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Best Practices in Developing a Structured Career Path for the Managed Markets Professional
 

Best Practices in Developing a Structured Career Path for the Managed Markets Professional

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The managed markets sales function within the pharma sector has risen dramatically in importance as payers' influence has ballooned. Defining a strong and clear career pathway in managed markets sales ...

The managed markets sales function within the pharma sector has risen dramatically in importance as payers' influence has ballooned. Defining a strong and clear career pathway in managed markets sales is an important part of driving results for this function. Yet, career path planning and management for this role is a major challenge in the pharma sector.

Best Practices, LLC did this study to better understand how the managed market sales function is organized, including possible career path progression models, performance measurements, promotion eligibility requirements, and trends around other factors that improve engagement and performance. The study provides critical insights, reliable metrics, and trends data that managed markets leadership can use to evaluate and improve the structure, organization and career path planning program inside their organization's managed markets function.

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    Best Practices in Developing a Structured Career Path for the Managed Markets Professional Best Practices in Developing a Structured Career Path for the Managed Markets Professional Presentation Transcript

    • BEST PRACTICES, ® LLC Best Practices, LLC Strategic Benchmarking Research Best Practices in Developing a Structured Career Path for the Managed Markets Professional
    • BEST PRACTICES, ® LLC Table of Contents 2 Copyright © Best Practices, LLC  EXECUTIVE SUMMARY 3-8  Project Objectives & Methodology 3  Key Findings 4  Participating Companies 5-8  DETAILED STUDY RESULTS 9-33  Department Size & Structure 9-20  Measuring Staff Performance 21-23  Describing Benefits & Compensation 24-26  Employee Background, Credentials & Career Path 27-31  Future Trends 32-33  About Best Practices, LLC 34
    • BEST PRACTICES, ® LLC Topics IncludedStudy Overview  Size and structure of the function  Examples of career path models within regional and national account management roles  Performance measurement and evaluation factors  Compensation and benefit differences within job levels  Job eligibility requirements  Paths in and out of the managed markets sales function  Future trends and potential stumbling blocks Research Objective: This project was designed to provide key insights and evidence-based benchmarks for understanding employee organization within the managed market sales function, including possible career path progression models, performance measurements, promotion eligibility requirements, and trends around other factors that improve engagement and performance. Methodology: Best Practices, LLC engaged leaders from 11 healthcare organizations with direct oversight of the national, regional and key account managers in their managed markets sales organization. Research Project Objectives, Methodology & Results Best Practices, LLC conducted this benchmarking study to identify best practices and potential pitfalls when designing a career pathway for the pharmaceutical managed markets sales function, with specific focus on people in individual contributor roles (e.g., account managers).
    • BEST PRACTICES, ® LLC Universe of Learning: Participating Companies Benchmark Class: 4 Copyright © Best Practices, LLC This study included an impressive group of pharmaceutical companies ranging from fast-growing biotechs to large global organizations. Respondent contributed data focused on their US managed markets sales organizations.
    • BEST PRACTICES, ® LLC Department Composition- Auxiliary Staff Support Success The majority of companies have dedicated approximately 15% of their managed markets sales FTEs to management and operations. In general, the remaining employees are allocated across individual contributor roles and positions dedicated to pull-through efforts. (n=11) Q. Please estimate the percentage of your total group of Managed Markets employees in management, individual and other roles. 5 Copyright © Best Practices, LLC Department Size Breakdown Management (e.g., head of the function) Individual Contributors (e.g., Account Manager, Account Director) Other 75th Percentile 18% 84% 15% Mean 15% 77% 8% Median 15% 75% 7% 25th Percentile 14% 71% 1% Others: Other positions include individuals in dedicated pull through roles, usually focused on regional or national pull through efforts exclusively, as well as account support (administrative) positions.
    • BEST PRACTICES, ® LLC Regional Account Manager Career Path (Example 1) Corporate Account Manager I •Performance Evaluation Corporate Account Manager II •Performance Evaluation Corporate Account Manager III •Performance Evaluation and Eligibility for National Account Role 6 This participating company has 3 levels within the regional account structure. Individuals are promoted from Corporate Account Manager I, Corporate Account Manager II and III after a minimum of 2 years at each level, and minimum performance criteria is met.
    • BEST PRACTICES, ® LLC Evaluating Account Manager Performance Evaluating the performance of managed markets account managers has always been a challenge, especially because their successes are often reflected by access and not actual prescription volume. Beyond mere sales performance, top companies are looking at strategic contracting objectives, market share increases, covered products, rebate dollar usage and a variety of other measures. (n=11) Q. When evaluating staff for potential promotions, what performance factors are evaluated? 7 Copyright © Best Practices, LLC Performance Evaluation: 36% 27% 45% 45% 45% 55% 55% 64% 64% 82% 0% 50% 100% Other Use of rebate dollars Pull through of product sales Percentage of products covered in their plans Market share increases Sales growth Products given preferable formulary placement Tenure in current position Strategic contracting changes Met or exceeded sales goals Companies Measuring this Performance Indicator OTHERS • Consistent strong performance in market knowledge assessments • Ownership of accounts • Results from a bi-annual feedback loop measuring leadership and innovation
    • BEST PRACTICES, ® LLC About Best Practices, LLC Best Practices, LLC is a research and consulting firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics, and winning strategies of world-class companies. 8 Copyright © Best Practices, LLC Best Practices, LLC 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 www.best-in-class.com 919-403-0251 best@best-in-class.com