Sales force intelligence, which is technically a subset of field force intelligence, is an example of benchmarking. Benchmarking is the comparison of the metrics, processes, and practices of a particular business against others in the industry. Proponents of benchmarking argue that it is one of the best decision-making tools available, as it brings an external perspective to the table, triggers sanity checks, eliminates internal biases, reveals blind spots, and provides an opportunity to emulate or exceed.
Applications of pharma sales force intelligence
The sales force is the most significant resource deployed by pharmaceutical companies in order to drive the uptake of their assets. The utilities of sales force intelligence benchmarking exercises are numerous, for both emerging and established pharmaceutical, biotechnology, diagnostics, and medical devices companies. The primary stakeholders of fieldforce and salesforce intelligence are brand teams, launch teams, competitive intelligence, commercialization strategy, licensing and partnering, new product planning, search and evaluation, etc. While there are numerous applications of pharma sales force competitive intelligence, we describe some of the key ones below:
- Performance improvement and understanding the practices and praxis of the best player in the industry
- Understanding peers’ sales force strategy, and refining one’s own strategy
- Assessment of human resources requirements for the launch of new products
- Evaluation of investment requirements to establish and augment sales capabilities
- Elimination of any uncertainty associated with the estimation of resource requirements for commercialization
- Optimization of go-to-market strategy for launch and commercialization
- Monitoring salesforce resources deployed by a pharma player over a time period
- Understanding the messaging used by a pharma player with the prescribers
- Comparison of in-house commercialization effort with licensing and partnering deals
- Negotiation assistance with respect to deal terms
BiopharmaVantage takes pride in providing premium quality worldwide sales force intelligence and wider competitive intelligence services to pharma, biotech, diagnostics and medical devices companies. If you would like to explore how we can assist, then please get in touch with us.