As we enter the final quarter of the year, pharma sales leaders face an increasingly complex challenge - gaining critical access to key decision-makers in a rapidly evolving healthcare landscape. The pharma sales environment has undergone dramatic changes in recent years, making the traditional sales playbook obsolete. Today's successful pharma sales reps must navigate a multi-stakeholder environment where access is both more crucial and more difficult to achieve.
How Pharma Sales Has Changed:
Healthcare Consolidation: The rise of Integrated Delivery Networks (IDNs) and large health systems has centralized decision-making.
Value-Based Care: Shift from volume to value requires engagement with a broader range of stakeholders.
Digital Transformation: Increasing reliance on digital channels for information and communication.
Restricted Access: Many healthcare facilities have limited or banned in-person sales visits.
Formulary Complexity: More sophisticated and restrictive formularies require multi-level approvals.
In this new landscape, pharma sales success depends on gaining access to multiple stakeholders throughout the sales cycle:
Physicians and other prescribers
Pharmacy directors
Medical directors
Payers and formulary committee members
Hospital administrators
Key opinion leaders (KOLs)
Each of these stakeholders plays a crucial role in the decision-making process, from initial product awareness to formulary inclusion and ongoing utilization. Failing to engage with any one of these groups can derail the entire sales process.
At Echelon, we've developed the STAR methodology to help pharma sales teams overcome these complex, time-sensitive access challenges, particularly in high-stakes Q4 scenarios. STAR stands for:
S - Strategize: Carefully map out key stakeholders and influencers within target organizations. Understand the current formulary status, decision-making processes, and potential pain points for each stakeholder group.
T - Target: Identify and prioritize the most impactful decision-makers and influencers across the entire stakeholder spectrum. Develop a multi-pronged approach to ensure you're engaging with all necessary parties.
A - Adapt: Tailor your approach and messaging to each stakeholder's specific needs, priorities, and role in the decision-making process. Be prepared to articulate clear, concise value propositions that resonate in a time-crunched Q4 environment, whether you're discussing clinical efficacy with a physician or budget impact with a payer.
R - Resourcefulness: Get creative in finding ways to connect with hard-to-reach stakeholders. Leverage digital channels, internal champions, and value-added services to open doors that may be closed to traditional sales approaches. This might include offering educational webinars, providing data analysis tools, or facilitating peer-to-peer discussions among KOLs.
By applying the STAR methodology, pharma sales leaders can empower their teams to:
Navigate complex IDN and health system structures more effectively
Identify and capitalize on year-end budget opportunities across multiple departments
Position products for inclusion in 2025 formulary planning at various organizational levels
Build momentum for strong Q1 performance by laying groundwork with a wide range of influencers
As you evaluate your Q4 strategy, consider how the STAR approach could help your pharma sales team break through access barriers and finish the year strong. Remember, in today's multi-stakeholder environment, gaining access is not just about persistence - it's about being strategic, adaptable, and bringing genuine value to every interaction across the entire spectrum of decision-makers.
At Echelon, we specialize in helping pharma sales leaders implement proven methodologies like STAR to drive measurable improvements in stakeholder access and performance. Our approach includes:
Comprehensive Stakeholder Mapping: We help your team identify all relevant decision-makers and influencers within target organizations.
Custom Access Strategies: We develop tailored strategies for each stakeholder group, considering their unique priorities and constraints.
Multi-Channel Engagement Training: We equip your reps with the skills to effectively engage stakeholders across various channels, from in-person meetings to digital platforms.
Value Proposition Workshops: We help your team craft compelling, stakeholder-specific value propositions that resonate in today's value-based healthcare environment.
Access Metrics and Analytics: We implement data-driven approaches to measure and improve access rates across all key stakeholder groups.
Call to Action:
If you'd like to learn more about applying STAR principles to your Q4 pharma sales strategy and improving your team's ability to navigate today's complex, multi-stakeholder sales environment, we invite you to reach out for a complimentary consultation.
Contact us at info@echelonperformance.com or schedule a free 30-minute consultation. https://calendly.com/edwardmccarthy-1
Let's work together to help your team break down access barriers and drive success in this challenging landscape.
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