Facing the Faceless Industry: How CRM Can Transform the Life Science Industry

Life science is one of the world’s fastest growing industries, and is increasingly shaped by complexity, technological innovation and regulation. Today’s pharmaceutical and biotechnology companies must balance R&D with gripping federal regulation and growing customer expectations, all while reacting to the new rules of the market. But in today’s business environment, it’s no longer enough to focus on the nuts and bolts of your company. It’s no longer enough to simply focus on production, R&D and patents. Although production will always be an important factor, product-orientation is slowly but surely being replaced by customer-orientation, and companies that don’t adopt customer-facing strategies will soon find themselves on the outs. Traditionally a faceless industry known for its products, patents and research, life sciences companies face significant challenges adopting a customer focus in today’s market. In other words, they need help becoming more customer-oriented. In order to become more customer-focused, pharmaceutical and biotechnology companies must understand their market. They must discover ways of collecting information about their customers and respond to their needs both on the human side and on the product side. They must also have the tools in place to respond to industry regulation and manage complex relationships with regulators, policy makers and other government officials. They must manage their patent records and facilitate an accessible database that links the entire organization to a central information hub, where all this vital information is available on-demand. In the age of information technology, ensuring these mechanisms are in place has never been easier. But it takes planning, commitment and an investment of time, resources and organizational buy-in. This is where CRM, or customer relationship management, can truly revolutionize the life sciences industry. CRM is a powerful concept that can transform the life sciences industry from an inward-looking producer to an outbound customer-facing enterprise. By implementing CRM technology, pharmaceutical and biotechnology companies can transform their brand, organization and overall business strategy. By giving you the tools to collect more information about your clients, CRM allows pharmaceutical and biotechnology companies to develop strong market intelligence, which translates into a bulletproof sales strategy. At the same time, all vital information about past transactions, customers and people you met are captured in fine detail, like a thread, enabling you to strategize for the future. Whether through Oracle, Infinity, Microsoft or Salesforce, custom-made life sciences CRM is available, enabling companies in the pharmaceutical and biotech industries to track sales and report on all their ongoing activities. These tools combine pharmaceutical- and biotech-specific business processes with CRM best practices, thereby decreasing costs and redundancy. In an industry where collaboration is so important, CRM can link your organization’s business intelligence with its R&D efforts, which ultimately feed into your sales and marketing teams. By providing complete functionality every step away, researchers, sales teams and customer services can more easily collaborate and empower the enterprise toward its endeavours. In an industry where time is opportunity, CRM can maximize your relationships and give you the business results you’ve always envisioned. It can truly make you a customer-facing enterprise—one that is agile and responsive to the needs of its consumers. Let’s face it: the majority of pharmaceutical and biotechnology companies today have not been able to keep pace with the changing, consumer-oriented market. Their existing tools and legacy systems are too inflexible and too costly to meet the demands of the evolving global marketplace. By adopting innovative CRM, tailor made and suited to your industry, pharmaceutical and biotech companies can save time and money, while at the same time establishing a brand that will resonate with the marketplace. Streamline your company’s efficiency. Enhance its productivity. Ensure that your sales teams are working off of the best available market intelligence. Adopt CRM now and for the future.