At a Glance
- The face of the pharmaceutical industry is rapidly changing from R&D to directly interacting with their customers.
- With changing demand and expectations, technology will be more important than ever to establishing a fortified system that brings together businesses and their customers.
- The conventional chain of interaction between the pharmaceutical sector and its customers involving healthcare professionals is set to undergo a change to help the pharmaceutical industry better understand and manage customer expectations.
For years the pharmaceutical sector has operated in silos, in terms of understanding and managing their customer base. While there has been considerable change in the technology used for research and development, when it comes to customer experience and engagement in the pharmaceutical industry, there is still a long way to go. There is a growing need for the merging of customer management, meeting demands for particular drugs etc. using complete solutions like Microsoft’s Dynamics 365 line of products.
It’s become obvious that technology will play a critical role at the forefront of customer engagement, sales and marketing departments. In this article, we explore how adopting cutting-edge tools and software pertaining to customer relationship management (CRM) can benefit organizations.
1.Going OnlineDue to governments’ various measures across the globe to contain an outbreak of coronavirus, there was a sudden and steep decline in financial outcome in the first quarter of 2020. The market slowdown led to investors abandoning, slower credit timescales by banks (leading to delay in funding), lack of sufficient security packages, covenant limits, etc. The financial impact has caused significant distress for the chemical industry, and top-level executives rethink their finance allocation policies to ride through these distressing times.
2.Leverage Technology for Stakeholder ManagementIn a connected world, it is essential for pharmaceutical companies to understand and cater to the needs of different stakeholders in order to ramp up sales and reach their target customers more effectively, including generic drug manufacturers, biotech firms, physicians, chemists and more. Technology plays a crucial role in this scenario by providing tools like the aforementioned Microsoft Dynamics 365 products that enable sales teams to connect with different stakeholders through a centralized system.
Figure 1:Customer Engagement in the Pharma Sector Through Technology
3.Redefine Customer Engagement Strategy with a Sales-driven ApproachFor years, the pharmaceutical sector has by and large been driven through its approach towards research. While the competition for customer satisfaction in the pharmaceutical industry, retention and expansion has always existed, the pharma companies have not been known for aggressive sales-driven strategies. With the gap between the customer and pharma sector decreasing over time, the sales executives need to overhaul their strategies to directly engage with their customers and turn things around. Companies will be able to mitigate the costs involved in a conventional hierarchical setup for many of their products, and customers will have direct and easy access to drugs or other healthcare products that don’t require a physician’s supervision. A sales-driven approach can also boost the revenue of the pharmaceutical companies and keep them in coherence with the demands and expectations of their customer-base.
All said and done companies need to make better use of technology available to their sales and marketing departments in order to create an enhanced pharmaceutical customer experience in the pharmaceutical industry. Today, the pharma companies that show agility and precision in adapting these new technologies, tools and software will lead the way in pharma customer engagement and retention.
- Pharmaceutical companies need to embrace technology for a better understanding of customer expectations.
- There is immense competition across the globe for customer acquisition and retention, achievable only by adopting a modern, sales-driven strategy.
- Use of transformative tools and processes is the best way to manage all stakeholders efficiently.
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XcelPros is a Chicago-based company and delivers 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.
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