Managing your client accounts in a spreadsheet without a CRM can be exhausting.

Especially when you’re caught up chasing and tracking changes every single day for compliance.

For most sales reps in pharma and life science companies updating prospects’ details in spreadsheets is a cumbersome process that drains their energy and leaves no time for further prospecting.

Achieving scale is possible. 

How? 

By automating your workflow and make it easier to manage, grow and retain your client accounts in a single place: Get a CRM made exclusively to meet the needs of pharma and life science companies like yours.

But if you’re on the fence, not sure whether getting a pharma CRM is worth the investment – then this article is for you.

In this blog post, we’ll break down

1. What is CRM in pharma?
2. When Standard CRM Doesn’t Cut It
3. The ROI of having a pharma CRM
4. Pharma CRM to suit your needs best
5. Try our pharma CRM CLM product demo

We’ve divided the blog post into different sections, to make jumping to your needs easy (just click the numbered links). 

What is pharma CRM?

Pharma CRM (customer relationship management) is a system or technology that allows for effective management and communication of your clients in a single place by collecting all the relevant data from multiple channels and systems such as your website, social media, and clinical trial management systems.

To better understand what pharma CRM is, and more importantly, how it answers to your pharma companies’ needs we’ll start by listing those needs as we discovered them from our clients.

When Standard CRM Doesn’t Cut It: Why Pharma and Life Sciences Brands Need Platforce

1. Inefficient Data Management.

Without a dedicated pharma CRM, managing client accounts and data becomes a tedious and time-consuming task. Relying on spreadsheets or manual record-keeping leads to scattered information, inconsistencies, and an increased risk of data loss. Sales representatives spend valuable time updating and tracking changes, which leaves little room for proactive prospecting and building strong customer relationships.

2. Compliance Issues.

The pharma and life science industry operates under strict regulations, such as HIPAA and GDPR, to safeguard patient privacy and data security. Without a specialized CRM, ensuring compliance becomes a challenge. Manually managing consent collection, tracking opt-outs, and maintaining data privacy standards across various systems can be overwhelming and prone to errors. This puts the company at risk of legal repercussions and damages its reputation.

3. Limited Visibility and Insights.

A lack of a pharma-specific CRM means limited visibility into the entire customer journey. Sales representatives struggle to track interactions, communications, and touchpoints with clients. This leads to missed opportunities and prevents a holistic understanding of client needs and preferences. Without actionable insights derived from data analysis, it becomes difficult to make informed decisions and tailor marketing strategies effectively.

4. Ineffective Communication.

Without a dedicated CRM, communication with clients becomes fragmented and inefficient. Sales reps rely on disjointed tools and platforms, making it challenging to maintain consistent and personalized communication. This can result in missed follow-ups, delayed responses, and a lack of coordination within the sales team. In the pharma and life science industry, where timely and accurate information is crucial, such communication gaps can hinder sales performance and customer satisfaction.

5. Limited Scalability.

Growing and scaling a pharma or life science brand without a specialized CRM is an uphill battle. Manual processes and disparate systems restrict the ability to expand operations, handle a growing customer base, and onboard new sales representatives seamlessly. As the business expands, the lack of a centralized CRM makes it difficult to maintain consistency, collaboration, and efficient workflow management across the organization.

6. Missed Revenue Opportunities.

Without a pharma CRM, identifying and capitalizing on revenue opportunities becomes challenging. Ineffective lead management, poor tracking of sales activities, and a lack of automated follow-ups can result in missed deals and lost revenue. The absence of advanced features like automated reminders, and custom KPIs hampers sales teams from prioritizing high-potential prospects and delivering timely, tailored communications that drive conversions.

We’re sure by now it’s clear that implementing a pharma CRM like Platforce can yield significant returns on investment for your pharma and life science brand. 

However, to make this blog as practical as possible, let’s take a closer look at the 

Potential ROI in terms of hours and dollars

1. Time Savings.

With a dedicated CRM, sales representatives can save valuable time that would otherwise be spent on manual data entry and administrative tasks. 

For example, let’s assume that on average, a sales rep spends 5 hours per week updating and managing prospect data in spreadsheets. By implementing a pharma CRM like Platforce, the streamlined data management process can reduce this time to just 1 hour per week. This results in a time savings of 4 hours per week or 208 hours per year per sales rep.

2. Improved Productivity.

By automating workflow processes and providing a centralized platform, a pharma CRM enables sales reps to focus more on prospecting, nurturing client relationships, and driving sales. With easy access to comprehensive client information, automated reminders for follow-ups, and efficient communication tools, sales reps can work more effectively and close deals faster. 

Let’s assume that by using Platforce, sales reps can increase their productivity by 20%. If a sales rep typically generates $100,000 in sales per year, the increased productivity would result in an additional $20,000 in revenue.

3. Enhanced Compliance Management.

Ensuring compliance with industry regulations is critical for pharma and life science brands. A pharma CRM like Platforce offers features that simplify compliance management, such as consent tracking, data privacy controls, and audit trails. By reducing the risk of non-compliance and potential legal consequences, the brand’s reputation remains intact, and costly penalties are avoided.

4. Improved Decision-Making.

A pharma CRM like Platforce provides valuable insights and analytics on client interactions, preferences, and sales performance. By leveraging these actionable insights, sales and marketing teams can make data-driven decisions, optimize strategies, and target high-value prospects more effectively. This leads to better resource allocation, increased conversion rates, and higher revenue generation.

5. Scalability and Cost Savings.

As your pharma or life science brand grows, a specialized CRM like Platforce ensures seamless scalability. It allows for easy onboarding of new sales representatives, efficient collaboration across teams, and streamlined processes. 

This scalability prevents operational bottlenecks, reduces administrative costs, and supports the brand’s expansion without compromising efficiency or customer satisfaction.

Trust us, the last thing you want to do is to sabotage your growth with a technical debt that is common without a scalable and cloud-based platform like Platforce.

Calculating the exact ROI will, of course, vary based on the size of your organization, the number of sales reps, and how well the CRM integrates with your internal and external workflows. 

However, even with conservative estimates, the time saved, increased productivity, improved compliance management, enhanced decision-making, and scalability benefits can translate into significant returns on investment by simply implementing a pharma CRM like Platforce.

By meeting the unique needs of your brand pharma CRM investment is a strategic move that can have a profound positive impact on your bottom line.

Have you decided to adopt a pharma CRM? Watch out for these 5 red flags!

1. Lack of Compliance Features.

The pharmaceutical industry operates under strict regulations and compliance guidelines to ensure patient safety and data privacy. When evaluating a CRM solution, one crucial red flag to be mindful of is the absence of robust compliance features. A CRM designed for pharma must have built-in tools to manage consent, track interactions with healthcare professionals, and maintain compliance with industry standards such as HIPAA or GDPR. 

2. Inadequate Integration Capabilities.

Pharma companies rely on a multitude of systems and tools to manage their operations effectively. From ERP software to laboratory information management systems, seamless integration is paramount. If a CRM solution lacks the ability to integrate with existing systems, it can create inefficiencies, duplicate data entry, and hinder collaboration across departments. 

Look for a CRM that offers robust integration capabilities, allowing you to leverage the full potential of your existing technology stack.

3. Limited Mobile Accessibility

In today’s fast-paced business environment, mobility is no longer a luxury but a necessity. Field sales representatives need access to critical customer information on the go. A CRM that lacks mobile accessibility is a definite red flag. Ensure that your chosen CRM offers a mobile application that provides real-time access to customer data, enables efficient scheduling, facilitates offline data synchronization, and empowers your team to be productive regardless of their location.

4. Poor User Adoption and Training Support:

Implementing a CRM is not just about the technology; it’s about people. Resistance to change and inadequate user adoption are common challenges that can derail a CRM implementation. To mitigate this red flag, choose a CRM vendor that offers comprehensive training programs tailored to the needs of your pharma business. Look for user-friendly interfaces, intuitive workflows, and ongoing support to ensure that your team embraces the CRM system and maximizes its benefits.

5. Insufficient Analytics and Reporting Capabilities.

Data is the lifeblood of any CRM system. It provides actionable insights that drive informed decision-making. If your chosen CRM lacks robust analytics and reporting capabilities, it can impede your ability to gain valuable insights from customer interactions, sales performance, and marketing campaigns. 

Ensure that your CRM offers customizable dashboards, advanced reporting features, and data visualization tools that empower your team to monitor KPIs, identify trends, and make data-driven decisions.

Want to get a first-hand feel of the Platforce CRM CLM solution?

Try the product tour: https://platforce.io/features/try-product-tour/ 

Or, better yet, book your personalized demo with our team.