Non-members: Click here to review a complimentary excerpt from "Best Practices in Refining Managed Markets Career Pathways"
The managed markets sales function within the pharma sector has risen dramatically in importance as payers' influence has ballooned. Defining a strong and clear career pathway in managed markets sales is an important part of driving results for this function. Yet, career path planning and management for this role is a major challenge in the pharma sector.
Best Practices, LLC did this study to better understand how the managed market sales function is organized, including possible career path progression models, performance measurements, promotion eligibility requirements, and trends around other factors that improve engagement and performance.
The study provides critical insights, reliable metrics, and trends data that managed markets leadership can use to evaluate and improve the structure, organization and career path planning program inside their organization's managed markets function.
- Department size and structure
- Measuring staff performance
- Describing benefits & compensation
- Employee background, credentials & career path
- Future trends
SAMPLE KEY METRICS
- Does your company have a clear career path for the managed markets organization?
- How many individuals do you employ within managed markets organization?
- The percentage of total group of managed markets employees in management, individual and other roles
- How many different job levels are available to managed markets employees within regional and national accounts?
- The major factors when evaluating staff for potential promotions and its importance level in percentage.
- The number of employees in regional and national account models.
- The number of years spent in either regional or national account roles required to be eligible for a promotion
- What additional benefits do employees receive when promoted in account management roles?
- What are the minimum education requirements for the managed markets organization in both regional and national account management roles?
- Does your company have a career path from sales organization into managed markets organization?
- What are the three most important issues you face in managed markets for employee development, management and retention?
SAMPLE KEY FINDINGS
- Career path availability and communication is poor : 80 percent of respondents reported that there is no clear career path for navigating through the managed markets sales organization. This lack of clarity decreases engagement, motivation-and ultimately performance.
- Provide training in three key areas: Participants indicated that many of their account managers lack a firm understanding of how payer groups operate. Frequent training on 1) company products, 2) pipelines and 3) corporate strategy improves customer conversations.
Best Practices, LLC engaged leaders from 11 health care organizations with direct oversight of the national, regional and key account managers in their managed markets sales organization.