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August 12, 2018 | Blog

Can You Answer These 5 Questions About the Today’s Biopharmaceutical Industry?

Each day, sales professionals face complex topics and issues that they need to be able to comprehend and explain in a clear way. Beyond understanding their products’ features and benefits, sales teams need to know how the biopharmaceutical industry “works” within an evolving healthcare environment if they want to be successful in their roles.

The following are just a few examples of the questions that sales professionals should be able to answer confidently in conversations with their customers and colleagues.

Q. Is the cost of medicine actually rising?
A. Actually, some research suggests that drug costs appear to be leveling again. However, consumers may be feeling more of the pinch if they have higher out-of-pocket costs as the result of higher deductibles.

More specifics are available in CMR Institute’s recently updated eModule, Marketing and Sales in the Biopharmaceutical Industry, and job aid, Engaging in Productive Dialogue about Drug Prices.

Q. How is selling to C-Suite executives in hospitals and health systems different from selling to physicians?
A
. Sales professionals on national account teams work collaboratively to target key decision makers and develop strategies to obtain and maintain formulary status for a company’s products. However, the rise of integrated and coordinated care delivery organizations is making this process even more complex.

What’s at stake? Find out in the updated eModule, From Detailer to Healthcare Information Consultant.

Q. What is the 21st Century Cures Act?
A. This act, signed into law in late 2016, is designed to help speed medical innovation. It also provides funding for the “cancer moonshot” to support the development of new cancer treatments.

More specifics on how the law facilitates faster review and approval of new treatments are included in the updated eModule, Regulation of Biopharmaceutical Products.

Q. How are biosimilars approved?
A. More biosimilars are expected to hit the market, creating more competition for biologics. To receive FDA approval, a biosimilar product must share the same four key characteristics as a reference biologic product that is already on the market.

These specific characteristics are described in the updated eModule, Classification of Biopharmaceutical Products. 

Q. What are digital therapeutics?
A. 
Digital therapeutics are software applications that have been proven in clinical trials to improve patient outcomes. They may be prescribed in combination with pharmaceuticals or devices to help improve the quality of care.

Examples of digital therapeutics are detailed in the updated eModule, Challenges Facing the Biopharmaceutical Industry. 

Click here to learn more about these courses and others that are part of The Biopharmaceutical Industry suite of eModules. The suite includes training on the following topics:

  • Classification of Biopharmaceutical Products
  • Early Regulation of Pharmaceutical Products
  • Recent Legislation Impacting the Biopharmaceutical Industry
  • Research and Development (R&D) in the Biopharmaceutical Industry
  • Marketing and Sales in the Biopharmaceutical Industry
  • Challenges Facing the Biopharmaceutical Industry
  • Benefits of the Biopharmaceutical Industry
  • Business Trends within the Biopharmaceutical Industry
  • The Evolving Role of Healthcare Sales Professionals
  • Skills for Navigating the Healthcare Industry in the 21st Century

Or contact us at solutions@cmrinstitute.org to get more specifics on a comprehensive training program.

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