RESEARCH TRIANGLE PARK, NC--(Marketwire - October 5, 2007) - Almost half of new
pharmaceutical sales reps' training time is spent learning about products,
according to a new study released by leading competitive intelligence
provider Cutting Edge Information. The study, "Pharmaceutical Sales
Management 2008," available at
http://www.PharmaSalesManagement.com,
examines the sales management strategies and techniques of several leading
pharmaceutical companies.
Among many other topics, Cutting Edge Information's study addresses the
training methods companies employ to equip sales forces. Of the many
skills sharpened in training programs, product knowledge is favored over
any other subject. Cutting Edge Information's survey reveals companies
devote a notable 46% of new-rep training time to exploration of the product
itself. In contrast, other vital skills, such as selling tactics and
business acumen, are given much less time. For instance, sharpening
selling skills only represents 25% of new-rep curriculum.
One might question why pharma companies pump extensive product knowledge
into their training programs, while other industries tend to focus training
mainly on sales tactics. The explanation rests with the demands of one of
pharma's primary customer groups -- physicians. "Some physicians request
detailed product information, such as clinical trial data, on the spot,"
explains David Richardson, senior research analyst for Cutting Edge
Information and lead author of the study. "Sending reps out without
thorough product knowledge can ruin relationships and negatively impact the
product's image."
To satisfy physicians' demand for information, many companies provide their
reps with printouts of clinical trial results in case a physician is
curious. This foresight allows reps to cater to each individual physician
by providing additional layers of product information when requested.
Companies that produce well-trained, knowledgeable sales forces can expect
to see dividends as doctors begin to view sales team resources as value-ads
for their individual practices.
"Pharmaceutical Sales Management 2008" explores the latest trends, budgets
and strategies of top pharmaceutical companies. Key metrics in the report
include:
-- Budgeting and Financial Support
-- Structure and Headcounts
-- Product Prioritization, Territory Alignment and Coordination
-- Training and Development
-- Sales Compensation and Reward Programs
-- Rep Activities
-- Segmenting and Targeting
-- Overcoming Reduced Physician Access
-- Optimizing Time Earned with Physicians
To download a free, online summary of this report, visit
http://www.cuttingedgeinfo.com/pharmasalesmanagement/PH103_Download.asp#body.
Contact Information: CONTACT INFORMATON:
For more information or to learn about other Cutting Edge Information
research, contact
David Richardson
919-433-0216