Overcoming 7 Top Challenges of Commercial LeadersPractical Strategies for Addressing Persistent IssuesAs the life sciences industry becomes increasingly competitive, digital, and complex, commercial leaders are turning to comprehensive, centralized omnichannel approaches grounded in data, advanced analytics, and deep domain expertise. A recent report assessing industry advertising budgets found that pharma ad spend continues to grow, marking a year-over-year increase of 12 percent—with most of those new dollars spent on digital activities.1 While, in theory, these investments can support improved personalization and commercial effectiveness, many marketers have yet to observe a significant measurable impact.A survey of 130 biopharma executives conducted by Industry Dive set out to pinpoint what’s causing this disconnect. Seven key factors emerged, including organizational silos, data exchange problems, and a lack of tech integration. In this playbook, with the help of biopharma experts, we’re exploring practical solutions pharma leaders can use to navigate and overcome them. The pages that follow summarize the survey findings and offer actionable recommendations on overcoming each key challenge grounded in expert perspectives.1. https://www.standardmediaindex.com/insights/u-s-smi-core-release-note-september-2022/Biqvia.comChallenge 1: Interdepartmental silos “It’s unsurprising that the top challenge leaders experience is organizational silos,” says Pooja Jain, Global Director of Orchestrated Analytics at IQVIA. “Not only is this causing major operational inefficiency, but it has a significant impact on brand performance due to outreach programs lacking true omnichannel personalized engagement for each and every HCP.” For instance, MSLs and reps might independently develop their own engagement strategies such that it creates a duplication of efforts and more touchpoints than HCPs care to have, she said. This can lead to HCP disengagement, which, in turn, will affect prescribing behavior. Therefore, leaders across departments not only benefit from shared visibility of everyone’s upcoming engagement plans but also meaningful, data-informed coordination of those activities from pre- to post-launch.“A ‘360 viewpoint’ can provide a deep, near real-time understanding of your targets, which can inform a team-coordinated engagement approach built around high-value HCP segments,” Jain said. “Moreover, embedding AI/ML for more accurate, transparent, and predictive engagement insights can further support coordination. The key is to make sure everything is linked to business objectives and that the outcomes are measurable. This can help motivate teams to work together as they see the benefits of teamwork.”However, Jain also points out that breaking down these silos requires an institutional and cultural shift that focuses on holistic collaboration. In response, some commercial teams...
