In today’s competitive life sciences industry, having a solid understanding of business acumen is essential for sales managers and leaders to succeed.
Knowing how to accurately assess the impact of policies or strategies on an organization’s objectives can mean the difference between success and failure. That’s why it is so important to have up-to-date knowledge in the areas that make up core business practices, such as understanding markets, financial statements, organizational structure, marketing strategy, and much more.
Without this knowledge foundation in place, founders and executives will be unable to make informed decisions that drive their organizations forward in what is now a highly dynamic market environment.
Let’s explore some key components of business acumen in life sciences — helping your teams build sound technical skills backed by an expert-level evaluation framework and providing you with best practices to apply these skills within your context for optimal success!
Communicating Value to Practitioners and Prescribers
Today’s physicians are all involved in value-based care, which means they are taking on some risk for the population they serve.
To successfully interact with these physicians, life sciences sales representatives and professionals need to understand the reality of today’s integrated delivery networks. They must be knowledgeable about the value-based programs that physicians are involved in, such as hospital-based systems for reducing readmission penalties or quality reporting systems for physicians.
A solid understanding of the context and ecosystem in which physicians practice will allow life sciences sales representatives to effectively communicate the value of their medicine, medical device, or innovation to physicians and the healthcare system.
Navigating Healthcare Administration and Committees
Sales professionals in the life sciences field are increasingly facing barriers in the form of hospital administration and Pharmacy and Therapeutics Committees when trying to get new devices or medications into hospital networks.
To succeed in value-based care, sales professionals must demonstrate how patients, providers, and healthcare organizations will benefit from their products. Understanding the unique challenges of specific providers and their systems is essential to positioning oneself as a partner and solution provider.
Becoming a Credible Source of Information
Practitioners and physicians are busier than ever, seeing more patients in less time and facing changes in how they are reimbursed and how drugs and other therapeutics are included on or removed from formularies. They are overwhelmed with all they must keep track of.
Life sciences sales representatives can build successful relationships with these physicians by positioning themselves as partners who can provide helpful and credible information. Physicians are more likely to engage when sales representatives can share reliable and accurate information about the therapeutic they are selling and the nuances of the current healthcare landscape.
Differentiation in The Marketplace
Life science companies need to differentiate themselves from the competition continually. Understanding essential business concepts like branding, marketing, and market research can help the company’s employees develop a more robust value proposition.
The healthcare ecosystem is growing rapidly, with new technologies and products constantly being introduced. Employees with business acumen can stay at the forefront of this change and help their company capitalize on new opportunities continually.
With the constantly evolving healthcare ecosystem comes risk. Regulatory compliance, intellectual property risk, and other liabilities must be managed effectively. Employees with business acumen can identify potential threats to their company’s success and develop strategies to mitigate these risks.
Additionally, business acumen can enable employees to identify opportunities that may not have been possible without a creative approach to risk management.
Business Acumen To Maximize Performance
The life sciences sector is an ever-evolving environment, requiring leaders to navigate complex pathways for success. Business acumen allows professionals in the life sciences sector to confidently make decisions, communicate value, effectively manage risk, and differentiate in the marketplace.
Cultivating business acumen is essential for any organization or individual striving to maximize performance and growth opportunities in the life sciences sector. From marketing (and beyond!), organizations should equip members of their teams with the necessary skills and training so they can unlock any success they envision as a leader in this dynamic space.
With an understanding of business principles and their integration into healthcare administration and committees industry frameworks, nothing stands in your way! By applying fresh perspectives grounded by audacious ambitions to achieve growth objectives – you don’t have to drown in the ocean of competition but sail successfully on its waves.
LiquidSMARTS℠ is here to help. Chat with us to design a program to help your teams develop the business insight they need.