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How EY can help
Biopharmaceutical companies are increasingly finding themselves in unfamiliar territory. Seismic shifts in customer expectations, decision-making dynamics and payer pressures have reshaped the market terrain that biopharma companies once knew their way around. Navigating the new commercial landscape requires new maps and new insights.
As the biopharma industry seeks to find the path forward, customer relationship management (CRM) systems are the critical tool. Innovation and focus on the patient will always remain pharma’s north star — but faced with the increasingly complex challenge of customer engagement, companies need more precise guidance to steer by. CRM is effectively the industry’s “GPS,” the guidance system it needs in the new commercial landscape. The insights derived from CRM systems can empower biopharma companies to literally understand what’s going on with your customers, to really meet them where they are.
This statement comes from one of the series of in-depth interviews EY conducted with executives from among the top 20 global biopharmaceutical companies as part of the research. Exploring the CRM challenges and opportunities industry leaders see on the road ahead, even healthcare practitioners across multiple geographies were involved. The aim was to understand not only the outlook of the leading biopharma players, but the perspectives, the needs and motivations of the physicians who are key to the industry’s customer base.
The key finding from our discussions is that the industry does not have up-to-date maps it needs to meet its customers’ requirements. CRM systems already capture, organize and integrate information about biopharma’s customers. They help speed up and streamline processes, providing useful support to companies’ commercial organizations. Yet while biopharmas have embraced CRM technology, the industry has not truly shifted its mindset. Effectively, biopharma is still using a legacy analogue “A–Z” map and failing to unlock the deep potential of a digital “GPS” approach.
Today, the digital positioning system in your car can capture a real-time view of the road, factor in traffic flow, feed in live updates, optimize routes and anticipate necessary detours. CRM systems should play the same enhanced role for pharma companies as they try to navigate their customers’ needs. CRM systems can give a real-time understanding of market and customers, capturing real-time data and clarifying it into real-world insights on products and patients, predicting and planning for barriers to access and regulatory roadblocks.
With different industry-specific CRM systems now competing in the life sciences market, companies have an expanded range of options when it comes to CRM providers. But more important than the choice of provider is the more fundamental question of what CRM is for — and how can companies use it more effectively to engage with their customers in future? The present moment therefore offers the industry a major opportunity to assess the CRM journey it has been so far and chart the road ahead.
How far has industry CRM come — and what has held it back?
Pharma’s approach to customer relationship management has evolved over the decades, and since 2007, the journey has been accelerated by the arrival of dedicated life sciences CRM systems.