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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: 5638


Features:

10 Info Graphics

12 Data Graphics

200+ Metrics

30 Narratives


Pages/Slides: 33


Published: 2020


Delivery Format: Online PDF Document


 

License Options:


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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • SPECIAL OFFER
Non-members: Click here to review a complimentary excerpt from “Best Practices for Managing Biopharma Sales Compensation During the COVID-19 Pandemic and Beyond”

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 landscape, organizations are developing sales compensation programs that 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 research 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 research 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 research are noted below. Detailed findings are available in the full study.

  • 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.).


If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.