3 Key Challenges for Life Sciences Industry Reps in 2023
The life sciences industry has been weathering the unprecedented challenges brought on by the pandemic over the last three years. Now that 2022 is almost behind us, the industry is preparing for another interesting year amid an uncertain financial and geopolitical climate. The CMR Institute board of directors came together to discuss potential challenges as we go into 2023 and how trainers can best prepare their life sciences sales reps.
1. Tighter budget and inflationary pressures
Hospital-based health systems and provider organizations are likely to report worse operating performance financially in 2022 than they have in past years. Their focus in 2023 will be on belt-tightening and managing 40-year high inflationary pressures. Labor and supply shortages are likely to continue into 2023. On the industry side, demonstrating the value of medications, products, medical devices and services in this climate will become even more critical. Customer challenges and the value drivers of decisions will become more complex, highlighting the importance of training to ensure that your teams are ready to engage in these discussions.
2. Effectively communicating value-based messages
Physicians are already being asked to use less equipment, supplies and fewer new items in clinics. They are prescribing medicines that used to be covered by insurance but now may require prior authorization or the use of alternative, less effective therapies first. The ability to communicate effectively on not only the clinical research, but also how to convey a message that fits into a value-based system will be the bigger challenge going forward.
3. Access to hospitals and physicians
The effect of the pandemic is going to linger throughout the industry. Many life sciences reps have been shut out from hospitals and physician offices or have seen physician preferences change from face-to-face to hybrid or virtual only. They are faced with the ongoing challenge of not being able to build the same rapport as they had previously. The situation is likely to improve in 2023, but it will not go away completely. The priority for trainers will be to help sales professionals prepare to re-engage with practitioners and gain market access through a deeper understanding of their customer’s challenges and needs.
Watch this 4-minute video for direct insight from our board of directors, Jeff Farber, MD, MBA, FACP, CPE, President & CEO, The New Jewish Home, Andrew Krumerman, MD, Montefiore Medical Center Division of Cardiology, Mark Sorrentino, MD, MS, VP Center for Pediatric Clinical Development, PRA Health Sciences, and Tim Kern, Global Commercial Operations, North America Training Lead, Pfizer (Retired).
CMR Institute is the go-to provider of educational solutions for pharmaceutical and medical device professionals. Established by a collective of doctors in Roanoke Virginia, we ensure life sciences professionals have the knowledge they need to successfully engage in value-based discussions that enhance healthcare and improve patient care.
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