The Dominance of Oncology in Pharma: What Account Managers Need to Know

Despite significant disruptions in healthcare as a whole, oncology remains the dominant field in pharma, accounting for approximately $200 billion in healthcare spending at present. New reports suggest that this amount may rise to $273 billion by 2025. 

As oncology’s dominance continues in the pharmacological market, it will have several important implications for healthcare account management in the coming years. Account managers may be able to capitalize on this concentration of spending by acquiring in-depth knowledge of the oncology market and the factors which drive it. 

Oncology in Pharma: Projections for 2025 

According to a recent report from the IQVIA Institute for Human Data Science, here are some projections for the near future related to oncologic drugs and spending:  

• By 2025, oncology’s share of pharma spending is expected to experience a compound annual growth rate between 9 and 12%.  

• Over 100 new oncology drugs are projected to make it to market in this time frame. 

• Many of these new drugs are expected to be biomarker-driven therapies. These types of drugs produce excellent results, but are only useful for select groups of patients. 

Implications for Account Management 

With such rapid development occurring in the world of oncology treatments, pharma account managers who do not make a concerted effort to catch up with the trends, risk being left behind. AMs must be able to apply their knowledge of market trends & market dynamics in order to proactively bring solutions to their customers and facilitate internal decision-making. This level of service cannot be delivered without intimate knowledge of both the product market and its drivers.  

In-depth knowledge of current oncology research and drug development can help account managers identify the types of therapies that their clients are most likely to be interested in and benefit from. Customer-focused sales models like this not only provide ample opportunities for upselling and revenue growth, but also foster better relationships between account managers and the organizations they serve. 

Serving Oncology Customers Better with The Brooks Group 

Healthcare consulting companies like The Brooks Group can help account managers bridge the gaps in their knowledge of oncology pharmaceuticals. Our incisive healthcare market research reveals the pain points of key decision-makers in hospital systems, physician groups, and healthcare provider networks. Armed with this information, pharmaceutical AMs can upgrade the services they offer to customers with oncology-related needs. In doing so, they bring innovative solutions to patients in need while also capturing revenue for the drug manufacturers they represent.  

The Brooks Group recognizes the unique importance of incorporating oncology pharma knowledge in account management training workshops, for effective account management in 2021 and beyond. Our upcoming workshop covers topics such as oncology market trends and drivers, how customers are responding to these market drivers, and how to engage those customers with a value proposition that meets their needs. Enroll today and take the first steps toward becoming a better account manager for customers in this critical high-value sector. 

Review our calendar of events for other healthcare executive training programs here.

This blog was originally posted on https://thebrooksgrouponline.com/2021/09/the-dominance-of-oncology-in-pharma-what-account-managers-need-to-know/

Refresher Training Enhances Retention by 35%. Do you need one?

 

Workers in the healthcare and pharmaceutical industry are required to possess extensive specialized knowledge, and compliance is paramount in every role. Healthcare executives and account managers are expected to cultivate a deep understanding of their company's products, their customers' pain points, new shifts in the healthcare market, and much more.

With so much to remember, it is no surprise that some of the specifics, especially new information that is not attached to years of experience begins to fizzle out after the training courses. Healthcare consulting companies often recommend refresher training to help with knowledge retention. Providing refresher training to your staff may boost retention rates by up to 35%.  

What is Refresher Training?

Rather than teaching new skills and concepts, refresher training is used to review information the learner has already been through. It may also be used to update learners on new developments in topics they have already covered or to clarify certain company-specific concepts during an employee onboarding training program.

Benefits of Refresher Training

Aside from increased retention, some of the improvements you can expect to see following a round of refresher training include:

•    Increased efficiency.
•    Higher compliance.
•    More confident employees.
•    Better awareness of new products and industry trends.
•    An improved ability to identify gaps in skills and knowledge among the team.

When is Refresher Training in Order?

The following five situations are some of the most common instances in which your organization may benefit from refresher training.

1. When Repeated Mistakes are Being Made

Everyone makes the occasional mistake, but when the same mistakes surface over and over again, there may be some confusion over what is expected for certain tasks. Refresher training helps to clarify these expectations, ensure that standard procedures are being followed, and create a consistent experience for your customers.

2. When New Information Must Be Disseminated

The world of pharmaceuticals and biotech is fast-paced and unforgiving. Healthcare executive training teaches the information that is relevant at the moment, but what is cutting-edge today may become obsolete tomorrow. Without regular refresher training, employees may struggle to keep up with changes in internal policy or new developments in the field.

3. When Tech is Being Underutilized

Technology is becoming an increasingly prominent part of the healthcare industry, even for executives. If your company has implemented new tools (such as a new CRM system or an appointment scheduling tool) that are not being fully leveraged, refresher training that reminds employees how to use these solutions may help to boost their adoption rate.

4. When Productivity is Declining  

When employees are unsure of how to properly do their jobs, their performance often begins to slip. If you've noticed declining revenue, lower customer retention rates, or rising turnover among your employees, some refresher training may be able to correct the problem.

5. Customer Relationships Are Suffering

Maintaining strong links with current customers is key to the stability of a business. If your customers are expressing dissatisfaction with the way their accounts are being handled, a fresh round of account management training can help to remind your staff of how they can meet those customers' needs.

Refresher training may be delivered in a variety of formats, including in-person and online. Companies can develop customized refresher training courses by using The Brooks Group's instructional design services to translate their content into lessons, quizzes, and other educational resources.

Building Employee Confidence for Future Success

Your organization cannot thrive without confident staff who are sure of their abilities and their role. Solidifying key concepts with refresher training is an investment in both the satisfaction of your current customers and your organization’s future. Contact The Brooks Group today to build refresher training programs for your company.

This blog was originally posted on https://thebrooksgrouponline.com/2021/06/refresher-training-enhances-retention-by-35-do-you-need-one/