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Products & Services Sales Leadership Sales Incentives

Best Practices for Managing Biopharma Sales Compensation During the COVID-19 Pandemic and Beyond

ID: CM-8


Features:

10 Info Graphics

12 Data Graphics

200+ Metrics

30 Narratives


Pages: 33


Published: 2020


Delivery Format: Shipped


 

License Options:
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Single User: Authorizes use by the person who places the order or for whom the order was placed.

Sitewide: Authorizes use of the report for a geographic site. All people at site can view the report for a year and copies can be printed.

Corporate: Authorizes use for the entire company for a year and copies can be printed. No limitations for usage inside the company.




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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • VIEW TOC AND LIST OF EXHIBITS
With many biopharma organizations having moved to a virtual model in response to the COVID-19 pandemic, field sales teams are facing numerous challenges in achieving their goals and targets.

In this new scenario, organizations are developing fair and motivating sales compensation programs, which simultaneously deliver administrative and cost efficiencies.

Best Practices, LLC conducted this benchmarking research to understand how leading biopharma companies are refining their sales compensation and reward programs to ensure their sales force remains productive, motivated, and effective during and post the COVID-19 pandemic.

This report examines the changes in sales compensation and incentives, adjustments in staffing levels, and effective performance measurement metrics implemented during the COVID-19 pandemic. It also highlights the anticipated short-term and long-term challenges, lessons learned, and new strategies for managing sales compensation and incentives plans during the COVID-19 pandemic and in the future.

Industries Profiled:
Medical Device; Biopharmaceutical; Biotech; Pharmaceutical; Health Care; Manufacturing; Diagnostic; Clinical Research; Laboratories


Companies Profiled:
AeroGen; Inc.; Aimmune Therapeutics; Alcon; Allergan; Alnylam Pharmaceuticals; Astellas; AstraZeneca; Avanir; Avantor Performance Materials; Baxter Healthcare; Biogen; Consensus Orthopedics; DiaSorin; EyePoint Pharmaceuticals; Iridex; Karyopharm Therapeutics; Leica Biosystems; LeMaitre Vascular; Lundbeck; Mayne Pharma; Medexus Pharmaceuticals; Medrobotics; Novartis; OTSUKA; Pfizer; Sanofi; SK Life Science; Smith & Nephew; Sumitovant BioPharma; Takeda Pharmaceuticals; Theravance; Thompson Surgical Instruments; UCB Pharma

Study Snapshot

Best Practices, LLC engaged 44 leaders from 33 life sciences companies in this research through a benchmarking survey. More than half of the benchmark class serves at the Director / Head level or above.

Key topics covered in this report include:

  • Evaluating Sales Compensation Plans
  • Change in Staffing and Sales Quota
  • Measuring Performance and Rewarding
  • Short-term and Long-term Challenges
  • Lessons Learned during Pandemic


Key Findings

Select key insights uncovered from this report are noted below. Detailed findings are available in the full report.

  • Top Metrics to Evaluate KPIs: Almost 90% of the executives use “productive virtual conversations with HCPs” as a primary performance measurement tool.
  • Managing Sales Force in Pandemic: Companies are generating new ways to engage teams in return for compensation (digital coaching, data cleaning, etc.).

Table of Contents

Sr. No.
Topic
Slide No.
I.
Overviewp. 3
Universe of Learningp. 4
Key Takeaways in Addressing Incentive Correction during COVID-19 p. 5
II.
Evaluating Sales Compensation Plansp. 7
III.
Change in Staffing and Sales Quotap. 14
IV.
Measuring Performance and Rewardingp. 17
V.
Short-term and Long-term Challengesp. 21
VI.
Lessons Learned during Pandemicp. 24
VII.
Demographics of Study Participantsp. 27
VIII.
Appendix: Detailed Data Slidesp. 30
IX.
About Best Practices, LLCp. 33

    List of Charts & Exhibits

    I. Evaluating Sales Compensation Plans

    • Change in sales compensation and incentives during COVID-19
    • Percentage of base pay typically offered as sales incentive by benchmark organizations
    • Adjustments made to sales compensation
    • Interview narratives around motivating the sales force during the COVID crisis
    • Effectiveness of listed approaches to adjustments in incentives and compensation plans for field operations during the current COVID-19 pandemic
    • Effective compensation/incentives adjustments in COVID-19

    II. Change in Staffing and Sales Quota

    • Changes in staffing levels of sales reps since COVID-19; percentage change of sales staffing levels
    • Redefining the quotas for sales teams since COVID-19

    III. Measuring Performance and Rewarding

    • Effectiveness of listed performance measurement metrics during the COVID-19 pandemic
    • Interview narratives around adapting virtual environment in COVID-19
    • Time period in consideration to reward sales teams with incentive package

    IV. Short-term and Long-term Challenges

    • Interview narratives around anticipated challenges on the sales compensation and incentives plans in future because of COVID-19 pandemic
    • Challenges anticipated in the short-term and long-term around sales compensation and incentives plans

    V. Lessons Learned during Pandemic

    • Key learnings on managing sales compensation and incentives during this COVID-19 pandemic
    • Interview narrative around managing teams and stakeholders in COVID-19