SOURCE: Cutting Edge Information

Cutting Edge Information

February 24, 2016 10:00 ET

Key Account Management Job Candidates: Previous Sales Experience Ranked as Most Preferred Background by Surveyed Life Sciences Companies

RESEARCH TRIANGLE PARK, NC--(Marketwired - February 24, 2016) -  Key account management (KAM) is a relatively new concept that many life sciences companies have only begun to implement in the last five years. As such, firms are not yet afforded a wide array of experienced candidates, and hiring managers must, therefore, be able to recognize translatable skills in KAM job applicants. According to a recent study by primary intelligence firm Cutting Edge Information, surveyed companies looking to hire key account managers rank a sales background as the most preferred.

Sales representative candidates were chosen first out of seven professional backgrounds because they are best fitted for KAM responsibilities and performance. Medical science liaisons, health outcomes liaisons and key account managers from other industries were also rated on the survey scale.

To find ideal candidates, many firms look to individuals with experience interacting with customer accounts: for the majority of surveyed companies, this is their sales force. One executive surveyed for Pharmaceutical Key Account Management: Forging a Unified Relationship with External Stakeholders reported that most life sciences companies look to individuals who have managed territories, as well as those who have successfully overcome customer engagement issues and who have met specific quotas. 

"Increasingly, key account managers are the industry's answer to regulations like the Sunshine Act, which has caused many physicians to close their doors on traditional pharmaceutical sales reps," said Victoria Cavicchi, senior research analyst at Cutting Edge Information. "Key account management strategy continues to gain momentum, and companies are relying on these teams to forge strong relationships with commercial stakeholders."

Pharmaceutical Key Account Management: Forging a Unified Relationship with External Stakeholders, available at http://www.cuttingedgeinfo.com/research/sales/key-account-management/, details how key account managers combine sales proficiency with managed markets knowledge to create a single point of contact for diverse customers who have different and challenging needs.

The study includes:

  • Implementation of KAM teams to shift commercial strategies to a more customer-centric, holistic account management practice.
  • Examination of profiles belonging to real-world KAM teams to benchmark your internal operations.
  • Information on ensuring that account interactions align with stated and defined goals of the KAM function.
  • How to recruit and keep the top-performing experienced pharma sales reps to fill KAM teams.

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