What is the pharmaceutical industry?
A pharmaceutical industry or commonly known as the drug company is a commercial business that discovers, develops, produces and markets the pharmaceutical drugs for medical purposes.
The main aim of these pharmaceutical sectors are to vaccinate and cure the ailments of patients. The pharmaceutical industry is one of the most complex sectors in terms of customers and buying behaviour process. Here the customer is the patient and the decider is the physician. Here the consumer or the customer (i.e, the patient) cannot make decisions or choices because the physician is the one who prescribes the medicine or drugs. They are subjected to various laws and regulations regarding the testing and distribution of the drugs.
Did you know?
India is the largest provider of generic drugs in the world. It supplies over 50% of the global demand. Presently, Indian pharmaceutical concerns are supplying over 80% of antiretroviral drugs to combat AIDS (Acquired Immune Deficiency Syndrome). As India has a large count of scientists and engineers to steer the industry ahead in the pharmaceutical market, it just needs the right management.
In a recent post from India Brand Equity Foundation (IBEF) which is a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India stated that ‘Medicine spending in India is projected to grow 9-12% over the time period of five years’. And India would be among the 10 top countries in terms of medical spending. The Indian government has taken many steps in order to reduce the costs and also bring down the healthcare expenses for the citizens.
Now that we have discussed about the present state of pharmaceutical sector in India, let us know more about building up lifetime value of doctors, chemists and stockists in the pharmaceutical market.
Being a pharmaceutical industry it becomes important for the companies to build lifetime relationship with doctors, stockists, chemists etc. The pharma CRM software helps the Pharmaceutical Industry to focus on organising and maintaining a good relationship with clients, customers and service agents. The pharma CRM helps the pharmaceutical firms to determine strategies in order to acquire competitive customer value and advantage in marketing through the leading CRM technology.
Want to know more about the online pharma CRM? Read more….
The pharma sectors are also there to acquire profit and success in their business. But the pharmaceutical sectors have tons of hurdles to face in the present market. But the entire game plan can turn courts if efficiently planned and organised. One of the best and trending business strategies is the implementation of the CRM software. The online pharma CRM helps to manage the overall workflow of the pharmaceutical industry. The various facilities provided by the pharma CRM are –
- Streamline the sales process effectively
- Complete tracking of Doctor Visits and Dealers Visits
- Monthly Travel Plan submission
- Anytime and anyplace submission of DCR( Daily Calling Report)
- Saves your stationery and courier costs
- Raises your sales force performance
- Complete Sales Process gets more transparency
- Monthly & Daily Expense management get automated.
Read our blog –Introduce Pharma CRM in your Pharmaceutical Company
Here are 6 ways through which CRM in the pharmaceutical industry ensures continual growth
It is a well-known fact that making a profit is not easy in today’s market. To achieve something becomes very difficult when an individual is working in the pharma sector. This is because pharma companies will face so many hurdles so that other corporate companies do not need to worry about the time lag between timing and sanction of the drug, changing os drug regulation laws, etc.
The biggest hurdle of pharma companies is that they cannot hire celebrities and they can’t directly market their products to the public. The entire plan lies upon the effective planning strategy. Implementing CRM software will successfully be a way to optimize the strategies of existing businesses and can create new ones. The advantage of CRM software will lie in its ability to create a platform to maintain a strong and constant relationship with customers in this case its doctors and patients ensuring that the loyalties will stay and they are snagged by competitors.
1. Proper utilization of the captured data
The Pharma companies make huge investments and therefore concentrate on ROI (Return on Investment). Proper utilization of the available data becomes very important to organise sales activities accordingly. The CRM (Pharma SFA) helps managers and executives to store all the required data in a single platform which helps the managers to communicate necessary directions on time. Thus, it not only improves the sales performance but also improves the quality of decision making due to availability of the Real Time information.
This includes the information about the distribution of patients, drugs and doctors can be collected and shared by a central repository of data through CRM software which ensures that there are no similarities between the supply and demand given at that time.
The benefits provided by SalesBabu Pharma sales force automation software (Pharma SFA) are-
- Day-to-day Pharma reporting software
- Follow up reminders
- Pending follow-ups reminder
- Timely delegation of activities
2. Develop a good relationship with clients
Customer relationship and customer satisfaction are the two most important sides of a coin in any business firm. Pharmaceutical sectors also need to develop a good relationship with their clients for a longer time period. Though the pharmaceutical sector is facing difficulty in maintaining a good relationship and building trust from their customers, the CRM pharmaceutical software is playing a vital role in doing so.
The Doctor Info Management software helps to manage detailed records as the system uses electronic way to store the data in a structured form. With the help of the pharma CRM the MR (Medical representatives) executives can manage all the contact details that includes name, contact number, speciality, visiting time, products, birthdays, special occasions, etc in the master database module.
The trusted SalesBabu Pharmaceutical software provides various benefits through their Doctor info Management Pharmaceutical software. The benefits are –
- Customer contact details
- Management of detailed product details
- Doctors appointment with their professional details
- Sample records and images store facility
3. Primary and Secondary Sales Reporting
Medical Representatives (MRs) are designated particular localities where they are needed to surrender their monthly sales and stock closing pharmaceutical reports to the head office on a routine basis. The organization grants the MRs with foremost sales and closing stock forms, streamlining the reporting process. MRs are assigned with filling in the required information and sending the completed forms to headquarters.
The implementation of Pharma Automation software has streamlined such a process, allowing MRs to provide their pharmaceutical reports online. This not only regulates ease for the MRs in their workflow but also reduces the likelihood of mistakes or errors, assuring systematic and efficient reporting.
4. Pharmaceutical Marketing Strategy
Introducing a subtle approach to encourage pharmaceuticals is both ethical and legal. Distributing small gifts and creating displays at pharmaceutical counters and on doctors’ desks proves to be an effective way to capture customers’ attention. Such strategy becomes even more influential when pharmaceutical software is utilized to gain comprehensive detail on all pharmacies, doctors, and potential clients in a particular area, along with associated open and close activities, along with the assistance of pharma marketing software.
While encouraging any prescription drug, adhering to ethical standards is most imperative. The permissible soft approach includes providing small gifts, pens, and exhibits at pharmaceutical counters and doctors’ desks to provide a lasting impression on customers. Such an approach should be cautiously planned and executed with insight. The integration of Customer Relationship Management (CRM) software tends to become invaluable in collecting information on pharmacies, doctors, and customers in the provided area, along with their related activities.
5. Right management of activities
The MRs (Medical reps) are required to regularly optimise their sales force resources effectiveness, manage activities schedule for the MRs (i.e, monthly/quarterly/ half-yearly) and also focus on profitability. Managers and top level management can keep track of MRs when they are on the field. They can view the list of product promotions done by the MRs, assist and monitor their performance as well.
The benefits provided by SalesBabu MR pharma Reporting software are-
- Monthly Tour Plan
- On-time reminders
- Daily Call Reports management(DCRs)
- Sample/Gift Inventory
- Sales Target & Product Order Booking
- Real time reports
6. Competitor analysis
Price competition among branded drugs usually occurs at the level of insurers and PBMs. Brand drug manufacturers compete on the prices paid by patients and their insurers by offering rebates to insurers in exchange for more favorable formulary placements. With the use of Pharma CRM & MR Reporting software, you can
- Capture and upload real time image of band positioning.
- Realtime band availability tracking at distributors.
- Share real time information with reporting officers.
Read our blog – Reduce Operational Cost With Inventory Management System
Conclusion
Over the years MR pharma Reporting software or pharmaceutical software has earned immense popularity and appreciation of the pharma industry. SalesBabu’s MR pharma Reporting software is a dedicated cloud based pharma CRM solution (CRM in pharmaceutical) that actually increases sales force effectiveness by over 30% and reduces operating cost by over 80% which finally translates into higher Profits. Many of our customers have rated our CRM in pharma industry (medSFA On Demand) as one of the best pharmas CRM and prestigious Best Pharmaceutical Software.
MR pharma Reporting software is the pioneering online Pharmaceutical Sales Force Automation (SFA) Software solution, developed and marketed by SalesBabu Business Solutions. MR has been successfully implemented in major pharma manufacturing and marketing industry, where it is profitably running since years. We provide the best MR pharmaceutical software – the Reporting software for Pharma CRM.
SalesBabu is delighted to introduce an all new MR pharmaceutical software – the Reporting Mobile App, that brings your field staff information and our services closer to you. Our MR Reporting Mobile App is now even more user friendly ensuring a delightful experience on mobile while Tracking DCR, Tour Plan, Expense status viewing and much more. MR Reporting software free demo click here. You can also visit our website https://www.salesbabu.com/ to know more.
