PHARMA TECH
Article | July 7, 2022
Introduction
The pharmaceutical industry is becoming more competitive day-by-day with the proliferation of novel technologies and the increasing introduction of new drug-developing companies. As a result, a significant number of pharmaceutical companies are facing difficulties securing solid financial returns. This has left no other choice for life science organizations than to move to digital-AI-based customer-centric systems to stand out.
In addition, unexpected circumstances, such as the lack of in-person interaction with customers, have compelled pharma businesses to invest in cutting-edge, conversion-oriented CRM tools. As CRM in pharma provides a centralized platform for managing all the pharmaceutical data and monitoring relationships with customers, it is increasingly being sought in the industry.
This strategy is getting a lot of attention in the pharmaceutical industry as a way to build and keep customer loyalty while moving toward supremacy in its respective segment.
How Are CRM Solutions Assisting Pharma Companies to Become Customer-Centric?
Several pharmaceutical organizations are looking for new strategies to stay competitive and improve their financial returns. The emergence of the pharma CRM trend has presented pharma businesses with a lucrative opportunity to develop new market approaches by transforming into customer-centric organizations.
With real-time reports and analytics, any-time data access, and data availability in one place, novel CRM solutions are assisting pharma businesses in developing solid relationships with pharmacies, health care providers, distributors, suppliers, and even end patients.
As the trend of improved customer experience and customer relationships spreads throughout the industry, many companies aiming to stay ahead are leveraging pharma CRM solutions to become more customer-centric and improve their financial returns.
What are the key pharma CRM features that assist organizations to become customer centric? Let’s find out.
Optimizes Products and Services
As more and more businesses enter the pharmaceutical market, existing ones are looking for new ways to cut costs without compromising quality in order to survive and thrive in the respective domain. CRM software assists businesses in optimizing their products and services by creating detailed profiles of patients and potential customers, thereby declining costs and adding customer centricity. This also enables them to provide more tailored drugs, faster treatment delivery, and reduce wastage.
Enables Integration with Customer Database
It is important for drug manufacturing companies to maintain customer databases as they contain crucial information related to customers, such as customer buying behavior, purchasing patterns, usability, and others. Implementing cloud pharma CRM software enables integration with customer data, providing centralized access to organizations and assisting them to become customer-centric.
Redefines the Customer Journey
Customers and technologies are constantly evolving, and so are customer expectations. Hence, it is becoming crucial for pharma companies to track customers' journeys and analyze if the customer is in the sales cycle. Pharma CRM software assists these firms in determining whether customers are dissatisfied or are interested in an upsell, thereby making them customer-centric and increasing their revenue.
Engages Customers in the Marketing Process
Engaging customers within their sales and marketing strategies is of great significance for medical aid-providing enterprises to increase their ROI. As CRM for pharma helps in collecting valuable insights on what works and what does not, it assists these firms in constructing innovative marketing and sales campaigns and strategies as per customers’ interests and needs. This results in engaging customers in the marketing process.
The Final Word
In an intense competitive environment, it is critical for pharmaceutical organizations to engage the customers and build a better brand reputation to improve sales and ROI. As pharma CRM solutions helps in developing customer-centric services by allowing optimization of processes such as production, marketing, and sales, these solutions are ex
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PHARMA TECH
Article | October 6, 2022
Introduction
In the past, the pharmaceutical industry was solely concerned with the development of new drugs and medical devices, along with improving their clinical efficacy, safety, usability, and superiority over alternatives. However, the rapid transformation of the life science industry from product-based to customer-based has presented pharmaceutical companies with various obstacles, driving them to enhance their customer relationship management (CRM). Due to the proliferation of the medical and life-science industries, customer-focused solutions are becoming increasingly crucial for pharmaceutical enterprises to remain afloat.
With the increasing complexity of the industry, the emergence of new business models, and the introduction of cutting-edge technologies, the pharmaceutical industry is under intense pressure to deliver superior products and services to stay on edge. In addition, the Internet has made it possible for new technologies to spread rapidly, giving consumers greater freedom to select products and services that match their individual requirements.
Thus, rather than emphasizing product differentiation, drug and medical aid manufacturing companies are focusing on embracing innovative customer-centric solutions, such as pharma CRM software, to assist them in analyzing and prioritizing the wants and needs of consumers.
Pharma CRM Solution Types: Roads from Product to Customer Experience
As the world turns toward the dictum "the customer is king," superior customer service is no longer a luxury.
In addition, as a result of increased digitalization, life science organizations are dealing with vast quantities of data.
A study shows that the pharmaceutical industry generates twice as much data every five months. This is because of the increased need to capture and store a plethora of information, such as patient data and insights, HCP interests, prescription writing patterns, sensitive patient program information, and segmentation analysis, among others.
CRMs assist pharmaceutical companies in accurately collecting and tracking customer information, decreasing marketing costs, increasing sales, improving customer support, and organizing data collection and storage. With all-time high competitiveness in the pharmaceutical industry, every drug and medical equipment provider is investing huge sums of money to explore new audiences before anyone else in order to get a competitive edge.
In response to this, pharma CRM solutions are gaining tremendous traction across the life science industry for building solid relationships with High Lifetime Value (LTV)customers. There are different types of pharma CRM solutions available for pharma organizations to collect, store, and analyze data related to customers. Let’s look at a few:
Operational Pharma CRM
Operational pharma CRM solutions are ideal for assisting teams in gaining a deeper understanding of customers through the acquisition and management of customer relationships and connections, as well as improving the company's perspective on customers and sales.
These systems aid pharmaceutical companies with lead generation and contact conversion. By streamlining numerous business activities such as marketing, sales, customer service, and others, they assist in creating the solid service foundation needed to retain customers and improve customer relationships.
Operational pharma CRM solutions capture customer details and use them to automate sales, marketing, and other operations for providing services throughout the customer lifecycle. In addition, the system tracks and stores data related to employees, customers, and leads using a centralized platform to support existing and potential customers in an efficient manner.
Analytical Pharma CRM
With the increasing significance of understanding the needs of patients and customers, analytical pharma CRM systems are gaining massive popularity among mid-sized and large pharmaceutical enterprises. It is increasingly being used to accumulate and analyze large amounts of data, including sales, marketing, and financial data, and filter this data into trends and insights.
Throughout the pharmaceutical industry, analytical pharma CRM solutions are making deeper inroads as they aid in the development of strategies to generate new leads, improve customer satisfaction, boost customer retention, and increase sales and marketing department efficiency.
Collaborative Pharma CRM
Collaborative pharma CRM enables pharmaceutical organizations to create and improve communication between various company divisions involved in customer service. These departments include marketing, sales, customer service, technical support, external customers, vendors, and distributors.
The idea of collaboration in the workforce is not new, but it is one that is constantly being redefined in light of new technological innovations. It assists life-science spaces in automating their back-office operations, customer interactions, and business management, resulting in enhanced transparency among the organization’s teams.
As the teams often operate independently, particularly in large pharma enterprises, the adoption of collaborative pharma CRM solutions can aid them in breaking down several communication silos to address fast-changing customer needs and effectively manage customer relationships.
Pharmaceutical Customer Relationship Management Solutions: The Features List
Constantly rising business expenditures and budgets, along with the emergence of new challenges and issues related to generating revenue, are compelling medical product developers to embrace modern solutions, such as pharma CRM software, for increasing sales and improving customer retention. As complexity in the pharma industry increases and competition in fields such as immunology and oncology continues to intensify, enhancing customer experiences is becoming even more important.
With the "one size fits all" approach no longer delivering results, the implementation of robust and resilient tech systems for understanding customer needs and supervising medical operations is becoming necessary for pharmaceutical companies.
While extensively focusing on the clinical value of the medication or medical equipment, firms operating in the pharmaceutical sector often overlook a prominent driver for success: the customer experience. By addressing critical pain points across patients’ and prescribers’ journeys, pharma CRM technology assists these companies in increasing customer satisfaction, improving adherence, and boosting revenues.
Apart from this, here are some features of pharma CRM that are vital for organizations’ success
Provide Integrated Customer Database
Workflow Automation
Management of Customers’ Accounts
Cycle Activity Planning
Customization
Real-time data and CRM analytics
Sales forecasting
Why Are Life Science Companies Leveraging Pharma CRM Solutions?
Today, the company's success is predominantly determined by its relationship management with customers and potential leads. With the fast-changing life science landscape and increased competitiveness, the need for pharmaceutical firms to manage customer interactions and improve customer engagement is surfacing at a robust pace to build a better brand reputation.
It is crucial in the pharmaceutical industry to acquire patients' trust and maintain a stellar reputation for generating revenue and sustaining in a highly regulated environment. Using customer relationship management solutions is an excellent strategy for accomplishing this objective. According to a survey, a CRM system can enhance customer retention rates by 5%. Depending on the industry, this can then result in a profit gain ranging from 25% to 85%. (Source – PharmaVoice)
Let’s see some of the reasons why pharma companies are emphasizing embracing customer relationship management solutions:
Creates a Strong Connection with Customers
Today, it is imperative for pharmaceutical firms to have a better understanding of their customers and their needs. Deploying pharma CRM software assists these companies in accumulating critical data and insights related to customer and patient behavior to comprehend the past, present, and future of their clients’ relationship with the organization. This aids them in creating a stronger connection with their customers.
Promotes Efficiency in the Organization
Automated procedures are designed to increase efficiency and enhance productivity without compromising operational accuracy. The use of CRM in pharma companies enables the automation of various consumer-facing business operations such as campaign management, marketing, customer service, and sales, among others. This assists medication manufacturers in enhancing the efficiency of their tasks. These solutions also aid in optimizing communication between the different departments, which in turn results in boosting the productivity of the business as a whole.
Enhances Business Accessibility from Anywhere
Remote access from anywhere is emerging as one of the essential modern needs for businesses today. For example, pharmaceutical CRM executives need to visit hospitals, chemists, warehouse staff, doctors, and stockists for sales meetings and operations. Cloud pharma CRM systems enable these representatives to access clients' and customers' vital information on the go, thus enhancing business accessibility.
Improves Customer Service
With the rising importance of improving customer service across the life science industry, it is becoming essential for pharma companies to respond to customer queries within the shortest possible time. Deployment of pharma CRM solutions can provide them with easy access to information stored in the database for resolving the query without causing any inconvenience to the customer or client, thereby offering better customer service.
From Lead to Customer: Tracks Complete Journey
Based on the current industry conditions and purchasing patterns of customers, the need to identify targeted audiences and potential leads is imperative. To get a complete picture of a customer's purchasing behavior, it is crucial for pharmaceutical firms to follow a customer from their initial interest to being a customer. Pharma CRM software enables these companies to track the complete journey of the customer, starting from being a prospective lead to a lifetime paying client. It can also assist in creating new strategies for future objectives.
What Says the Future?
With the emergence of new regulations, laws, and policies, the procedures and processes widely employed by pharmaceutical organizations have become more rigorous and rigid in the absence of technological assistance. In addition, intense market competition and rising company expenditures are pushing life-science firms to embrace innovative solutions to boost revenue generation, such as pharma CRM software.
As the implementation of customer relationship management solutions assists pharmaceutical businesses in countering these obstacles along with optimizing processes, including customer retention, segmentation, behavior analysis, and many others, these solutions are expected to take center stage in the pharma world over the coming years.
FAQ
What is Pharma Customer Relationship Management Software?
Pharma CRM is a tool that enables life science companies to gain sales and marketing efficiency, complete sales campaigns, adhere to compliance requirements, and efficiently monitor customer relationships.
How Does CRM work for Pharma Companies?
CRM is used to reduce the workload of pharma companies. Here are the steps showcasing how CRM for the pharmaceutical industry works.
Capture the leads
Optimize lead management
Personalize the pitch
Generate more customer value
Personalize cross-sell and upsell
Help customers help themselves
What are the 3 main elements of pharma CRM software?
These are the three key elements of pharma CRM solutions.
Component #1 – Marketing Automation.
Component #2 – Sales Force Automation.
Component #3 – Customer Service Solutions.
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PHARMA TECH
Article | September 29, 2022
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Article | February 17, 2020
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