Top 10 Trends Shaping the Pharmaceutical Industry in 2021 - Part 2

 

 

In part one of this blog post we discussed emerging trends in the pharmaceutical industry, such as the growing use of AI, increased interest in precision medicine, biologics, cloud technology etc.

We are back with part two to discuss more emerging trends in the pharmaceutical industry, and how The Brooks Group can help your brand utilize these trends to maximize profits and growth in 2021.

Discounts and Rebates

Overpriced medications have been the focus of much public ire in recent years, especially when the drugs are considered life-saving. For this reason, both lawmakers and governmental agencies have made it a goal to reduce the cost of drugs with discounts and rebates.

With the growing concern over the prices of life-saving drugs like insulin and epinephrine, it is likely that this pattern of drug price scrutiny will continue into 2021 and beyond. Brooks Group’s managed care training seminars help sales and account managers understand the future of the healthcare market and how it will impact drug pricing.

Biologics

Over the past few years, there has been a growing body of research on the role genes play in disease resistance and susceptibility. This has created a rapidly growing interest in the fields of pharmacogenetics, epigenetics, and genomes.

In other words, pharmaceutical researchers are beginning to focus more on unique genetic factors when developing new treatments for cancers, viral infections, and other conditions. It is expected that genetics will be at the forefront of clinical research and development moving forward.

Focus on R&D

One of the key challenges for research-focused pharmaceutical companies is to make R&D a more efficient process. R&D efficiency is measured by the successful approval of New Molecular Entities (NMEs) and therapies versus the monetary investment required.

With the growing need for research, pharmaceutical companies are having to come up with novel ways to create meaningful R&D without hurting their bottom line. The rapid development of the COVID-19 vaccine has been a marvelous achievement of the biotech and pharma industries in 2020.

Note: The Brooks Group can provide pharma companies with market research to help explore how emerging technologies can improve their R&D efficiency.

Consumerization of the Patient

Now more than ever, patients are expecting more out of their pharmaceutical provider. Given the saturation of the pharmaceuticals market, patients have more control over the medications they choose to take. This means that pharmaceutical companies can no longer just provide medication, they have to take a more personalized, customer-centric approach to drug distribution and marketing.

Creating a more empathetic approach to drug marketing will help pharma companies set themselves apart from the competition.

Pharma companies can learn the right insights that will help them understand the needs of patients and personalize treatments with The Brooks Group’s market research offering for patient advocacy in the pharmaceutical industry.

Digital Training

Digital training is a great way to ensure that employees are properly utilizing new technologies. In the pharmaceutical industry, digital training ensures that employees are operating within the strict parameters of regulatory compliance. Additionally, this form of training maximizes employee efficiency.

The Brooks Groups' digital training programs help ensure that employees are properly utilizing new technology to boost efficiency and reduce compliance violations. The Brooks Group can save organizations money by training personnel on-demand from anywhere.

The Brooks Group Can Help You Leverage These Trends

Understanding what the future has in store for the pharmaceutical industry will allow you to effectively manage your marketing and R&D strategies to keep up with emerging trends.

With The Brooks Group, you can count on expert training, market research, consulting, and instructional design services to help your pharmaceutical brand maximize its growth and profits.

Here is a look at our learning demo sheet for a peak at the kind of insights and training we have to offer. Contact us here for more info.

This blog was originally posted on https://thebrooksgrouponline.com/2021/02/top-10-trends-shaping-the-pharmaceutical-industry-in-2021-part-2/

Market Research in Healthcare: A Must for Avoiding the Blind Spot

 

Healthcare is all about helping people and providing the highest level of care. But, if you don’t know what people need, how can you best serve their interests?

Market research is a must for healthcare and biopharma companies. It’s an in-depth dive into the trends in the industry and the needs of the patients to help organizations make educated decisions about where to direct their budgets and the directions they need to take their organization to. Without adequate research, valuable opportunities might be missed and important customer relationships might be lost.

Instead of reacting to market changes and merely surviving, companies need to be proactive in order to thrive. Market research is essential to learn what the market wants, to avoid blind spots, and to create effective strategies to grow your healthcare practice.

What Is the Blind Spot?

A blind spot is an overlooked opportunity. Whether it’s a missed demographic or misplaced funds, a blind spot is essentially an inefficiency in your business strategy.

In a study, managers were asked which stage of the buyer’s journey is most important for driving revenue. Over half replied that attracting new customers was the most important, which is where they spent most of their budgets.

Only after in-depth market research was it discovered that a 5% increase in renewals from existing customers would boost profits by 25%, and acquiring a new customer is between five and 25 times more expensive than keeping an existing one.

What was the blind spot? Their existing customers. These companies were spending a large portion of their budgets on attracting new customers, when retaining existing customers would have earned them much higher returns on their investments.

Blind spots aren’t only about funding the wrong buyer’s stage. Here are some of the most common blind spots companies overlook:

- Not understanding the real reason prospects make decisions.

- Knowing which marketing incentives are most effective.

- Using the wrong strategies.

- Not knowing where your customers come from.

- Chasing the wrong demographic.

- Misunderstanding perceptions of your brand.

While there’s no finite list, it’s easy for healthcare companies to fall victim to any one of these blind spots.

Benefits of Performing Market Research

To avoid blind spots, you need to know what they are. And the only way to do that is with proper market research.

Healthcare market research is the epitome of the phrase “knowledge is power.” With in-depth analytics, healthcare companies can easily see how to maximize efficiency and best serve their patients, leading to numerous benefits:

- Identify the core factors that drive customer decisions.

- Better understand a patient’s experience.

- Bolster marketing strategies.

- Identify gaps in service.

- Stay on top of market trends.

- Optimize R&D investments.

- Learn how customers perceive your brand.

Without market research, healthcare businesses would have to react to changes after they happen instead of being proactive and getting ahead of the changes.

The Brooks Group: Healthcare Market Research Specialists

The Brooks Group is one of the leading healthcare management consulting firms that specializes in market research. We perform in-depth research for healthcare, pharma and biotech companies to help them create effective business strategies. Some of the services we provide to our clients are -

- Survey organizations to identify the voice of the customer.

- Review responses to identify helpful themes, comments, and messages.

- Conduct internal and external gap analyses

- Provide tools to support patient advocacy in the pharmaceutical industry.

- Perform specialized research into case studies, retrospective analysis, and market trends.

- Create marketing or R&D strategies based on response data.

- Concept testing.

Armed with a thorough understanding of how to optimize your operational strategy, companies can avoid blind spots and grow their brand. If you’re ready to take your business strategies to the next level, contact us to get started.

This blog was originally posted on https://thebrooksgrouponline.com/2021/01/market-research-in-healthcare-a-must-for-avoiding-the-blind-spot/

Top 10 Trends Shaping the Pharmaceutical Industry in 2021- Part 1

 

 

The COVID-19 pandemic and the events related to it have sped up the digital transformation of the pharmaceutical industry in an unprecedented manner. As one of the top healthcare consulting firms, at The Brooks Group, we keep a close watch on the innovations, disruptive technologies, global adaptations, evolving political climates, and everything else that affects the pharmaceutical industry in order to provide strategic insights to our clients.

We are bringing to you a two-part blog series that will help our readers understand the landscape and the drivers for change in 2021 and beyond. Here the top 10 trends in the pharmaceutical industry in 2021.

Use of Artificial Intelligence

For the pharmaceutical industry, Artificial Intelligence (AI) is proving to be instrumental in developing new drugs and scientific discovery. Companies that are investing in AI technology are cutting down on production time and user error, improving clinical trials and overall quality in the medical field.

Data Integration & Cloud Technology

From clinical trials to AI simulations to market research, the pharmaceutical industry has a vast repository of data. Storing this data securely and making it readily available is a challenge many companies face, especially since most pharma companies have multiple facilities spanning the globe. This is where data integration and cloud technology play such an important role.

Having all the data stored on cloud servers accessible from any approved device anywhere in the world saves time and increases organizational efficiency. It also eliminates the need to have a team of on-site IT personnel, thus saving costs. With the amount of data used in the pharmaceutical industry, cloud computing continues to be essential to saving time and money, and boosting productivity.

Compliance & Regulatory Environment

Thanks in large part to recent global efforts in creating a vaccine for COVID-19, pharma companies globally are moving towards a collaborative effort. With this change comes the need for compliance with diverse international regulations. Training in these regulations and emerging technologies will be imperative in the coming years to stay competitive in an ever-changing industry.

Precision Medicine

Drugs exclusively created for a patient based on a particular diagnosis (precision medicine) increase the overall effectiveness of the treatment. Unfortunately, the obvious consequence of having small-scale, tailor-made medication is a higher price tag. Most manufacturers cannot handle a smaller quantity of drugs, and specialized facilities that can produce precision drugs are rare. Thankfully a surprising number of investors have taken an interest to guarantee this trend continues to grow.

Virtual & Self Monitoring in Patient Care

Before the invention of IoT devices, patients would have to rely on visits to a medical facility for monitoring. Now, there are numerous devices that patients can bring home for a fraction of the cost that can do the same as if they were at a doctor's office, and the data can be shared in real-time with the medical personnel for review as needed. As patients and caregivers continue to embrace the idea of self-monitoring, the need for medical IoT devices will continue to grow and the technologies will continue to evolve. COVID-19 forced social distancing and isolation has also forced patients and providers to quickly adopt telehealth technologies and practices. This trend is predicted to continue even after the pandemic-related guidelines are no longer enforced.

Pharma companies are usually big behemoths that have to deal with tremendous security and compliance issues. So adapting quickly to change is always a challenge. It helps to make strategic decisions quickly if the leadership team, as well as other executives, stay ahead of the trends and are aware of the innovations and disruptions in the field.

Stay tuned for part two!

This blog was originally posted on https://thebrooksgrouponline.com/2021/02/top-10-trends-shaping-the-pharmaceutical-industry-in-2021-part-1/

Common Market Research Methodologies in Healthcare

Although healthcare is a unique entity in the consumer market, it relies on market research as much as any other industry. Market research helps connect caregivers to patients and provides crucial insights into each patient’s needs. There are several ways to go about this research, each with its own advantages.

The Most Common Healthcare Research Methodologies

Researchers employ several market research methodologies, depending on their goals and available participant pool.

Quantitative Surveys

Quantitative surveys are a simple way to connect with large numbers of participants. Users are asked to fill out information surveys about their preferences and experiences, generally intended to capture the ‘voice’ of the customer and gain broad insights into issues.

Focus Groups

Conducted in-person or online, this methodology brings small groups of participants together to answer questions in a moderator-led discussion. These responses tend to be more in-depth than survey answers and provide important contextual information on specific user segments.

Online Bulletin Boards

Bulletin board research allows participants to log into a web portal and answer questions in a public forum, usually conducted over a several day period. This strategy is flexible in nature, ideal for reaching participants who can’t attend in-person meetings due to physical restrictions or scheduling conflicts.

Ethnographic Research

Ethnographic studies leverage observational research alongside direct interviews to learn more about how participants use products, services, or technologies. Researchers monitor activities and combine their insights with user-provided data to formulate insights into trends and patterns.

One-on-One Interviews

Ideal for high-value participants who may not participate in group sessions (such as surgeons, C-level executives, or other time-restrained professionals), one-on-one interviews provide the most in-depth information of any methodology. They allow interviewers to probe deeper on issues while protecting each participant’s privacy in a confidential setting.

Data Reviews and Content Analyses

The above methodologies describe different ways to collect user data, but the collection is only the first step. Researchers must be able to review data and determine how to derive meaningful insights from the content.

Brooks Group’s approach to analyzing qualitative data differentiates us in the research market. We apply content analysis techniques and procedures that compress long-form data (as might be taken from a one-on-one interview or detailed survey) and break it up into smaller message categories. By doing so, we’re able to sift through large volumes of interview data quickly and efficiently.

In our experience, this is the best way to understand nuances among user responses, identify trends, and gain an empirical basis for monitoring changes over time.

Tools to Support Your Healthcare Research

The Brooks Group offers three products to help facilitate healthcare market research:

1. Voice of the Customer – Customer-driven feedback process that evaluates account managers on custom metrics relative to their competitors.

2. Equity Scan – Assessment tool designed to benchmark attributes and capabilities in key customer segments.

3. Level III Analysis – Detailed assessment process consisting of account manager skill assessments, gap analyses, and long-term strategies for skill development.

The Brooks Group is a leader in providing training, market research, consulting, and instructional design services to healthcare organizations. Visit our site to learn more about the value of implementing a structured methodology to your healthcare enterprise.

This blog was originally posted on https://thebrooksgrouponline.com/2021/01/common-market-research-methodologies-in-healthcare/

Understanding Managed Care in 2020 and Beyond

The foundation of sales or account management is understanding clients’ needs. Keeping up with managed care trends and knowing where the market is headed, helps with anticipating needs and providing a higher level of service to clients.

Here are the major trends impacting the healthcare landscape in 2020 and beyond.

The Changing Healthcare Landscape

Managed care began with a simple goal: to decrease the cost of healthcare in the United States. But while most managed care plans were focused on cutting costs, they didn’t give much thought to consumers. Managed care became a one-size-fits-all healthcare solution for everyone.

To provide personalized care at an affordable cost, there have been several advancements in the managed care landscape including Accountable Care Organizations (ACO) and the Affordable Care Act (ACA)—otherwise known as Obamacare. The ACA offers consumers more options to choose and fine-tune their healthcare coverage, while ACOs allow healthcare providers to focus on the quality of care rather than cost.

This has led to changing the healthcare landscape from cost-based to consumer-based. Plus, as more people are becoming eligible for Medicaid due to its expansion, managed care plans are being forced to change their products, programs, and benefits to be more consumer-centric to keep up with the increased demand.

Looking Beyond 2020

The future of managed care is consumer-focused. Instead of focusing on how to pay for care, most managed care plans are now centered around what consumers need and how to compete in the changing landscape. Here are some of the major trends impacting the future of managed care:

1. Telehealth and Remote Healthcare Options

Telehealth has seen significant adoption in the healthcare industry over the past several years. More and more healthcare providers are choosing to offer remote, virtual care to their patients to help cut costs both on their end and for their patients.

While many might think of telehealth as a trend born of the COVID-19 pandemic, research shows that remote healthcare is here to stay. Over 83% of patients expect to continue using virtual appointments even after the pandemic is resolved.

2. Medicaid Expansion

In 2018, new legislation was introduced to expand Medicaid coverage to even more Americans. Of course, the wheels of the government move slowly, so many states have yet to adopt the new legislation and referendums.

In the upcoming years, expect states to continue expanding Medicaid coverage. Health systems will need to care for an increased number of patients without sacrificing quality. To support the increased demand, small healthcare organizations and hospitals will need to merge and contract more specialty services with other companies to handle the workload. This means a more collaborative healthcare landscape.

3. Machine Learning and Artificial Intelligence (AI)

Trillions of dollars have been poured into advancements in machine learning and artificial intelligence to create a space where data modelling is readily available to patients, healthcare providers, and industry professionals. 

For managed care providers, this means access to more meaningful data than ever before. It’ll become simpler to research trends and use predictive analyses to anticipate needs, leading to a higher quality of personalized patient care.

4. Consumerism

Patients now have more access to information and managed care choices. People are looking for the lowest cost managed care plans that best suit their unique needs. With this switch to consumerism, government bodies have been pushing healthcare providers to offer transparent pricing and quality scores to simplify choices for consumers.

Stay in the know with our Managed Care Seminars

Account managers in the pharmaceutical and biotech industries are expected to have a strong knowledge of the changing trends in the healthcare system and the factors driving it, so that they can anticipate the implications of their customers and address their needs and concerns with competence.

The Brooks Group offers managed care training seminars to get your team to understand and keep up to date with the latest trends in the managed care landscape. 

If you’re interested in learning about our other healthcare executive training programs, contact us. You can also register for classes using our online portal. Custom classes for your team are available upon request.

This blog was originally posted on https://thebrooksgrouponline.com/2020/12/understanding-managed-care-in-2020-and-beyond/

3 Signs that Your Account Managers Need Training

According to data from Gartner, 80% of future profits come from just 20% of your existing customers. When your pharmaceutical or biotech account managers don’t understand how to work with customers effectively, you'll lose customers and, along with them, potential profits. As a healthcare market research firm, The Brooks Group has collected a lot of data on metrics and KPIs that track the performance of account managers in these organizations. 

To maintain business profitability, here are the telltale signs that your managers are due for account management training courses.

1. Low Customer Retention

Effective account management is all about customer retention. If your account managers do their jobs well, customers will continue doing business. Track the following key performance indicators (KPIs) to determine customer retention success:

• Customer Churn Rate – the percentage of customers who cancel or fail to renew their contracts. High churn rates could indicate your account managers are handling customer accounts poorly, causing them to do business elsewhere.

• Support Requests – a high number of support requests indicate your account managers aren’t providing customers with the answers they need. Track website, phone, and email support requests.

With 80% of your future profits at stake, ensure your account managers understand best customer retention practices.

2. Failing Revenue Streams

Account Managers are a key liaison with your existing customers. If they are competent and manage these relationships well, they will be able to uncover opportunities for upsells, cross-sells, and execute a high rate of contract extensions. So if your organization as a whole or a particular manager is failing to develop these opportunities as a steady source and a high percentage of total revenue, then it is time to train your account managers and improve their skills.

3. Poor Client Relationships

Negative customer relationships will cause clients to abandon your products/services. To ensure your managers are maintaining positive client relationships and demonstrating their value, track these key indicators:

• Strategic Communications – the number of strategic emails and calls between managers and customers. If your customers aren’t contacting their account managers for strategic advice, your managers aren’t proving their value.

• Referrals – when customers enjoy the product/service they get from a business, they’re more likely to refer their colleagues. A lack of referrals could indicate your account managers aren’t offering the quality service customers need.

• Outreach Engagement – how often do customers respond to calls and emails? If you have trouble reaching customers, it could mean they don’t have a positive relationship with your business.

Account managers are entirely responsible for building positive customer relationships. When customers avoid communicating, it’s likely they don’t trust you or see the value of your business.

Get Your Account Managers the Training They Need

Worsening KPIs are a strong indication that your account managers are in dire need of training. As customer retention, revenue, and client relationships decrease, reach out to a skilled healthcare consulting firm for advice and training to strengthen your team.

The Brooks Group offers an Excellence in Account Management training course that’s designed to teach account managers proper customer relationship and retention practices. If you’re interested in learning more about this, or our other training programs for healthcare executives and our employee onboarding solutions, contact us for additional information.

Registration for courses is available on The Brooks Group website (view schedule). Custom courses with your team or organization are also available upon request.

This blog was originally posted on https://thebrooksgrouponline.com/2020/12/3-signs-that-your-account-managers-need-training/

MANAGED CARE 101: A MUST FOR SALES AND ACCOUNT MANAGERS IN PHARMA

Managed care is a process that gives patients an option to receive care at a reduced cost through their healthcare plans that have specialized contracts with healthcare providers. Managed care’s primary focus is on wellness and prevention, though it also supports better utilization of healthcare services, better healthcare quality, and lower costs.

In other words, managed care can benefit both patients and providers through a coordinated approach; patients get access to lower-cost benefits while providers gain access to an efficient process for acquiring new patients and managing receivables.

Managed care plans come in a variety of options, including Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Point Of Service (POS) Plans, And Medicaid Managed Care. Population survey data shows that over 70 million Americans have been enrolled in HMOs, and nearly 90 million have been involved with PPOs. It is fair to say that managed markets are a focal point of modern healthcare – and pharmaceutical personnel need to understand how the interplay of various participants in managed care affect their sales and operations.

The Role of Pharmaceutical Sales and Account Managers in Managed Care

Pharmaceutical sales reps bear a heavy burden. As product specialists and provider liaisons, sales reps have more to do than simply memorize spec sheets. Succeeding in managed care requires an understanding of the general market environment, the economics of managed markets, and how to match their products and solutions to the potential buyers based on the critical business issues faced by the key decision makers.

Sales reps need a deeper understanding of influencing factors such as regulations in product pricing, prescribing restrictions, authorizations, copay management, and more. Account Managers on the other hand need to be able to have tremendous insights into the concerns and challenges of the Key Decision Makers, and based on that build and deliver a unique value proposition that speaks undeniable value and long-term engagement.

This is why, in addition to the standard account management training, most pharmaceutical companies require their sales and account reps to go through managed care training seminars to gain a deep understanding of the system.

Managed Care Training Offers a Competitive Edge

In order to be able to deliver the above-mentioned value, pharma sales and account managers must be well versed in the intricacies of the managed market.

This involves-

• Understanding managed healthcare & the different components
• Identifying the providers & how they impact managed healthcare
• Defining quality & identifying quality initiatives in addition to the leading quality organizations
• Understanding the U.S. healthcare market framework

Pharma managers and sales reps are most effective when they are coached by those familiar with the specialized needs of managed markets. As a leading healthcare consulting firm, The Brooks Group has accumulated a wealth of knowledge and experience in this field.

The Brooks Group offers a dedicated course called “Managed Care 101” – a training course specifically designed for account managers, field sales reps, and senior level sales professionals looking for insight into the various strategies and techniques used to support managed care markets. Registration is available through open-enrollment sessions at The Brooks Group or by a custom course with your team/organization.

If you’re interested in learning more about our managed care training curriculum or about our healthcare executive training programs, contact us today for more information.

This blog was originally posted on https://thebrooksgrouponline.com/2020/11/managed-care-101-a-must-for-sales-and-account-managers-in-pharma/