6 MIN READ
By understanding how market dynamics are affecting pharmaceutical KPIs, brands can tweak sales strategies to maximize engagement from healthcare providers (HCPs), thereby improving adoption rates, treatment share, and overall profitability.
Pharmaceutical key performance indicators, or pharmaceutical KPIs, are quantifiable measurements of performance that help companies understand how their treatments are performing in the market.
Importantly, they also reveal information about how the brand is being perceived by HCPs, who impact treatment formularies and prescription volumes. In this article, we discuss how access to precise data creates a more transparent sales funnel, enabling brands to more accurately measure the efficacy of their HCP engagement strategies.
Top Pharmaceutical KPIs for HCP Engagement
Through granular analyses about the factors driving prescription volume, treatment share, HCP sentiment and return on investment (ROI), companies are able to make more informed decisions to execute on their pharmaceutical KPIs.
Here are the top pharma KPIs that many brands utilize to improve sales and patient outcomes:
By measuring prescription volume, pharma brands are able to identify the geographies, HCPs and types of institutions that are writing prescriptions for a particular treatment.
Companies may find that their treatment is performing better or worse in some geographies, institutions or HCP networks. KPI data can provide clarity on the disparities and likely causes of the disparities. For example, one geography might have a higher disease prevalence, resulting in more diagnosis and more overall treatment volume in a specific disease area. Another area might be impacted by high or low rates of insurance coverage for a specific treatment, while another may reflect a brand’s cultivation of high writers, or HCPs known for writing a large amount of prescriptions.
By continuously measuring pharmaceutical KPIs, brands will be able to understand how their treatment is performing and make rapid strategic decisions about messaging, targeting, KOL engagement and other interventions needed to reach sales goals.
By analyzing treatment share, brands are able to understand how their treatment is performing against the competition in a particular disease area.
With this pharmaceutical KPI, companies are able to measure how much share a treatment has in a designated market. When breaking this down by prescriber, geography, institution and treatment formularies, companies can gauge where they are hitting roadblocks and where they’re excelling.
Treatment share can also provide valuable information about saturation so that companies can pivot their efforts where greater ROI impact can be achieved.
Net Promoter Score
One of the most effective ways of measuring pharmaceutical KPIs is to survey HCPs about treatment and brand sentiment. Net promoter score is an insightful measurement of how likely HCPs are to recommend a brand or treatment to other HCPs and to their patients.
By surveying HCPs directly, companies obtain direct insight from prescription writers about why their treatment is or is not being recommended. This type of clarity helps brands identify potential blockers. In some cases, for example, companies may find that insurance won’t cover a treatment for a percentage of patients with, say, pre-existing conditions. Some HCPs might prefer a rival treatment, while others simply won’t prescribe a treatment based on a patient’s existing medications. In other cases, the HCPs might have a negative perception of treatment caused by a few bad patient experiences (EG – patients suffered side effects) or other HCPs have impacted their opinion about a treatment (EG – other HCPs utilize the treatment second line rather than first line). And one more example, HCPs may simply not be aware of the latest efficacy, safety and tolerability data of a treatment.
Return on Investment (ROI)
In order to evaluate the overall success of pharmaceutical KPIs and the net impact of sales efforts on profitability, companies can measure ROI by geography, institution, payer, network and individual HCP. Through this breakdown, life sciences sales teams gain transparency into the highest-value areas of investment so they know where to focus and pivot.
By using ROI as a pharmaceutical KPI, companies can begin to see which marketing, sales efforts and HCP engagement strategies are driving the most profitable results.
Tips to Implement a KPI Tracking Program
Given the importance of pharmaceutical KPIs on HCP engagement, it’s imperative that pharma brands implement a KPI tracking program. In order to do this, first establish a baseline on which you’ll be able to compare future performance. Second, begin using tools that collect and analyze applicable metrics, such as MDOutlook’s Orienteer platform. It’s important to round these efforts off with action, in that data yields actionable recommendations, and review outcomes to improve ROI and market share.
MDOutlook’s Orienteer Delivers Valuable Insights on Pharmaceutical KPIs
When evaluating pharmaceutical KPIs for HCP engagement, companies will find a robust resource in MDOutlook’s Orienteer business intelligence platform.
Orienteer taps MDOutlook’s community of more than 500,000 clinicians and deep market intelligence to provide companies with survey results and market insights that support rapid decision-making. In fact, Orienteer reports are 50% faster than more traditional Awareness Trial and Usage (ATU) studies.
Through comprehensive insights about market dynamics and competition, Orienteer enhances HCP engagement strategies and helps brands drive ROI and profitability. How can Orienteer help your team execute on pharmaceutical KPIs? Contact us today to schedule a free demo.