Rocked by the strong winds of change
A life sciences perspective of The DNA of C-suite sales and marketing leaders
The life sciences sector continues to be battered by change. In the past decade, it has experienced stalling demand in mature markets, price pressures in the emerging economies and the “cliff” of expiring patents.
“Sales representatives used to sell drugs to physicians. Now, the decision maker is not the physician, but the ‘payer,’ which might range from a state health authority to a private hospital group.”Silvia Ondategui-Parra
EY Partner, Life Sciences
New payment systems and new technologies are putting huge pressure on established life sciences companies, disrupting the traditional business model that relied on intensive R&D to identify compounds or products that could serve entire populations. The conventional sales channel, based on sales representatives targeting doctors, has been replaced by more complex relationships with multi-layered – and often non-medical – “customers,” including payers, regulators, patients, health technology assessors and policymakers. Such customers control access to the vast “managed market,” where health care costs are handled by managed care plan providers.
To succeed in the new environment, CSOs and CMOs have to understand needs and processes of new payers and to identify risks associated with emerging technologies. Discover what it takes to be a sales and marketing leader in this sector today.