The competitive industry like pharmaceuticals is highly regulated across the globe as it directly deals with patients' health and wellbeing. Its sales force plays a key role in marketing, communicating with Healthcare Professionals (HCPs) and other stakeholders. The sales force is responsible for driving sales and growth of the company, and measuring performance of the sales force is highly critical. Over the years, there have not been any changes in tracking Key Performance Indicators (KPIs); however, with the evolution of digital engagement, performance assessment is no longer dependent on volume-based metrics. For a very long period, the pharma industry focused on volume-based metrics for defining KPIs for its sales force that include number of calls made, number of visits to doctors, prescription counts, or sample distributions, etc. The quantitative metrics, although measured revenue, failed to reflect impact and true engagements with HCPs, which could drive more sales growth. With the changing pharmaceutical business landscape, KPIs should not only be measured by quantitative metrics, but inclusion of qualitative metrics would enhance performance and ultimately the sales revenue.
Essential KPI for Modern Pharma Sales
Doctor Engagement Rates
Effective doctor engagement does not mean a brief visit to a doctor but emphasizes valuable
discussion with HCPs in terms of quality and depth of the conversation.
Key metrics to consider are:
● Time spent on meaningful discussions: Tracking actual time spent communicating
scientific data, addressing queries or challenges with HCPs.
● Content Consumption: With the use of digital CRM tools, tracking email openings,
downloads of scientific content, or watching educational videos.
● Digital Outreach: Percentage of HCPs responding to emails or messages through
multichannel platforms.
Call Effectiveness
Call effectiveness is the quality of the call over visit numbers, focusing on the sales objectives.
Key metrics to consider are:
● Key message delivery: Post-call surveys can measure the delivery of key
messages by sales reps to HCPs.
● Prescribing commitment: Sales reps can record the commitment of HCPs towards
prescribing the product.
● Objection Handling: How effectively MRs are addressing and overcoming
objections of HCPs.
Formulary Wins
When a hospital approves a drug to be included in its list of approved medications, it is a
formulary win, and is a very important KPI.
Key metrics to consider are:
● Number of formulary wins: Counts successful approvals of the product.
● Value of formulary approval: Sales revenue attached to the formulary win for the
product.
● Formulary Penetration Rate: Percentage of hospitals where the product is listed.
ROI from Digital Channels
Return on Investment (ROI) is a crucial metric that shapes strategies for marketing and sales
investments.
Key metrics to consider:
● Cost Per Engaged Doctor (CPE): Investment needed for a meaningful outcome
from HCP engagement through digital channels.
● Conversion Rates: Percentage of doctors who consume digital content and take
action, i.e., prescribing a product.
● Portal Engagement: Time spent by clients on product pages, resources, website
visits, etc.
Gaps in Traditional Reporting
No Segmentation
The traditional system lacks segmentation of data based on doctors’ specialty, geography, or
channel.
Siloed Data
There is no synchrony between content, as different content pieces are not aligned, and it is difficult to use siloed data for digital engagement.
Quantity Above Quality
Dependency on sales figures and quantitative factors over quality indicators like HCP
engagement or call effectiveness.
CRM Incompatibility
In most cases, CRM data is not integrated with digital analytics.
Inconsistency in KPI
Across different regions or teams, there is inconsistency in KPI definitions due to the absence of digital platforms.
Aligning KPIs with Customer Behaviour and Omnichannel Strategies
Integration of CRM Platforms
Implementing CRM supports KPI tracking, sales processes, and ensures data can be shared
seamlessly across teams.
Pharma CRM like Keacyte delivers real-time insights that help pharma teams stay agile and
compliant.
AI-Powered Keacyte’s Core Functions Include:
● Daily Call Reporting (DCR) captures sales reps' interactions in real-time using smart
inputs like GPS tracking.
● Field activities like call planning and approvals are hassle-free. Its multi-channel
integration supports in-person, digital, and remote engagements with HCPs.
● Business intelligence dashboards help management teams monitor KPIs and take
corrective actions.
● Centralized control over doctor lists, product catalogs, and territory assignments.
● Available for Android and iOS, optimized for field use.
Training for Sales Reps
Sales reps can be trained to use digital platforms and capture interaction data with HCPs.
Regular Review of KPIs
Regular KPI reviews should align with your sales strategies and customer behavior in a dynamic market. It will help tweak KPIs to fit your sales goals.
Conclusion
In a highly competitive environment, if pharma companies rely on outdated sales metrics, it’s
a big ‘NO’ for growth. Pharma companies can redefine their KPIs with more insightful and
qualitative metrics like doctor engagement rates, call effectiveness, formulary wins, and ROI
from digital channels, which will provide a better understanding of what drives sales
outcomes.
Measuring KPIs is about fine-tuning your sales strategy, adapting to evolving customer
behavior, and maximizing the impact of an omnichannel approach.
Start evaluating your KPIs today!