Adapting Pharma Sales to Increased Hospital Consolidation
The healthcare industry, in recent years, has been undergoing significant transformations, before, during and after covid, one such significant change is the increased hospital consolidation, which is a response to financial pressures. As hospitals consolidate to form large networks, pharmaceutical sales strategies must evolve to stay effective and competitive.
Strong Partnerships for Hospital Consolidation
A loyal customer is a boon to any company, and for customers to be loyal the brand needs to put in the effort. Hospital consolidation often leads to centralized decision-making and bulk purchasing agreements, i.e. multiple hospitals will be taking orders from one pharma brand, this means that losing out on a contract with the larger entity means losing purchases for many hospitals. Thus, hospital consolidation makes it important to build and maintain strong relationships. For this, engage with hospital administrators, procurement officers, and HCPs. Use AI tools to segment customer data and use the insight provided by AI to customize marketing strategies and content creation. Also, proposing collaborative initiatives like providing value-added services, patient awareness programs, etc, can further cement these partnerships and ensure long-term collaboration.
Leverage Data Analytics and Customized Marketing.
In the age of data, leveraging data analytics is a smart decision for effective pharmaceutical sales strategies. Data analytics enables pharma companies to gain insight into patient demographics, and treatment outcomes across large networks formed by consolidation of multiple hospitals. This information is valuable because it helps build stronger relationships by predicting the needs of the hospital consolidation network and tailoring sales pitch, content and marketing campaigns around this need. By utilizing analytic tools like Multiplier AI, pharma companies can gain the upper hand in the competition. Multiplier AI solutions provide customer segmentation, deep market insights, predictive analytics, performance tracking, etc.
Leveraging Digital Technology
There can be no effective strategy that does not involve embracing digital technology in the digital era. Consolidated hospital networks often require digital platforms to communicate with each other and pharma companies, Centralised management systems like CRM, and DAM can integrate multiple digital networks for better communication and personalisation of content that tailors demands of different segments as formed by AI tools. A centralized digital platform like web portals or mobile apps provides a centralized repository of various information that can be accessed by anyone on the network, from anywhere, the data in these platforms can include treatment guidelines, medicine side effects, etc, and is updated in real-time. CRM should be able to integrate multiple communication channels and tools to get updated information in real-time.
The consolidation of hospitals presents a challenge to the pharmaceutical industry and they could incur a huge loss if they cannot get a hospital network on board with them. By building strong partnerships, utilizing data analytics and utilizing digital technology, pharma companies can navigate the complexities presented by the consolidation of hospitals.