Innovation Journal - Cognizant
Innovation Journal - Cognizant Innovation Journal - Cognizant
REWIRE - FASTr Enables better adherence to “disciplined targeting” and focusing on high profile physicians based upon the latest predictive modeling. Optimized targeting generates an additional ~$50K per representative per year compared with sub-optimal targeting solution. Faster time to market helps field personnel build relationships with key opinion leaders, therefore setting the stage for future big event(s) and helping to influence an additional ~$70M of revenue in the long run. A comprehensive engagement helps maintain the right balance between strategic objectives and tactical field realities thereby reducing status quo processes by approximately 50%, enabling savings of $500K. “..wanted to let you know how incredibly pleased the brand sales team members were, with what your team has achieved. The brand director made specific mention that she was impressed and pleased.” Director, Targeting and Performance, Life Science Client
REWIRE - FASTr ”We have to be agile. We can’t keep losing these short-term market opportunities because of process bottlenecks. It takes three months to implement a change in promotional strategy, and this is costing us severely, both at the top and bottom lines. While our field and contract sales are critical to our success, we need a platform that will help us to be agile and manage them effectively. We need to drastically reduce our time-to-market from the current 12 weeks.” Such were the thoughts of a brand leader at a leading pharmaceutical company. After years of high margins and deep pockets, the pharma and biotech industries are in an era of slower growth. In an environment where 20% of physicians refuse to meet sales representatives 1 , decreasing returns from each promotional visit are etching deep lines on executives’ foreheads. On top of that are the worrisome headlines that appear in industry reports: ”The 10 biggest-selling drugs are about to lose their patent” or ”Global pharmaceutical R&D productivity declining, as sector relies heavily on aging portfolio.” 2 3 The healthcare industry has become very volatile, and the need to implement strategic decisions faster is the call of the day. Nitin Choudhary, a Senior Engagement Manager and on-site project lead from Cognizant’s Enterprise Analytics Practice, could very well read the anxiety on the face of the brand manager. He thought his strategic and account planning team should start working on the multiple realities that his client was facing, which includes: Shortened interaction times: Field sales representatives’ interaction time remains critical, even in agile targeting. Channel of choice: Field sales representatives continue to be the most effective resource for directly connecting with, and forming a relationship with, prescribers. High-cost channel: Personal promotion is an expensive channel, accounting for about 30% of marketing spend and each rep visit costing about $80. System complexities: A multitude of system and ramp-up constraints deter changes in targeting plans. With Cognizant’s maturing understanding of pharma sales and marketing solutions and client business, Nitin thought, the client needed to accelerate “strategy-to-reality” planning and identify a way to enable quick, on-the-go decisions to respond to dynamic market conditions. The time to market for a typical strategic decision in a product launch took eight to 12 weeks, including identifying the business needs, how the brand will be promoted, the amount of mandated effort, the target locations, access issues, etc. 60
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REWIRE - FASTr<br />
Enables better adherence to “disciplined targeting” and focusing on high profile physicians based upon the latest predictive modeling.<br />
Optimized targeting generates an additional ~$50K per representative per year compared with sub-optimal targeting solution.<br />
Faster time to market helps field personnel build relationships with key opinion leaders, therefore setting the stage for future big event(s) and<br />
helping to influence an additional ~$70M of revenue in the long run.<br />
A comprehensive engagement helps maintain the right balance between strategic objectives and tactical field realities thereby reducing status<br />
quo processes by approximately 50%, enabling savings of $500K.<br />
“..wanted to let you know how incredibly pleased the brand sales team members were, with what your team has<br />
achieved. The brand director made specific mention that she was impressed and pleased.”<br />
Director, Targeting and Performance, Life Science Client
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