Formulating an effective CRM strategy (Strategy Focus): Industry Research Report

Formulating an effective CRM strategy (Strategy Focus)

Published Date: August 2007

Published By: Datamonitor

Page Count: 15

Order Code: R313-25009

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DATAMONITOR VIEW: CATALYST; SUMMARY; ANALYSIS; Pharma companies need to increase drugs' profitability during their profit window; Sales need to be more effective in a short period of time; Getting the message of the new drug across is essential; A genericized trademark is the 'holy grail' for pharmaceutical companies; Viagra - a success story of branding; CRM and unified communications can help to make a reduced sales force more effective; Unified communications will help to increase sales; An effective communication strategy is based around the sharing of information; Knowledge of the physician is crucial to making the most of the time spent with them; Having a flexible sales force can allow market changes to be cushioned and demands shifted; Pharma needs to come up with an effective long term sales strategy and be less conservative; CRM solutions should be part of creating a coordinated marketing and sales approach; Coordination means communication from all departments; At the heart of this approach must be sales and marketing working in tandem; Pharma companies need CRM solutions that manage both the patient and physician; Reaching the patient is continuing to increase in importance; Providing the patient with sufficient advice and information is crucial as they become key influencers; As pharmacogenomics becomes more prevalent pharma companies need an appropriate strategy
ACTIONS: Vendors need to provide CRM solutions that can target different customers; Coordinated CRM solutions are essential to provide pharma with increased profit margins
APPENDIX: Definitions; Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Tables: Table 1: How likely are the following factors to affect or impact your prescribing decisions?
List of Figures: Figure 1: Increasing the profit from a drug during its lifecycle; Figure 2: Total CRM spending from 2006-2012; Figure 3: Market size for CRM by application from 2006-2012 in North America, Japan and EMEA; Figure 4: Diagram illustrating different strategies of pharmaceutical companies; Figure 5: Marketing Automation market size from 2006-2012