Systemic Market Changes And Implications For Account Managers

Profound shifts are currently rocking the healthcare and pharmaceutical markets. Account managers have two choices before them: adapt to these trends or get left behind. To remain at the top of your game, you will need to understand the forces that are reshaping the industry and develop a strategy to overcome them.

Charting the Changes

Healthcare markets evolve in response to external pressures. Some of the most significant at this time include:

  • Increased competition. Business titans like Amazon have expressed intentions to enter the healthcare industry in the near future, threatening to capture a large segment of the existing market share.
  • New innovations. A massive swell of new drugs coming to market has given payers more options than ever before. Pharmaceutical companies relying on old mainstay drugs may find themselves being overtaken by companies with newer, better products.
  • Financial pressures. Patients’ out-of-pocket costs are growing, making it difficult for them to afford the care they need. Payers are becoming increasingly interested in alternative payment structures to lessen patient burdens.
  • Data-driven decision-making. Thanks to new healthcare technologies, payers have access to a plethora of patient health data they can use to gain insight into treatment outcomes. If a drug has not been shown to be exceptionally effective, payers may decide to stick with tried-and-true solutions rather than take the risk of investing in something new.

How Can Account Managers Respond?

As the healthcare and pharmaceutical markets shift, it will be up to account managers to adapt to this new reality. Here are some key areas to focus on:

  • Greater collaboration. Account managers and payers will need to work closely together to identify patients’ needs and match them to effective solutions that they can afford.
  • Flexible pricing. Payers who are offered flexible pricing contracts are more likely to make a purchase. Account managers must use their expertise and negotiating abilities to work out an arrangement that benefits both parties.
  • Shifting metrics. While price remains a top concern, measuring intangibles like patient satisfaction helps to differentiate similar drugs and make a stronger case for investment.
  • Greater focus on value. With more products available to payers than ever before, account managers will need to make clear value propositions aligned with the needs of each payer’s customer base.

Preparing Yourself for the Shift

If you want to get ahead of these changes, consider investing in additional training and market research. Doing this generates many benefits, including:

  • Improved market knowledge. Investing in pharmaceutical market research gives you the information you need to understand your competition and find a way to set your company and your services apart from the rest.
  • Enhanced understanding of patient needs. Account managers who know what patients are looking for can develop a tailored approach for each pitch they make. Research on topics like patient advocacy in the pharmaceutical industry can fill in gaps in your knowledge so you can put your best foot forward.
  • Stronger customer relationships. Payers are more likely to buy from account managers they know and trust. A healthcare consulting company can help you learn how to forge and deepen your business relationships so you can capitalize on them later on.
  • Better value propositions. Account management training courses help you hone your ability to highlight the value of a product during a pitch, allowing you to make the most of your customer-facing hours.

Upgrade Your Skills Today

With every market shake-up comes a chance to capture new leads and greatly improve market share. Account managers who act now will be in a perfect position to capitalize on these opportunities.

The Brooks Group has the market research and training courses you need to get ahead of your competition. Contact us today and ask us how we can help you improve your sales skills, customer knowledge, or any other aspect of your account management career.

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