What Drives the Top Line in Pharmaceutical Sales?

SUSSEX, NJ, USA, November 3, 2021 /EINPresswire.com/ -- Speaking from over 20 years experience in pharmaceutical sales, sales training, and executive sales leadership, Marc Beardslee notes that when hard times hit the industry, some companies seek to cut costs and others seek to increase sales. However, it's the companies that focus on sales, the top line in their income statement, that are the most resilient.

But how do pharmaceutical companies drive sales?

Marc Beardslee says that the critical challenge for any pharmaceutical sales management team is to create the right culture and mindset, teach the right skill sets, coach the right behaviors, provide the right tools, and lead salespeople to properly execute and form the right kinds of relationships and partnerships with customers. Medical professionals look for better ways to treat patients and provide the best possible care. Pharmaceutical salespeople are among the people to whom medical professionals turn when they are looking for help. The best way for the company to gain market share is for its sales representatives to become the people that medical professionals feel they can turn to when they need new, honest, accurate, and actionable ideas for treating their patients. In turn, the executives in the corporate suite need to be the honest, accurate, and practical purveyors of knowledge and experience to their sales teams.

Possibly the worst scenario for any company is to be on-target with cost reductions, while repeatedly missing top line sales targets. Continually low sales can have a significant negative impact on sales force morale. If negative news is reinforced by what sales personnel are hearing from customers, the problem is made an order of magnitude worse.

Successful pharmaceutical companies focus on the development and continuous improvement of sales people. They focus on them at the beginning of any major management initiative. They keep them in the loop and seek their contributions on marketing initiatives, incentive structures, training needs, managed care partnerships, and patient out-of-pocket cost reduction strategies.

Pharmaceutical companies can never let up on their investments in R & D, because that is where future revenues come from. But they also have to sell the drugs they have within the window of opportunity provided by patent protection. Just like you must differentiate between the brands of products, you must be able to differentiate your sales people from others by helping to establish them as the go-to source of information, a business partner, and trusted asset for all of the pharmaceutical company's customers.

Doctors don't have as much discretionary time as they used to. They depend on professional pharmaceutical sales representatives to help them keep up with the latest developments. The sales reps that garner repeat business have a rock-solid product, competitive product, and marketplace knowledge, and they expect their sales figures to reflect the trust they are building within the doctor's office. The more trust the sales rep can build by being an honest, accurate, and timely source of information, the more confident the HCP will be in selecting their product for each appropriate patient and the company will sell more and their revenues will increase.

Marc Beardslee believes that competence equals confidence and that great pharmaceutical sales reps are trained and not born. He specializes in training, coaching, and leading sales representatives and sales managers to identify and fill gaps in their preparation and execution to ensure their sales objectives are met and company goals are achieved.

Caroline Hunter
Web Presence, LLC
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