Our analysis of recent trends and developments in the pharmaceutical industry has identified the key factors shaping Pharma CRM. As pharmaceutical companies navigate increasing sales and growing customer complexity, CRM solutions are crucial in streamlining operations and improving engagement.
Pharmaceutical organizations increasingly rely on technologies such as Customer Relationship Management (CRM) software to navigate this complexity. For more information on Pharma CRM Software, check out our article on Pharma CRM solutions.
Source: Statista
Figure 1. Global pharmaceutical sales between 2020 and 2022
This article assists businesses in making an informed choice when selecting a CRM system for their business and how to get the most out of their CRM software.
What is pharmaceutical CRM?
Pharmaceutical Customer Relationship Management (Pharma CRM) is a specialized software tool designed specifically for the pharmaceutical industry’s unique needs. It aims to streamline and enhance various customer-facing processes, helping pharmaceutical companies manage their relationships with customers more effectively and efficiently.
For those interested in buying a CRM tool, here is our pharma CRM software benchmarking and vendor selection guide.
Benefits of CRM in the pharma industry
1- Build better relationships with the customers
Pharma CRM software is a crucial tool for developing and sustaining solid connections with customers in the pharmaceutical sector. The software helps businesses keep a full 360-degree view of their consumers, including details about the customer’s needs, preferences, and contacts. This comprehensive view enables businesses to give specific assistance and recommendations, ultimately enhancing customer satisfaction and loyalty.
2- Data privacy and compliance
Several countries plan to implement strict pharmaceutical barcoding, serialization, and reporting regulations by 2025.1 This impending regulatory reform presents challenges for pharmaceutical businesses. CRM software can help address these concerns and improve customer data privacy and compliance.
- Regulatory adherence: Pharma CRM systems can be configured to ensure compliance with industry regulations, such as HIPAA and GCP.
- Audit trails: Built-in audit trails provide transparency and accountability, helping to mitigate compliance risks.
- Risk management: Pharma CRM software can help identify and address potential compliance issues.
3- Foster digital transformation
Even though digital transformation is a rising trend across industries, research indicates that half of the biopharma companies are yet to implement AI-powered applications into their strategies.2 A CRM software can be the key to unlocking this transformation. Its AI-driven automation capabilities offer a user-friendly and practical starting point for integrating advanced technologies into everyday processes.
- Analytics: CRM systems provide valuable insights into customer behavior, sales trends, and marketing effectiveness.
- Reporting: Customizable reports and dashboards allow for easy analysis of key performance indicators (KPIs).
- Forecasting: CRM software can help predict future sales trends and optimize resource allocation.
4- Supply chain management
In an industry where over 60% of companies struggle to meet new operational or virtual needs with existing suppliers, pharmaceutical companies can hugely benefit from an automated supply chain management facilitated by CRM software.3 The complex nature of the pharmaceutical supply chain, coupled with the constant evolution of operational needs, demands agility and seamless coordination between different stages.
CRM software, with its automation capabilities, can streamline supplier interactions, manage inventory in real-time, and enhance forecasting accuracy. For example, the software can send automated notifications to suppliers when inventory reaches re-order levels, reducing the risk of stock-outs. Moreover, using data analytics, CRM tools can predict demand trends and facilitate timely ordering, which is crucial in an industry where inventory holding costs and product expiry can be significant.
For those interested, here is our article on AI use cases for supply chain optimization.
5- Reduce costs
CRM software can directly address the primary cost drivers in clinical trials. According to research, patient recruiting and outsourcing costs account for a sizable 57% of total costs.4 Companies can substantially decrease patient recruitment costs by employing a CRM system. The software’s patient databases and automation features streamline the recruitment process, saving both time and money.
- Lead management: Pharma CRM systems help identify and track potential leads, ensuring no opportunities are missed.
- Sales force automation: Automation of tasks like scheduling, reporting, and data entry frees up sales representatives to focus on building relationships.
- Territory management: Pharma CRM software can optimize sales territory assignments, ensuring that sales reps are working in the most productive areas.
9 key features of pharma CRM software
1- Research and development
Pharmaceutical companies invest heavily in research and development (R&D) to innovate and create new products. Pharma CRM software helps manage these processes by tracking research data, project timelines, resources, and expenses, facilitating a more efficient and productive R&D operation.
2- Contact center automation
CRM software automates various aspects of customer service, such as tracking customer interactions, automating responses to common queries, and managing customer tickets. This automation enhances the efficiency of customer service, ensures timely response, and improves customer satisfaction.
3- Low-code/no-code development
Low code/no code development is a feature in CRM software that enables users with minimal coding knowledge to create or customize applications within the CRM system. Thus, users can increase the adaptability of the CRM software, allowing businesses to tailor it to their unique needs and automate specific tasks. This feature can be particularly beneficial in the pharmaceutical industry, where requirements can vary greatly and evolve rapidly due to factors like regulatory changes, new research developments, and shifting market conditions.
4- Adverse events monitoring
Adverse events or side effects of drugs can have significant implications on a pharmaceutical company’s reputation and liability. CRM software provides features for monitoring and reporting these events, ensuring compliance with health regulations and enabling swift action to address any issues.
5- Patient Engagement
Building strong relationships with patients is crucial for the success of pharmaceutical companies. CRM systems enable effective patient engagement through features like patient portals, adherence tracking, and patient surveys. These tools enhance patient satisfaction and improve treatment outcomes by providing personalized support and fostering direct communication.
6- Competitor analysis
Understanding the competition is vital for any business. CRM software can serve as a competitive intelligence tool to track competitor activities and market trends, providing valuable insights to develop competitive strategies.
For more information, check out our article on competitive intelligence tools.
7- Visits and route planning
For field sales and service teams in the pharmaceutical industry, CRM software can optimize visit schedules and plan efficient routes. This feature not only saves time but also ensures better coverage of healthcare professionals or pharmacies.
8-Real-time monitoring
CRM software offers real-time monitoring features that provide up-to-date information on sales, customer interactions, marketing campaigns, and more. These insights allow for quick decision-making and responsiveness to changing business conditions.
9- Healthcare Professional Relationship Management
Cultivating positive relationships with healthcare professionals is essential for pharmaceutical companies. CRM systems offer features to manage these relationships effectively. By tracking interactions, understanding preferences, and providing valuable resources, companies can build trust and increase product adoption among healthcare providers
FAQ
What are the key performance indicators (KPIs) your company aims to improve?
Identifying the KPIs that your company wants to focus on can help you select a CRM solution that is specifically designed to improve these metrics.
How is patient data handled and protected?
In the pharmaceutical industry, patient data protection is paramount. Assess the CRM software’s measures for data protection, confidentiality, and compliance with regulations like HIPAA (Health Insurance Portability and Accountability Act).
Is the software designed to handle your organization’s needs?
Since every organization has different needs, companies need to make sure that the CRM platform they choose does have features that can solve the challenges in the organization. The pharmaceutical industry has specific challenges, such as compliance with strict regulations, management of clinical trials, and tracking of drug samples. Choose a CRM software that is tailored to meet these unique needs.
Can the CRM software adapt to future trends?
The capacity of CRM software to adapt to future trends and technology is critical. It should be able to integrate advanced features such as AI and machine learning, as well as facilitate low code/no code development. This adaptability enables users who have no coding experience to personalize and automate processes within the software, ensuring that its utility and effectiveness stay up with changing company needs and technology improvements.
For those interested, here is our data driven list of CRM software.
Further Reading
- Top 10 CRM Trends
- Healthcare CRM Systems: Benefits, Key Features & Suggestions
- Top 10 Healthcare CRM Software for Hospitals & Medical Doctors
External Links
- 1. “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
- 2. “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
- 3. “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
- 4. “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
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