D works to CROs for better time management, test data maintenance, and focus on concrete results and help address the current pandemic.

While the role of CROs was not very well defined in the early 2000s, there has been a gradual evolution of CROs moving from being mere project management vendors to strategic partners for life science organizations. Contract work in various steps of the life cycle from R&D to commercialization and sponsored clinical trials have become a necessity for the research and development wings of any biotechnology or pharmaceutical company.

Active engagement with CROs has proven to help in accelerating the process while managing the details efficiently and now these Contract Research Organizations need to be prepared to streamline their project work without a process breakdown.

CROs have evolved from a target-based model to become more a strategic partner to life sciences and biotechnology companies.

For any pharmaceutical company, conducting sponsored trials to drive their products safely and quickly to the market is an important aspect of overall project success. Earlier, these projects were outsourced to CROs with a limited scope of time and budget management. However, now the CROs are expected to manage risks, apply newer tools and techniques to maintain transparency throughout the clinical trials and related processes. The Rapidly expanding industry is posing a demand on CROs to keep up with market conditions.

The global market for clinical trial services to biopharmaceutical, biotechnology, and medical device companies is forecast to grow at 12%
year on year up to 2021. Contract Research Organizations Global Market Report

This stat is quickly becoming obsolete due to the current state of affairs and the need for contract research and development services have already grown tremendously to aid the life sciences companies in their quest to find a vaccine for the pandemic.

FIGURE 1 Steps for Right Partner Selection

The growth and general technological disruptions in project management have led to a progressive change in the roles that CROs play while managing the sponsored clinical trials.

What are some of the major areas reflecting this rapid and definite evolution?

  • End-to-End Strategic Partnership: CROs are no longer just outsourced vendors for life sciences companies to carry out Pharma research, or conduct clinical trials in a stipulated amount of time. As the intricacies of the current world have already changed every aspect of project management, CROs are now expected to take complete ownership in the strategic moves of a Pharma company and transform into a strategic partner to make their clients successful. End-to-end coordination with pharmaceutical companies gives Contract Research Organizations enough time and stability to focus on core research. This aids towards capturing the right kind of clinical data to help move the drug forward to commercial markets.
  • Bringing Innovation to the Table: CRO project management is not just about completing given tasks while sticking to some fictitious timelines. The needed collaboration between CROs and their life sciences customers has increased, giving rise to a need for better project management methodologies. These Organizations now handle the ‘cradle to grave’ process of the contract research work. Pharmaceutical companies expect innovative, out-of-the-box solutions to manage risks, cut down costs, and push the boundaries of paramedical science while complying with the government’s rules and regulations. CRO project management has changed from being reactive (problem-solving) to becoming proactive (anticipating the problems and providing feasible solutions for them well in advance).

FIGURE 2 Key Parameters CROs are Assessed on

  • Being Technologically Ahead: Companies can start with 3 main technology initiatives – transitioning to cloud, strong workflows to moving processes/procedures forward, and to use online collaboration tools embedded with the overall infrastructure.

All of these above points are leading to a cumulative phenomenon of faster results, lesser errors, better team management, and overall improved communication between the client and the CRO for the entire project life cycle.

Customer Experience and Engagement

A crucial part of Project Management is to actively engage clients on various projects that require constant collaboration. Customer experience and engagement were given less importance in the past and can no longer be ignored. In order to make the strategic partnership a tactical success for both parties engaged in the contract, proper customer experience and engagement has become a crucial step in the life cycle of the project. If we were to take a 2 pronged approach on how customer experience can be handled, one is through the processes and procedures laid out in the engagement, and the other is through the slew of technologies and tools that can be used to make it a seamless experience.

Connect your processes, customer data, and tools with Dynamics 365 and the Microsoft Cloud

Customer Experience (CX) and Customer Engagement (CE) can be made better for a CRO

01.Process and Procedures

Making some minor tweaks in existing processes and procedures is needed to enhance the customer experience and engagement during a project lifecycle. Below are some of the areas to consider for better CX and CE:

  • Improving team management
  • Quick onboard of experts for clinical trials
  • Effective cost management due to tightened budgets
  • Proactive management of risks in the clinical trial process
  • Mitigation strategies of probable risks
  • Project monitoring and reporting with detailed analytics to better understand research data
  • Effective resource planning to optimize resources for multiple projects.
  • Simplify milestone-based billing
  • Improve deviation-tracking methods to remove unknowns that are notified earlier rather than later in the project lifecycle.

There is a need for a next-generation CX/ CE platform in life sciences organizations: a disruptive platform capable of replacing old generation CRM systems to accelerate development and drive demand. Microsoft Dynamics 365 is one such system that offers all tools and capabilities within one comprehensive ecosystem.

The seamless integration between Dynamics 365, robust cloud and AI offerings, and familiar tools such as Office 365 enables companies to rapidly develop a powerful, intelligent platform. It is a class-leading life science customer engagement platform that functions across mobile devices – which is a large market need.

02.Digital Advancement

This point was covered briefly in section 2 and taking it further, companies would absolutely require the below to enhance their customer experience and engagement:

  • Move from legacy systems to the cloud
  • Use advanced analytics for risk prediction and mitigation
  • Systematically manage their R&D database with digital applications
  • Improve collaboration with clients through collaboration tools
  • Reducing human intervention and semi-automate project management workflows
  • Customer self-service and supplier self-service portals to better manage the engagement from both the customer and a subcontractor’s end
  • In-line reporting through key project milestones to customer to build trust and visibility

03.The Inevitable Evolution

The evolution in the role of CRO to manage R&D through project management is leading to greater expectations by their life sciences clients. Pharmaceutical companies are looking for CROs that are not afraid to push boundaries and are adept at the latest tools and techniques. Since pharmaceutical firms are aiming for greater customer satisfaction, use of latest technologies, and overall better project management, they are engaging with CRO’s at an integral level.

This in turn is causing CROs to be more innovative and agile in their approach when it comes to project management. This interdependent relationship will not only be beneficial for clinical trials, but it will also improve the overall research and development process of a pharmaceutical company. A well-managed and organized workflow-based environment will be of great benefit to both the CRO and their life sciences customers who engage in a contract with them. Microsoft Dynamics 365 Finance and Supply Chain would make a good comprehensive system to aid a CRO to become better strategic partners to Pharma and Biotech companies.

Figure 3How to Create Successful Sourcing Partnerships?

Modernize Finance & Operations: Increase your speed of business with unified processes and predictive analytics

The speed of doing business is increasing. As companies seek to stay competitive, they must rely on technology to provide agility and the capabilities needed to excel. However, many organizations are still running on ERP systems that are complex, inflexible, and impede their ability to innovate and grow.

Microsoft Dynamics 365 F&O helps you to

  • Elevate your company’s financial performance and streamline its supply chain management
  • Innovate with connected operations in an extensible platform
  • Drive HR operational excellence through organizational agility and centralized data
  • Unify the processes listed above with predictive analytics and intelligence
  • Track and trace inventory management
  • End-to-end customer project management

Key Takeaways

  • Throughout the world, CROs are transforming from a time-bound project management role towards a more performance and results-oriented role in order to keep up with the current state of the market conditions.
  • As technology is evolving, so are the tools of project management. CROs are equipping themselves with these tools for better time management, budget management, and risk mitigation.
  • Technology that allows smoother onboarding of customers and suppliers to handle clinical trials will be a need of the hour. Pharmaceutical companies are looking for CROs who can be their end-to-end project execution partners while providing innovative solutions for seamless research and development or testing processes.
  • While time management and cost management will always be top priorities for CROs when it comes to any project, they will also need to develop adjacent digital competencies to offer more ROI for funds spent by pharmaceutical companies.

About XcelPros

XcelPros is a Chicago-based company delivering transformation through technology. We offer business and technology solutions with deep industry experience in Chemical, Pharma, Life Sciences (including Medical Devices, Bio-Medical & Biotech), Insurance, Discrete Manufacturing, Process Manufacturing, Distribution and Food & Beverage.

XcelPros is a Microsoft Gold Partner, Direct Cloud Solutions Provider (CSP) and a Systems Integrator (SI) offering software licensing, implementation and consulting services for Microsoft Dynamics 365, CRM, Microsoft Dynamics AX, Business Intelligence & Analytics (Power BI), SharePoint, Office 365 and Azure (Cloud, IOT, Microsoft Flow amongst many others).

Our mission is to provide integrated technology solutions that amplify impact and empower our customer’s businesses. We believe technology is the key enabler of exponential growth for us and our customers.

Contact XcelPros today to transform your business.

Call us toll-free – 1.855.411.0585 (or) visit www.xcelpros.com