The pharma industry has kept adapting to new scenarios to optimise growth potentials in the past few years. However, as the world collapsed with the advent of the Covid19 pandemic, the pharma industry, like many others, was swept away by the rapid changes in the growth market.
The global pandemic overturned the traditional operating models for pharma, demanding a rapid transformation to already emerging practices. Interactions and operations within the industry took a digital shift, compelling the companies to improve their digital capabilities swiftly. Enabling virtual connectivity with the HCPs and patients became a necessity.
But in the post-pandemic settings, companies have understood the power of such practices and the resultant exponential growth by operating model customisations. This has pushed them to re-analyze their business models and implement them for the desired outcome.
According to PharmaTimes, the global pharma market is expected to surpass $1.5 trillion in 2023. This article from Growth Jockey aims to provide you with insight into the changing operating model in the pharma industry.
Digitised communication, a mandate, has become a priority for many companies. Most companies are bent on developing digital capacities to reinforce virtual communications with the HCPs (Healthcare Providers). They also aim to create a dynamic team by furnishing them with extensive data for quicker decision-making to streamline stakeholder engagement.
Earlier, a few companies understood the need to transform the traditional operating models where field representatives mainly relied on physical meetings with HCPs following a ‘push’ marketing model. The pandemic, however, restricted these communications as it restricted physical interactions.
To overcome these challenges, sales executives started devising customised virtual marketing strategies as online interactions allowed them to understand the demands and needs of patients and HCPs. For instance, many companies are now incorporating business models that will enable HCPs to sign-up on their websites at their convenience to attend video conferences and acquire information on drug usage etc.
By implementing new operating models for the pharma industry, companies are providing easy passage to their stakeholders to connect with the experts. Their business models focus on creating roles to serve as single contact points for each stakeholder to attend to their needs. This helps the stakeholders find the correct information from suitable sources. The provision for connecting directly with the experts has improved remote expansions for the companies.
With Growth Jockey, you can access multiple solutions for implementing such a model in the pharma business to boost customer experience for your brand. You can devise effective strategies to develop a healthy relationship with your stakeholders to enhance your business expansions further.
Working in a virtual environment has pushed the pharma industry to employ a more agile operating model. Interactions with coworkers and across cross-functioning teams in a virtual setup require objective planning. This has resulted in concise and relevant discussions, carefully constructed meeting agendas, and prompt decision-making.
During the pandemic, companies with an agile approach found it easier to adapt to emerging business models as they were used to working in smaller, more qualified multitasking teams, which ensured moving toward progress at a faster pace.
Introducing an agile approach has compelled companies to generate a business design that focuses more on other performance metrics than sales. This helps in stimulating actions based on the specific needs of the HCPs. For instance, some companies have adopted a new model in pharma industry operations that gives priority to HCP feedback over sales volume to assess their performance.
Another essential element of an agile marketing approach is recognising the differences between each product and business unit to employ a flexible risk-management strategy. For example, companies are now developing significant legal compliance and marketing resources suited to each business unit rather than devising a single team for all. This initiative guarantees effective and efficient risk management for all products and services.
After the pandemic, the significance of digitalising global databases has increased tenfold as it allows you to have a deeper understanding of your stakeholders. This helps in comprehending their needs and demands to generate better business models in pharma.
Utilising Big Data in health care has equipped pharma companies to thoroughly understand the HCPs, patients, and client trends. It allows them to provide customised treatment solutions for them. Moreover, Growth Jockey can help you analyse the rising digital trends to facilitate practical model constructions.
The past two years were a difficult phase for the pharmaceutical companies as attracting certain target groups became challenging. There were no set ways to construct a fruitful relationship with various stakeholders like physicians and patients. These unforeseen social restrictions have paved new meaningful modes of communing with others via multi-access. In the post-pandemic world, pharmaceutical firms are forced to develop sensible sales strategies that can work through virtual channels.
Pharmaceutical companies have started employing appealing operating models in their marketing strategies. This allows them to develop a blended experience that incorporates a mix of channels with relevant data and customised customer communication. To improve the experience, companies are now approaching the stakeholders through their preferred channels and delivering personalised and ingrained documents. Integrating an omnichannel strategy allows pharma companies to adapt to changes in actions or requirements quickly.
Some aspects of the operating model in the Pharma industry have taken a backseat in the past years. There needs to be more reconsidering of the number of sales representatives in the field. Before the pandemic, the industry was keen on hiring a workforce at the minimum possible costs. However, restructuring human resources and equipping them with excellent skills can enhance engagement.
Companies must consider the capabilities required to aid the HCPs while structuring their business model. These aspects need to be modified as the quality of HCP engagement matters more than costs.
The pandemic has pushed the pharma industry to concentrate on where to spend their resources and time. Keeping up with these changes and modifying the operating models in pharma is essential to thriving in business. Any pharma company not willing to improve its stakeholder-engagement tactics should reconsider its decision to enhance growth prospects because the companies which include this strategy in their model for business will be able to deliver the demands of the HCPs and patients.
Companies also should re-evaluate their organisational constructs. They should refrain from investing their resources in endeavours with low chances of success. Companies must prioritise ambitions that can develop top-notch engagement with HCPs and other stakeholders with limited resources.
The Pharma industry are changing drastically, and the future could be better. But their current choices will influence the models’ outcome, engagement quality and efficiency. With Growth Jockey, Pharma companies can stay updated with the changing trends and construct their operating models accordingly. They should prioritise those components of the model that have better chances of increasing growth potential.
At Growth Jockey, we are fully committed to developing customised operating models that effectively address the critical challenges faced by our clients across various industries. Irrespective of your company's size, whether it's a small-scale enterprise or a large corporation, you can now benefit from our tailored solutions.
Take the decisive step towards unlocking the next level of growth for your brand by reaching out to us today!