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Products & Services Human Resources Recruitment and Retention

Effective Hiring and Service Delivery in the Pharmaceutical Market Analytics Function

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ID: 4973


Features:

Metrics, Graphics, Summary Matrix


Pages/Slides: 26


Published: Pre-2014


Delivery Format: Online PDF Document


 

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"Effective Hiring and Service Delivery in the Pharmaceutical Market Analytics Function"


STUDY OVERVIEW

To effectively help companies avoid risk and take advantage of product opportunities, pharmaceutical Market Analytics (scroll to bottom to see definition) functions must hire well-rounded staff with a wide range of skills and assign them to the activities with the most potential impact on the business. This document identifies the employee experience, skills and attributes that study participants rate as essential for success in a Market Analytics role and ranks the importance of different analytics activities performed. Executives in pharma and biotechnology Market Analytics groups can use these findings to learn what skills to look for in new employees, where to focus limited resources, and which activities best lend themselves to outsourcing.

KEY TOPICS
Executive Summary
Hiring for Market Analytics Performance Excellence
Delivering High Impact Analytics Services
Appendix A: Top Lessons Learned

KEY METRICS
Essential and desirable employee experience
Essential and desirable employee skills
Essential and desirable employee attributes
Key analytics skills for early stage organizations
Number of analytics FTEs per surveyed company
Comments from interviewed executives on FTE requirements
Activities most often fully outsourced and most often partially outsourced
Primary reasons for outsourcing
Best Practices Spotlight on using vendor services
Best Practices Spotlight on stretching analytics staff without outsourcing
Ranking of analytics activities with greatest impact on the business
Primary department where each activity is performed
Average number of activities performed by surveyed companies
Job title/level of most senior person ultimately responsible for each activity

SAMPLE KEY FINDINGS
None of the participants in this study designate a science or medical background as an essential employee attribute for success in an analytics role. However, three-quarters of participants deem a science background as a desirable attribute. This implies that analytics leaders believe subject matter knowledge can be acquired on the job.
Activities most frequently performed entirely by in-house staff include forecasting, pricing, secondary market research, business development analytics, procuring and managing secondary data resources and uncovering and analyzing market trends.

STUDY METHODOLOGY
Best Practices, LLC completed this study in two phases — an online survey and telephone interviews. Researchers surveyed managers and executives from 21 leading pharmaceutical, medical device and biotechnology companies to collect benchmark data on program activities and hiring effectiveness to deliver results with maximum business impact. Also, the research team conducted in-depth interviews with selected program leaders at six of the surveyed organizations.

KEY DEFINITIONS
“Market Analytics” is used broadly to encompass a range of activities usually conducted in such departments as Market Research, Market Analytics, Business/ Commercial/Franchise/Brand Analytics, Business Development, Competitive/Business/Market Intelligence, Sales or Sales Operations, Pricing, Forecasting, Marketing, or Finance. This study focuses on individual analytics activities rather than on departments where they may or may not be performed; analytics functions are rarely all centralized in a single department.


Industries Profiled:
Pharmaceutical; Biotech; Health Care; Consumer Products


Companies Profiled:
Abbott Laboratories; Novartis Canada; Alcon; Amgen; Amylin; Aton Pharma; Boehringer Ingelheim; Cubist Pharmaceuticals; DSM Pharmaceutical; Eisai; Eli Lilly; Genzyme; Mead Johnson; Medrad; Ortho Biotech; Purdue Pharma; Sanofi-aventis; Sepracor; Shire; Vertex Pharmaceuticals; Xanodyne Pharmaceuticals

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.