The Dominance of Oncology in Pharma: What Account Managers Need to Know
Despite significant disruptions in healthcare as a whole, oncology remains the dominant field in pharma, accounting for approximately $200 billion in healthcare spending at present. New reports suggest that this amount may rise to $273 billion by 2025.
As oncology’s dominance continues in the pharmacological market, it will have several important implications for healthcare account management in the coming years. Account managers may be able to capitalize on this concentration of spending by acquiring in-depth knowledge of the oncology market and the factors which drive it.
Oncology in Pharma: Projections for 2025
According to a recent report from the IQVIA Institute for Human Data Science, here are some projections for the near future related to oncologic drugs and spending:
- By 2025, oncology’s share of pharma spending is expected to experience a compound annual growth rate between 9 and 12%.
- Over 100 new oncology drugs are projected to make it to market in this time frame.
- Many of these new drugs are expected to be biomarker-driven therapies. These types of drugs produce excellent results, but are only useful for select groups of patients.
Implications for Account Management
With such rapid development occurring in the world of oncology treatments, pharma account managers who do not make a concerted effort to catch up with the trends, risk being left behind. AMs must be able to apply their knowledge of market trends & market dynamics in order to proactively bring solutions to their customers and facilitate internal decision-making. This level of service cannot be delivered without intimate knowledge of both the product market and its drivers.
In-depth knowledge of current oncology research and drug development can help account managers identify the types of therapies that their clients are most likely to be interested in and benefit from. Customer-focused sales models like this not only provide ample opportunities for upselling and revenue growth, but also foster better relationships between account managers and the organizations they serve.
Serving Oncology Customers Better with The Brooks Group
Healthcare consulting companies like The Brooks Group can help account managers bridge the gaps in their knowledge of oncology pharmaceuticals. Our incisive healthcare market research reveals the pain points of key decision-makers in hospital systems, physician groups, and healthcare provider networks. Armed with this information, pharmaceutical AMs can upgrade the services they offer to customers with oncology-related needs. In doing so, they bring innovative solutions to patients in need while also capturing revenue for the drug manufacturers they represent.
The Brooks Group recognizes the unique importance of incorporating oncology pharma knowledge in account management training workshops, for effective account management in 2021 and beyond. Our next workshop on March 8-10, 2022 covers topics such as oncology market trends and drivers, how customers are responding to these market drivers, and how to engage those customers with a value proposition that meets their needs. Enroll today and take the first steps toward becoming a better account manager for customers in this critical high-value sector.