Despite significant disruptions in healthcare as a whole, oncology remains the dominant field in pharma, accounting for approximately $200 billion in healthcare spending at present. New reports suggest that this amount may rise to $273 billion by 2025.
As oncology’s dominance continues in the pharmacological market, it will have several important implications for healthcare account management in the coming years. Account managers may be able to capitalize on this concentration of spending by acquiring in-depth knowledge of the oncology market and the factors which drive it.
Oncology in Pharma: Projections for 2025
According to a recent report from the IQVIA Institute for Human Data Science, here are some projections for the near future related to oncologic drugs and spending:
• By 2025, oncology’s share of pharma spending is expected to experience a compound annual growth rate between 9 and 12%.
• Over 100 new oncology drugs are projected to make it to market in this time frame.
• Many of these new drugs are expected to be biomarker-driven therapies. These types of drugs produce excellent results, but are only useful for select groups of patients.
Implications for Account Management
With such rapid development occurring in the world of oncology treatments, pharma account managers who do not make a concerted effort to catch up with the trends, risk being left behind. AMs must be able to apply their knowledge of market trends & market dynamics in order to proactively bring solutions to their customers and facilitate internal decision-making. This level of service cannot be delivered without intimate knowledge of both the product market and its drivers.
In-depth knowledge of current oncology research and drug development can help account managers identify the types of therapies that their clients are most likely to be interested in and benefit from. Customer-focused sales models like this not only provide ample opportunities for upselling and revenue growth, but also foster better relationships between account managers and the organizations they serve.
Serving Oncology Customers Better with The Brooks Group
Healthcare consulting companies like The Brooks Group can help account managers bridge the gaps in their knowledge of oncology pharmaceuticals. Our incisive healthcare market research reveals the pain points of key decision-makers in hospital systems, physician groups, and healthcare provider networks. Armed with this information, pharmaceutical AMs can upgrade the services they offer to customers with oncology-related needs. In doing so, they bring innovative solutions to patients in need while also capturing revenue for the drug manufacturers they represent.
The Brooks Group recognizes the unique importance of incorporating oncology pharma knowledge in account management training workshops, for effective account management in 2021 and beyond. Our upcoming workshop covers topics such as oncology market trends and drivers, how customers are responding to these market drivers, and how to engage those customers with a value proposition that meets their needs. Enroll today and take the first steps toward becoming a better account manager for customers in this critical high-value sector.
This blog was originally posted on https://thebrooksgrouponline.com/2021/09/the-dominance-of-oncology-in-pharma-what-account-managers-need-to-know/
The US healthcare market is a vast and ever-changing space, and even the most dedicated professionals may worry about falling behind.
The Brooks Group's Key Trends in the US Healthcare Market Primer pulls information from multiple sources (such as the JP Morgan Healthcare Conference, the latest CVS Health Trends Report, and the Pharmaceutical Research and Manufacturers of America) to offer an in-depth look at the latest trends in the American healthcare landscape. Read our highlights below to take a quick look at some of the most important developments in this field, including coverage expansions, alternative payment systems, and the impact of new technologies.
Section One: US Healthcare Economics
Section Two: Evolving Payment and Service Delivery Models
Section Three: Healthcare Innovation and Investment
Section Four: Better Consumer Healthcare Experience
Section Five: Health Policy and Government Impact
Update Your Knowledge of the US Healthcare Market
These key insights are just some of the many powerful influences reshaping US healthcare at this time. Download the full Brooks Group Primer report for more details on how the US healthcare landscape is changing in 2021 and beyond, and how your organization can prepare for these shifts.
This blog was originally posted on https://thebrooksgrouponline.com/2021/08/healthcare-market-trends-overview-by-the-brooks-group/
Effective team-building is a critical part of every organization's success; no single employee can do everything on their own. However, promoting collaboration is not always an easy task. Some team members may have difficulty integrating into your team dynamics and making meaningful contributions to your shared efforts.
A DISC assessment can give you some insight into this matter. This model describes how individuals behave in group settings, making it very useful for organizing teams in the workplace. Knowing your DISC style will provide insight into how your actions are perceived by others and will give you the opportunity to tailor your communication to suit each member of your team.
The Origins of the DISC Model
The DISC model was invented in the 1920s by psychologist William Marston as a result of his observations on how individuals’ emotions impacted their behavior.
According to the DISC model, each person has a primary behavioral style. This style dictates how they are the most comfortable behaving. While they can behave in other ways if it is necessary to do so, the change does not come naturally to them and may hinder their abilities or morale.
Many companies use DISC assessments as part of their employee onboarding training, finding it helpful to set expectations regarding workplace interactions. Others only offer these assessments to key personnel like managers and executives.
The Four DISC Styles
The following four DISC styles are currently accepted within the model’s framework. A person's primary style may combine two of these types to create a more nuanced profile of behavior.
• D (Dominance): D-types are results-oriented people. Direct and to-the-point, they value competency over almost everything else. They excel at achieving goals, but they may struggle with interpersonal interactions.
• I (Influence): I-types are energetic, outgoing, and eager to speak their minds. They are good at building relationships with the people around them, making them excellent at rallying their peers and increasing motivation. However, they may lose track of time while socializing and sometimes need reminders to stay on task.
• S (Steadiness): S-types are patient and thorough, always ready to hear everyone out. They strive to maintain stability, but this sometimes makes them hesitant to speak their minds. They also shy away from conflict, even when it is necessary for the good of the project.
• C (Conscientiousness): C-types emphasize accuracy and detail, making them superior analysts and fact-checkers. However, they also tend to overanalyze certain tasks and situations due to their perfectionist streak. They enjoy having control of their work and may struggle to hand off tasks to others.
Building Better Communication Among Teams
DISC styles reveal the strengths and weaknesses in a person's behavior, making this model an invaluable tool for managers and executives. Leadership roles require you to interface with many different types of people, and not all of them will be equally receptive to your default behavioral style.
If you know your own DISC style and understand how this model works, you can approach various team members in the way that works best for them. For instance, if you are a D-type speaking to an I-type, you know to allocate a little extra time to let that person speak freely before they get to their point. Conversely, if you are an I-type and need to speak to a D-type, you may want to take that extra time to distill your points into key takeaways instead.
This type of deliberate DISC-related consideration leads to more effective communication, happier employees, and better overall productivity in the workplace. In fact, some account management training courses are dedicated to teaching leaders how to do this, proving the utility of the skill.
Bring DISC to Your Organization Today
Empowering leadership with better communication tools is one of the most effective things you can do to improve productivity and raise employee morale. Consider offering in-depth assessments and training for your company’s leadership through a certified DISC partner like The Brooks Group. This additional interpersonal knowledge could be the key to unlocking higher productivity and helping your team achieve its true potential.
This blog is originally posted in https://thebrooksgrouponline.com/2021/07/how-a-disc-assessment-helps-you-understand-yourself-and-build-better-teams/
Effective teamwork is the driving force behind most major business breakthroughs. As such, improving the cohesiveness of internal teams should be a major goal for your organization.
The Five Behaviors profile system was developed by business management writer Patrick Lencioni to demonstrate how to build effective and cohesive teams. This five-stage system is structured like a pyramid: to get to the final payoff, employees must go through all of the previous four stages in sequence. It is up to your company's management to guide their team through each behavioral stage as described below.
The Five Behaviors
Trust is the most fundamental building block of an effective team. Each team member should feel comfortable expressing their emotions at any time, confident that they will be supported and not judged. Vulnerability should be seen as a strength, not a weakness.
To that end, the team’s leaders should do whatever they can to foster an open, accepting environment. Fun team-building exercises can be helpful in this regard, providing a casual environment where team members can get to know one another as people instead of just as colleagues.
If true trust is in place, a team can handle the conflict that always arises as part of group dynamics. It is understandable that not all people on a team will agree on every issue, and this is actually a good thing.
To a good team, disagreements are not scary – they are a chance to work through issues and come up with the best possible solution. When presented with a challenge, your team should take the time to thoroughly discuss the matter, giving everyone a chance to voice their real feelings on the matter
When all relevant concerns have been expressed and a decision has been reached, a good team becomes committed to that course of action.
Leaders must not confuse commitment with consensus. Commitment can only happen when everyone on the team genuinely feels that their thoughts have been heard and seriously considered. Any given team member may still have preferred to do something else, but each understands why the final decision was made and are prepared to support that choice in any way they can.
A good team not only works together but shares responsibility for the final results of that work. Each member strives to keep the others accountable for their input on each project they tackle together.
Remember that this must be done tactfully and supportively as well as consistently. If someone on the team is struggling to deliver what they promised, they may need extra support from their colleagues to finish the job. It is the genuine effort that matters during this process.
Results are the ultimate outcome of a cohesive team. With all members working diligently toward a collective goal, it is possible to achieve incredible things.
Many teams will falter before this stage, becoming uncoordinated and unproductive due to difficulties in establishing one of the other behaviors. Most often, it is Accountability that gives them the most trouble. Do not lose heart if this happens to your team. Each project is a fresh chance to try to instill each of these five behaviors, and you may well reach a better outcome next time.
Strengthening Teams One Behavior at a Time
Lencioni's Five Behaviors model is proven to help teams succeed in achieving better outcomes for collaborative tasks. Managers and executives who receive training on how to implement this framework will have a powerful new tool at their disposal in their efforts to mobilize your organization’s workforce. This investment in team cohesiveness is sure to help your employees produce the industry-leading results you know they are capable of.
The Brooks Group utilizes the Five Behaviors™ model in its interactive healthcare executive leadership training workshops to help team members learn to work together more efficiently and effectively and to become a more cohesive team.
This blog is originally posted in https://thebrooksgrouponline.com/2021/07/5-behaviors-of-a-cohesive-team/
The Advocate: Supporting the Patient Voice, is a syndicated market research product powered by The Brooks Group that conducts a study of the relationship between patient advocate groups and pharmaceutical companies. We placed particular emphasis on the changes that this relationship has undergone as a result of the COVID-19 pandemic. Below is a summary of some of our most pertinent findings.
This blog was originally posted on https://thebrooksgrouponline.com/2021/06/pharmaceutical-companies-patient-advocacy-work-together-through-covid/
Workers in the healthcare and pharmaceutical industry are required to possess extensive specialized knowledge, and compliance is paramount in every role. Healthcare executives and account managers are expected to cultivate a deep understanding of their company's products, their customers' pain points, new shifts in the healthcare market, and much more.
This blog was originally posted on https://thebrooksgrouponline.com/2021/06/refresher-training-enhances-retention-by-35-do-you-need-one/
Offering workshops, conferences, and various learning assets are an ideal way to ensure that your team is equipped with the right tools and skillsets to improve workflow, client relations, and overall company growth. But while these events are informative and a great way to create an interactive learning environment, what additional steps are you taking to ensure that information is retained beyond the moment?
Research shows that leveraging the power of pre- and post-event educational outreach can aid in improving content retention. And whether you’re organizing new hire onboarding training sessions or skills-building support for existing talent, that translates to an event that improves your company's financial and professional goals.
Laying the Groundwork Before Your Event
Getting attendees engaged in your educational events before they occur not only improves attendance but can aid in preparing them for the immersive learning environment they’re about to experience. Along with general reminder emails, consider adding other features to your account management training outreach campaign such as a pre-event questionnaire or a networking feature.
The Benefit of a Pre-event Questionnaire
While responses might not be mandatory, these questionnaires can help event organizers better understand specific pain points that attendees would like to have addressed as well as develop a targeted topic list for breakout sessions or roundtables that support deeper, more meaningful discussions. Likewise, by taking the time to understand an attendee’s mind frame before the event, organizers can create lesson plans that are relevant and cohesive.
Leveraging the Power of Networking
The benefit of pre-event networking is obvious for general industry events with attendees from multiple organizations. But even for internal executive coaching events geared towards current employees, it’s important to encourage attendees to build rapport with each other.
Along with helping your team to build deeper relationships across departments, they can also better understand the unique challenges each unit faces. This tactic not only fosters better engagement during the event but ensures that teams work more cohesively after the event.
Solidifying Knowledge Retention After the Event
While pre-event outreach helps to mentally prepare attendees for the information being presented, post-event outreach is also critical to ensure retention. Multiple options are available to encourage continuing education opportunities long after the event has ended. Consider a Mobile-Text Challenge, where learners are sent custom questions after a learning event and can compete against their peers.
Material Availability Post-event
One of the smartest actions event organizers can take is to provide online access to learning materials after the event. Along with providing a point of reference, this tactic acknowledges that every individual learns differently and allows for attendees to control learning at a pace that complements not just their learning style but makes allowances for event distractions that might otherwise make in-person learning difficult.
Multiple Contact Touchpoints
It’s understandable that after an educational event, questions may arise about the material covered during the course. Rather than leaving attendees adrift to figure things out independently, offer them an option to get in touch with event organizers or speakers.
Again, this option not only opens a pathway for communication but reduces any barriers to learning. Event organizers can encourage interaction either by including a QR code with access to contact information or leverage the power of email or SMS outreach to connect directly with attendees.
Building an Event That Educates and Fosters Results
For busy professionals, the time investment associated with attending virtual or in-person events is substantial. This is why The Brooks Group creates programs that build opportunities for continued education while also developing an environment that’s conducive to building relationships.
Along with a robust training program portfolio, we are also a top healthcare consulting firm and pharmaceutical market research company helping healthcare organizations develop strategies for market growth and opportunities.
This blog was originally posted on https://thebrooksgrouponline.com/2021/05/solidifying-knowledge-retention-from-a-training-event/
There are countless reasons why a healthcare organization would want to perform quantitative market research. Top catalysts include a desire to pivot to expand market share or to review current performance and determine potential areas for improvement. In both scenarios, The Brooks Group is a top healthcare consulting firm that performs PEST analysis on a client’s behalf to aid in creating a roadmap with a holistic review of external factors that directly impact efficacy.
Utilizing PEST Analysis to Synthesize Information
Healthcare organizations don’t work in a vacuum. They’re often influenced by and have consequential influence over the communities they serve. Decisions made at the executive level not only determine employee performance but can also affect health outcomes in their communities.
PEST analysis strives to review the multiple external components that influence an organization’s future course of action. Key stakeholders can confidently draft strategies that are not only informed but beneficial both for the organization and the surrounding community, by breaking down the market research into the following four core pillars:
- Political factors
- Economic factors
- Sociocultural factors
- Technological factors
Understanding Each Component of PEST Analysis
Crafting a healthcare strategy that balances the needs of a community with those of an organization is a critical skill. The Brooks Group frequently performs PEST analysis that provides key insights into those individual factors most likely to impact business goals and operational constraints.
Political factors can vary by location but usually include government healthcare subsidies, employment regulations, and consumer protections. Understanding whether subsidies are growing or shrinking, or that a new employee tax classification is coming, can help pharmaceutical market research companies understand how payroll requirements will impact labor costs or general revenue in the coming years.
Economic factors typically refer to internal costs that a healthcare organization must manage. Anything from benefits, to interest rates from a redevelopment loan, can influence long-term goals and spending strategies. However, external scenarios also exist. For example, massive layoffs in a nearby town might see patient behaviors shift from prioritizing preventative or in-patient care and instead divert to urgent care facilities.
As communities across the nation continue to diversify, understanding how to properly engage with them and effectively convey healthcare messaging is a priority. Engaging in a PEST analysis can aid healthcare organizations in better identifying communication gaps — whether referencing language barriers or cultural value shifts — to ensure that the community trusts your organization and has adequate access to care.
The healthcare industry continues to make strides with cutting-edge technologies that can improve patient care, communications, and interoperability between healthcare networks. And as more patients are demanding direct access to not just healthcare workers, but to their medical records, organizations need to determine how best to integrate these features without violating privacy policies or reducing the quality of care.
Building for the Future
Creating a 21st-century healthcare firm that’s adaptive and responsive to the community it serves is what’s going to set successful organizations apart as leaders in their respective fields. PEST analysis is critical because it provides a comprehensive macro approach that ensures your organization can make informed decisions that continue to move your business forward. The Brooks Group provides holistic support for healthcare organizations that includes support for new hire onboard training and account management training to build a stronger workforce.
This blog was originally posted on https://thebrooksgrouponline.com/2021/05/pest-analysis-in-healthcare-market-research/
Pharmaceutical companies must always move towards innovation to maintain not only a competitive advantage but also to align with patient and customer needs. However, any strategies that are developed need to be based on sound research that incorporates current market conditions, customer needs, and competitor concerns that could impact outcomes.
While market research is a great way to gather this information, the expense can be a barrier for some organizations. However, syndicated healthcare market research can help reduce that burden while still giving your firm an informed and competitive advantage.
Syndicated vs. Custom Market Research
In general, there are two main types of market research — custom and syndicated. Custom market research is when a company employs a consulting firm to develop a research study exclusively for them. While effective, this method can be expensive since the client must bear the full cost associated with the project.
In contrast, syndicated market research is when a client purchases a market research study conducted independently by a market research or consulting firm. For example, a pharmaceutical firm would purchase a pharmaceutical market research study that investigates the industry, outlines trends, and highlights potential openings that need to be addressed. One of the biggest benefits of syndicated market research is that the associated costs are significantly lower than with a custom option.
Amplifying the Patient Voice
One of the most important ways a pharmaceutical company can build for the future is by centering the patient while crafting strategies. The Brooks Group has created a syndicated pharmaceutical market research tool called The Advocate: Supporting the Patient Voice. This annual report began in 2018 and is targeted around the relationship between pharma and advocacy groups and how this impacts policies developed and programmatic support. More importantly, this critical tool also focuses on:
- Corporate reputation
- Leading manufacturers in advanced patient treatment, programmatic/policy support, and professional relations
- Knowledge of PBMs versus payers
- Awareness of copay accumulator programs
- The impact of non-medical switching
Advancing Patient Advocacy
Along with providing a thorough overview of the market landscape, The Advocate also highlights how various pharmaceutical organizations are viewed by their customers while also providing critical benchmark data that outlines industry growth and track records year over year. But what is most useful is that The Advocate polls respondents from professional associations and advocacy organizations — ensuring that the data collected is directly relevant to patient advocacy in the pharmaceutical industry.
Innovating with Credible Intelligence
Innovation is essential to maintaining relevance, exceeding internal goals, and meeting the needs of patients and customers. But to achieve these benchmarks, organizations need credible intelligence that provides a comprehensive and accurate look at the industry, outlines areas for improvement or synergies, and helps identify a path forward.
This blog was originally posted on https://thebrooksgrouponline.com/2021/04/syndicated-healthcare-market-research-and-the-advocate/
Developing key account management skills helps you become a trusted advisor for influential accounts and become a strong candidate for future executive positions.
Here are four key skills that every pharmaceutical account manager should be trained in, to successfully retain the most important accounts.
1. Developing a Value Proposition
How exactly do you convince a potential client to continue to choose your products and services over competitors’? By developing a convincing value proposition.
A value proposition is a statement that shows a potential client exactly how they will benefit from your products and services, and more importantly, why they should choose you.
An excellent value proposition will:
- Generate faster, more profitable sales
- Create a long-standing relationship with key clients
- Outline precisely what your company will do for its customers
- Speed up the client acceptance process
When you put an emphasis on customers’ needs, you’ll be able to create a value proposition that is hard to turn down.
2. Accessing & Integrating at Strategic Levels
In order to become a trusted partner of your account, you must be able to understand their needs and behaviors and leverage this information to boost mutual value creation.
To become an invaluable part of your customer’s team, you must integrate yourself at the strategic level. That means you must create relationships with key players within your account’s organization and position yourself as an integral part of the strategic process, rather than just a replaceable supplier of products and services. This will allow you to grow and profit with that account indefinitely.
3. Gap Analysis
In most organizations there is a gap that separates where they are today and where they want to be. Account managers need to understand this gap and evaluate how they can assist the Key Decision Makers (KDMs) to bridge the gap.
Typically, key problems that most businesses face fall into one or more of these four categories:
2. Financial / Operational
3. Products and Services
Account managers should become a trusted advisor to the KDMs by devoting time, effort and energy in helping them overcome their most pressing business challenges and reach their long-term goals.
4. Executive Level Presence
Executive level presence is the ability to show confidence and competence that earns you the respect of colleagues and clients alike. Learning how to maximize your executive presence, exemplify confidence and project competence will drive your success in any professional environment.
Knowing who to talk to about what in an organization is only half the battle. By developing an executive presence, you are guaranteeing that clients and colleagues alike will stop, listen, and seriously consider what you are offering.
Gain These Skills and More with Excellence in Account Management
With The Brooks Group’s Excellence in Account Management program, you’ll learn how to understand and predict the complex needs of your clients so that you can become an invaluable part of their organization
Become a respected part of your own organization by retaining influential accounts and becoming a key component of value creation. Contact us today.
Read about the signs suggesting your account managers need training here
Interested in created a custom learning experience for your account managers? Learn about our instructional design capabilities here
This blog was originally posted on https://thebrooksgrouponline.com/2021/03/4-essential-skills-for-pharmaceutical-account-managers/
The Brooks Group provides training, market research, consulting and instructional design services to organizations in healthcare and biotech. While we have a strong heritage in the Managed Care space, we work with various teams in healthcare on Account Management principles and proven processes. Our subject matter expertise fused with instructional systems design uniquely qualifies us as a leader in the space.