The turbulent pharmaceutical industry is demanding cheaper and innovative customer relationship management (CRM) solutions that will enable greater flexibility.
CRM segments such as marketing automation, customer analytics and closed loop marketing will attract higher investments from pharmaceutical companies in the future. Management of key opinion leaders is another investment priority for pharmaceutical companies.
New analysis from Frost & Sullivan, Global Pharmaceutical CRM Markets, finds that only a flexible and cost-effective CRM can achieve strong penetration. The markets were estimated to grow at a CAGR of 4.9 percent from 2007 to 2014. The following segments are covered in the research: sales force automation, marketing automation, customer analytics, customer service, closed loop marketing and key opinion leaders management.
"There is an increasing demand for marketing automation and customer analytic tools," notes Frost & Sullivan research analyst Santhosh Kumar Ramaraj. "Intensifying and escalating data are evoking interest in companies for the purpose of optimally analysing it to support improved decision making."
An evolving e-physician community is resulting in effortless communication and interaction with pharmaceutical companies. Pharmaceutical companies will take advantage of online physicians and patients; information gathering, storing and retrieving, analysing and reporting will become relatively easier. Accordingly, the demand for tools to perform these tasks will emerge as the next spending priority for pharmaceutical companies.
The global economic slowdown will restrain pharmaceutical companies, which will continue to cope with the existing infrastructure. This will delay spending on new technologies. Pharmaceutical CRM vendors will have a difficult time providing the right product mix for pharmaceutical companies.
"The pharmaceutical industry is adopting a cautious approach, delaying and re-evaluating technology purchases until profits are more stable," remarks Ramaraj. "At present, they are planning to manage with their existing infrastructure."
Typically, as one standard solution does not suit all the requirements of a pharmaceutical company, vendors providing an extensive range of solutions are preferred by pharmaceutical companies. Most CRM vendors are finding it a challenge to fulfill the wide range of requirements.
Improving the marketing mix is not only important to gain recognition, but is also critical to garner a substantial share of the market. This strategy will guarantee strong revenue growth.
"CRM vendors need to devise niche solutions rather than generic ones," advises Ramaraj. "A cost-effective and flexible product that ensures RoI and meets the requirements of the pharmaceutical industry will definitely capture market share."
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Updated Date: Jan 31, 2017 02:19:33 IST