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According to recent research, pharmaceutical sales are up 20% between 2020 and 2022.1 This expansion has resulted in increased revenue as well as the complexity of managing connections with a wider range of customers. Meeting these consumers’ distinct demands can be challenging, especially in a key industry like pharmaceuticals. Pharmaceutical organizations are increasingly relying on technologies such as Customer Relationship Management (CRM) software to navigate this complexity.
Source: Statista
Figure 1. Global pharmaceutical sales between 2020 and 2022
This article assists businesses in making an informed choice when selecting a CRM system for their business and how to get the most out of their CRM software.
> What is pharmaceutical CRM?
Pharmaceutical Customer Relationship Management (CRM) is a specialized software tool designed specifically for the unique needs of the pharmaceutical industry. It aims to streamline and enhance various customer-facing processes, helping pharmaceutical companies manage their relationships with customers more effectively and efficiently.
> Benefits of using CRM in pharma industry
1- Build better relationships with the customers
Pharma CRM software is a crucial tool for developing and sustaining solid connections with customers in the pharmaceutical sector. The software helps businesses to keep a full 360-degree view of their consumers, including details about the customer’s needs, preferences, and previous contacts. This comprehensive view enables businesses to give specific assistance and recommendations, ultimately enhancing customer satisfaction and loyalty.
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2- Enhance data privacy and compliance
Several countries are planning to implement strict regulations for pharmaceutical barcoding, serialization, and reporting by 2025.2 This impending regulatory reform presents challenges for pharmaceutical businesses. CRM software can help address these concerns and improve customer data privacy and compliance.
CRM software can safely handle, process, and store vast amounts of sensitive data, including serialized and barcoded product information, thanks to its strong data management features. End-to-end encryption is provided by the software, thereby ensuring data privacy and breach protection.
3- Foster digital transformation
Even though digital transformation is a rising trend across industries, research indicates that half of the biopharma companies are yet to implement AI-powered applications into their strategies.3 A CRM software can be the key to unlocking this transformation. With its AI-driven automation capabilities, it offers a user-friendly and practical starting point for integrating advanced technologies into everyday processes.
By automating tasks like customer communication, scheduling, data analysis, and predictive modeling, CRM software doesn’t just reduce manual workload—it opens doors to a more data-driven, efficient, and future-oriented approach.
4- Automate supply chain management
In an industry where over 60% of companies struggle to meet new operational or virtual needs with existing suppliers, pharmaceutical companies can hugely benefit from an automated supply chain management facilitated by CRM software.4 The complex nature of the pharmaceutical supply chain, coupled with the constant evolution of operational needs, demands agility and seamless coordination between different stages.
CRM software, with its automation capabilities, can streamline supplier interactions, manage inventory in real-time, and enhance forecasting accuracy. For example, the software can send automated notifications to suppliers when inventory reaches re-order levels, reducing the risk of stock-outs. Moreover, using data analytics, CRM tools can predict demand trends and facilitate timely ordering, which is crucial in an industry where inventory holding costs and product expiry can be significant.
For those interested, here is our article on AI use cases for supply chain optimization.
5- Reduce costs
CRM software can directly address the primary cost drivers in clinical trials. According to research, patient recruiting and outsourcing costs account for a sizable 57% of total costs.5 Companies can substantially decrease patient recruitment costs by employing a CRM system. The software’s patient databases and automation features streamline the recruitment process, saving both time and money.
Furthermore, tasks that are typically outsourced, which account for 25% of costs, can be efficiently managed in-house utilizing a CRM system, significantly decreasing outsourcing expenditures.6 CRM software isn’t just a cost-cutting strategy; it’s a strategic method that can change budget allocation in clinical trials, offering a solid case for its investment.
> 8 key features of pharma CRM software
1- Research and development
Pharmaceutical companies invest heavily in research and development (R&D) to innovate and create new products. Pharma CRM software helps manage these processes by tracking research data, project timelines, resources, and expenses, facilitating a more efficient and productive R&D operation.
CRM software automates various aspects of customer service, such as tracking customer interactions, automating responses to common queries, and managing customer tickets. This automation enhances the efficiency of customer service, ensures timely response, and improves customer satisfaction.
3- Low-code/no-code development
Low code/no code development is a feature in CRM software that enables users with minimal coding knowledge to create or customize applications within the CRM system. Thus, users can increase the adaptability of the CRM software, allowing businesses to tailor it to their unique needs and automate specific tasks. This feature can be particularly beneficial in the pharmaceutical industry, where requirements can vary greatly and evolve rapidly due to factors like regulatory changes, new research developments, and shifting market conditions.
4- Adverse events monitoring
Adverse events or side effects of drugs can have significant implications on a pharmaceutical company’s reputation and liability. CRM software provides features for monitoring and reporting these events, ensuring compliance with health regulations and enabling swift action to address any issues.
5- Closed loop marketing campaigns
Closed-loop marketing refers to the process of using customer feedback and data to inform and improve marketing strategies. CRM software facilitates this process by collecting and analyzing customer data, tracking the effectiveness of marketing campaigns, and providing insights to refine marketing strategies.
6- Competitor analysis
Understanding the competition is vital for any business. CRM software can serve as a competitive intelligence tool to track competitor activities and market trends, providing valuable insights to develop competitive strategies.
For more information, check out our article on competitive intelligence tools.
7- Visits and route planning
For field sales and service teams in the pharmaceutical industry, CRM software can optimize visit schedules and plan efficient routes. This feature not only saves time but also ensures better coverage of healthcare professionals or pharmacies.
8-Real-time monitoring
CRM software offers real-time monitoring features that provide up-to-date information on sales, customer interactions, marketing campaigns, and more. These insights allow for quick decision-making and responsiveness to changing business conditions.
> Questions to consider while selecting the right pharmaceutical CRM software
What are the key performance indicators (KPIs) your company is aiming to improve?
Identifying the KPIs that your company wants to focus on can help you select a CRM solution that is specifically designed to improve these metrics.
How is patient data handled and protected?
In the pharmaceutical industry, patient data protection is paramount. Assess the CRM software’s measures for data protection, confidentiality, and compliance with regulations like HIPAA (Health Insurance Portability and Accountability Act).
Is the software designed to handle your organization’s needs?
Since every organization has different needs, companies need to make sure that the CRM platform they choose does have features that can solve the challenges in the organization. The pharmaceutical industry has specific challenges, such as compliance with strict regulations, management of clinical trials, and tracking of drug samples. Choose a CRM software that is tailored to meet these unique needs.
Can the CRM software adapt to future trends?
The capacity of CRM software to adapt to future trends and technology is critical. It should be able to integrate advanced features such as AI and machine learning, as well as facilitate low code/no code development. This adaptability enables users who have no coding experience to personalize and automate processes within the software, ensuring that its utility and effectiveness stay up with changing company needs and technology improvements.
For those interested, here is our data driven list of CRM software.
Further Reading
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- “Global pharmaceutical sales from 2020 to 2022, by region“. Statista. Retrieved July 26, 2023.
- “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
- “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
- “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
- “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
- “2023 Global Life Sciences Outlook” (PDF). Deloitte. Retrieved July 26, 2023.
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Begüm is an Industry Analyst at AIMultiple. She holds a bachelor’s degree from Bogazici University and specializes in sentiment analysis, survey research, and content writing services.
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