Berkeley Heights, NJ, April 14, 2020 (GLOBE NEWSWIRE) -- Axtria, a global leader in cloud software and data analytics for the life sciences commercial business, released a research paper exploring COVID-19's effects on sales reps' incentive compensation (IC), as well as potential solutions for sales executives. The in-depth research paper – "Coronavirus Pandemic Effects on Incentive Compensation" - is amongst a series of Axtria COVID-19 content, including research papers, blogs, and webinars.
The series is available on the Axtria Insights virtual library. This content offers pharmaceutical stakeholders perspectives from industry thought leaders on ongoing issues, as well as next-best-actions for future commercial success.
Research Paper Details: "Coronavirus Pandemic Effects on Incentive Compensation"
- Authors: George A. Chressanthis, Ph.D., Principal Scientist, Daniel Stewart, Director, and Abhijit Paul, Director
The rapid spread of the coronavirus contagion has resulted in pharma companies facing significant ramifications on their business. As a result, companies require changes in assumptions, thinking, and decisions going forward in critical areas – one such area being IC.
Pharma company investment in the sales force is significant in both personnel and economic terms. Mandates on social distancing, travel disruptions, shelter-in-place state orders, closures of physician offices and hospitals to sales reps, and company concerns for the health of their field force have significant effects on the personnel dimension of implementing of IC plans. Pharma companies also rely on sales reps to effectively deliver healthcare professionals (HCPs) critical scientific/medical/clinical information. Thus, having the right incentive strategies in place is essential to help drive sales rep-physician engagement and relationship-building while also motivating the sales force to achieve performance goals.
Spending on direct sales forces accounts for close to 50% of all sales and marketing costs. Therefore, effectively managing IC considering effects from the coronavirus pandemic has significant personnel and economic implications that a pharma company must weigh and balance.
This paper focuses on coronavirus pandemic effects on IC for pharma companies in the short-term, medium-term, and long-term. Further, the document prescribes to sales executives potential actions to take for each time frame scenario.
Click here to read "Coronavirus Pandemic Effects on Incentive Compensation!"
Connect with Axtria:
- Website: http://www.axtria.com
- LinkedIn: https://www.linkedin.com/company/axtria/
- Facebook: https://www.facebook.com/AxtriaInc
- Twitter: https://www.twitter.com/Axtria
- Instagram: https://www.instagram.com/lifeataxtria/
About Axtria Insights
Axtria Insights is a library of webinars, blogs, infographics, videos, and guides offering a wealth of information from Axtria's industry-renowned leadership. The content includes executive insights and perspectives on various life sciences topics – from commercial operations, to big data, to the patient journey, to the industry at-large, and everything in-between.
Click here to access the Axtria Insights database and expand your life sciences industry knowledge.
About Axtria
Axtria is a global provider of cloud software and data analytics to the life sciences industry. Axtria helps life sciences companies transform the product commercialization journey to drive sales growth and improve healthcare outcomes for patients. Axtria is acutely aware that their work impacts millions of patients, and they lead passionately to improve patient lives.
Since the company's founding in 2010, technology innovation has been its winning differentiation. Axtria continues to leapfrog the competition with platforms that deploy artificial intelligence and machine learning. Their cloud-based platforms - Axtria DataMAx™, Axtria InsightsMAx™, Axtria SalesIQ™, and Axtria MarketingIQ™ - enable customers to efficiently manage data, leverage data science to deliver insights for sales and marketing planning, and manage end-to-end commercial operations. Axtria helps customers in the complete journey from data to insights to operations. With customers in over 75 countries, Axtria is one of the biggest global commercial solutions providers in the life sciences industry. Axtria continues to win industry recognition for growth and is featured in some of the most aspirational lists - Inc. 5000, Deloitte Technology Fast 500™, NJBIZ Fast 50, SmartCEO Future 50, Red Herring 100, and several other growth and technology awards.
Trademarks
Axtria, Axtria SalesIQ™, Axtria MarketingIQ™, Axtria InsightsMAx™, and Axtria DataMAx™ are registered trademarks of Axtria. Other names may be trademarks of their respective owners.