Healthcare relies on the pharmaceutical industry to develop breakthrough drugs that save and enhance lives. Sales are key to driving innovation and making sure medicines are available. Pharmaceuticals have their own challenges, like data, segmentation, and predictability.

Hi, I’m Dilan. As the Account Manager of B2Metric, I’ll share my insights within this blog!

3 Main Challenges

Pharma faces three main challenges that impact sales and operations:

1) Unpredictable Supplies:

Supplies, including raw materials and active pharmaceutical ingredients can be unpredictable, affecting production schedules. 

Additionally, after the production process, the demand for medicines changes from time to time from pharmacies. The result is shortages of essential medicines and supply chain disruptions. It can also make it difficult for manufacturers to plan their production.

2) Data Management for Sales Teams:

Sales teams often struggle with accessing and organizing critical data due to the lack of proper data management systems and processes. Without data, you can't make accurate predictions or better decisions. As a result, sales teams are not able to reach their maximum potential.

3) Segmentation of Doctors, Pharmacists, and Medicines:

To set a tailored marketing and sales strategy, it is essential to segment the market by understanding the unique needs of doctors, pharmacists, and patients.

Analyzing data such as demographics, purchasing behavior, and client feedback are important to achieve these strategies. With this information, companies can tailor marketing campaigns and strategies to their audience's needs.

How to Solve These Challenges?

Knowing the key pillars that drive pharmaceutical sales is key to accelerating sales. Understanding the company's pain points will help them identify and address them more effectively.

1) Clinical Trial Data Analysis

Clinical trials are an integral part of pharmaceutical development. Due to data gaps, misleading results, sample size, and experimental design analyzing this data can be challenging. 

Pharma companies must invest in robust data analytics tools and methodologies to overcome these challenges. Through this investment, accurate and meaningful insights are derived from clinical trial data, speeding up drug development.

2) Big Data Management

Making efficient data management a significant challenge. For efficient data storage and analysis, these companies need the right infrastructure. Using advanced data management solutions and cloud-based platforms streamlines data storage and retrieval and improves research and development efforts.

3) Bioinformatics and Genomic Analysis

Analysis of genomic data is crucial to drug development, helping us understand genetic variations and diseases. The problem is that interpreting genomic data is complex and requires specialized knowledge. By investing in bioinformaticians and giving them advanced tools, pharmaceutical companies can make genomic data analysis easier. New drug targets can be discovered and personalized medicines developed, which will impact sales.

4) Monitoring Drug Efficacy and Side Effects

Extensive patient data is needed to monitor drug effectiveness and side effects. Early detection of safety issues requires regular analysis of this data. Utilizing data analytics to track product performance can improve public trust in a company's products, potentially boosting sales.

5) Drug Cost Analysis

The pharmaceutical development process is expensive. Budget management and cost control require effective data analysis. Monitoring drug development expenses regularly and implementing cost analysis tools can help companies find savings. As a result, drugs become more affordable and more accessible, positively impacting sales.

6) Market Analysis

Pharmaceutical companies need to understand market demands and competition. Analyzing data is key to identifying market trends, segmenting the market, and designing marketing strategies. Market analysis tools can help companies make data-driven decisions about product launches, marketing campaigns, and sales tactics. This strategy can help you grow sales and market share.

• In order to increase sales, advanced technological tools are necessary to catch -up with modern sales methods and stay on top of the market. Integration of technology resources and insights can be of great help in many ways.

• The pharmaceutical industry can revolutionize the way it distributes its products if it combines tradition with modernity. Applying the latest technology products, artificial intelligence and machine learning to their businesses, as in many sectors, this completely changes the face of modern sales in the pharmaceutical industry! 

• What is Micro-Segmentation in Pharma Industry?

A micro-segmentation strategy divides a market into small, highly targeted segments based on specific characteristics. It allows pharmaceutical companies to tailor their marketing messages and approaches to niche groups within their target audience, improving sales.

B2Metric models data to produce marketing channel predictions and segmentation using AI-based digital optimization tools.

In order to increase efficiency and effectiveness for marketing initiatives, B2Metric combines several data tools for specific purposes and integrates with 50+ Marketing, CDP, and CRM solutions.

Predictive Analytics to Improve Supplies:

We have previously mentioned that unpredictable supplies are one of the biggest challenges facing the pharmaceutical industry. This wastes the company's resources and leads to decreases in sales activities and revenue.

B2Metric provides predictable data analytics which enables to set of effective strategies on both producing and sales processes and leads to the saving of company sources.

Meet us to talk further about how our solutions can improve your business. If you want to see how our solutions work , explore the demo now!