Over the last decade, life sciences companies have evolved by developing new digital capabilities needed to optimize business and operating models. This cycle of agility and resiliency appealed to customers and was on its way to becoming normal, positioning the sector to find wins for both individual businesses and society as a whole.
In 2020, the landscape changed dramatically.
The global pandemic upended the traditional go‑to‑market model, requiring a rapid shift to still‑evolving practices such as virtual engagement and rebalanced dynamic field teams. Something interesting happened along the way, however. These compulsory digital shifts created new provider preferences, with health care providers (HCPs) now preferring to receive information through digital and virtual channels. The benefits of receiving virtual presentations on new products and services began to outweigh the loss of face‑to‑face interaction.
These sentiments are likely to have lasting effects and dramatically vary by specialty. While the proportion of physicians who will not physically see sales reps today is certainly exaggerated by circumstances, the preference for physical distancing in the coming post‑pandemic world indicates no full “return to normal.” Physicians, hospitals, and other life sciences clients are eager to see how companies can build off of lessons learned over the past 18 months and continue to reimagine their approach to client service, as well as protect against future disruptions.
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As we move further into 2021, there is an opportunity to harness recent turbulence through better allocation of resources and a more intensive focus on building trust with customers. Life sciences executives in the 23rd edition of the EY Global Capital Confidence Barometer say that they are increasing investments in areas such as digital transformation (67%) and customer engagement (65%) to help grow long‑term value.1 And yet, there are some companies in the sector that would prefer to return to a pre‑COVID‑19 business model centered around those face‑to‑face meetings. The risk for these companies is that clients and stakeholders who have seen how technology can work in the sector may not want to revert to the old way of doing business.
The reticence of some life sciences executives to fully embrace change is understandable to some degree. While virtual technology has provided some wins for the sector, it still doesn’t compare in terms of effectiveness and revenue generation to in‑person sales pitches. Financials are rebounding, but seasoned executives will likely continue to be cautious as they consider making large‑scale changes. Life sciences sector leaders need to consider the benefits clients see in interacting virtually and other new behaviors inspired by the pandemic and build a model that is both attractive to the client and profitable.
Source: Pharmexec
