New Delhi: Country’s pharma industry may see a dramatic shift in its marketing model over the next 10 years, with sales force being refocused and its size trimmed, according to a latest report.
The current role of the pharmaceutical industry’s sales and marketing workforce is expected to be replaced by a new model over the next ten years as the industry shifts from a mass-market to a target-market approach to increase revenue, according to the PricewaterhouseCoopers (PwC) report.
According to the global consultancy, the pharma industry’s sales force of the future would be dramatically smaller, more agile and require new skills including an education in science or health, greater understanding of specific complex diseases and the ability to negotiate with powerful payers and medical specialists.
Its focus would no longer be just selling products, but better managing of health outcomes through a full complement of health management services, including health screenings, compliance programmes and nutritional advice, the report stated.
Sales & Marketing function of big pharma will undergo dramatic changes over the next ten years. Focus will be on speciality and niche drugs and less on blockbusters on outcomes and what works in order to show value for money to payers.
“The challenge of the business model will be to evolve along with these changes. This will also impact India generic companies as they migrate to specialty products,” PwC India Pharmaceutical and Life Sciences Practise Associate Director Sujay Shetty said.
The report outlined the range of dynamics leading to a new marketing and sales system which include — balance of power is shifting to payers, product portfolio would change and specialised medicines market to expand in size.
According to PwC, the future sales and marketing process must master each of these dynamics and synthesize them into a new system.
The report pointed out that the pharma companies would need to restructure their marketing functions and appoint key account managers who will collaborate with healthcare players to provide proof that a product is really safer and more economical than its rivals.