Invest in talent to protect the pharma product lifecycle
Pharmaceutical companies need to invest in recruiting and keeping talent and thoughtfully use technology to protect product development pipelines.
By on May 17, 2024Watch the Full Video Here.
Like many industries, the pharma industry is facing challenges in recruiting and retaining talent. In fact, 60% of pharma companies said that their top challenge in 2022 relates to recruitment. Indeed, roughly a third of employees in the life science sector indicated they are at least somewhat likely to leave their current company in the next three-to-six months.
During recruitment, pharma employers should seek talent who are aligned to their company culture and ethos to help bolster staff retainment. Throughout the recruitment process, companies should be transparent of what the role entails.
To retain staff already in the company, it should be underscored how output by individual employees add value to the wider organization. Companies should invest in skill development processes and work with employees on long-term career progression strategies. Cultivating trust in the company’s leadership is also key in retaining talent.
To cope with personnel shortage throughout the pandemic, many pharma companies have been filling productivity gaps using technology. While digitalization can enhance operational efficiencies, pharma companies should not rely on it entirely. Interacting with stakeholders directly is the core of market access; digitalization can facilitate, not replace, human interactions.
One use of artificial intelligence (AI) is to help establish patient groups. However, companies should understand AI alone is not ideal as algorithms can occasionally lead to false positive patient selection. Data scientists should be a part of the process to put data into context.
Where marketing is concerned, pharma companies should generate content that is diverse and tailored to its target audience. Amgen is implementing a “Customer 360 Initiative,” which seeks to intelligently surround the customer with the right kinds of interactions based on connected data. From Amgen’s end, it will be able to see every interaction the customer has had with the brand through different channels. This ensures seamless and cohesive customer engagement with the company.
As pharma companies experiment with new marketing technologies, they should not underestimate the efficacy of traditional marketing methods, such as field teams. To optimize the benefits of new technologies, companies should be flexible. Throughout the COVID-19 pandemic, pharma organizations quickly learned that there is no uniform “normal” strategical approach, and that what works for each business varies. Thus, when developing tools to enhance customer interactions, companies should keep in mind that the tools should accommodate patients.
Actionable Insights:
- Hire staff that fit the company culture: Understand the firm’s mission statement to boost retainment
- Ensure technology does not completely replace tasks previously held by people: Technology should complement processes that require human interactions
- Marketing content should be data-driven and designed for dispersal in diverse channels: Enhance interactions between customers and pharma companies
Industry Experts Who Contributed:
All contributors are senior leaders within the pharmaceutical industry
- Eric Jensen, VP, US Sales and Field Force Capabilities, Amgen
- Mariam Kittaneh, Commercial Director, AbbVie
- Stephanie Odutola, Executive Director, US Sales Force Operations, AstraZeneca
- Moderator: Leigh Householder, EVP, Managing Director, Omnichannel Strategy, Syneos Health