Study Showcases Effective Approaches for Evaluating the Performance of Executives who Handle Managed Markets Accounts
CHAPEL HILL, N.C., March 22, 2013 /PRNewswire/ -- Organizations across the pharmaceutical sector are adjusting their operations to reflect the importance and influence of managed care. Consequently, today's market-driven environment has made it essential to assess the performance of executives overseeing managed markets accounts.
Research and consulting leader Best Practices, LLC has conducted an in-depth benchmarking research project to identify common performance measurement practices of managed markets account executives. "Managed Markets Account Management: Assessing the Performance of Account Executives" provides executives with insights into the evaluation of the account executive function as well as benchmarks around measures that drive successful activity in managed markets account management.
The report examines both activity- and results-oriented performance metrics for evaluating account executives. The data are segmented into two parts: Large Pharma and Total Benchmark Class.
On the results side, the most utilized performance metrics for Large Pharma were "Formulary Placement" and "Performance against Stated Objectives." Interestingly, the study found while the Large Pharma segment rated "Number of drugs on formulary" among the most effective performance measurements, only 40 percent said they use that metric.
In addition, the study provides metrics on:
- Geographical alignment
- Accounts handled
- Time allotment
Meanwhile, both the Total Benchmark Class and Large Pharma Segment said they used activity metrics less often than results metrics to measure account management performance. "Days in the field with customers" was among the most used and highly rated activity metric for both segments.
Among the 200-plus metrics this research uncovered were:
- The Large Pharma Segment reported an average of 15 FTEs in their managed markets strategy group.
- The average expected number of account contacts per account manager was 28 for the Total Benchmark Class and 33 for the Large Pharma Segment.
The 51-page report will help executives gain insights on field-proven tactics from survey and interviews of 32 participants.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1208.htm. For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC