Introducing a new product into the highly diluted pharmaceutical market is no easy feat. Our industry spares no time for coming up short of flawless, where the barriers to entry are a proverbial North Korea for the inexperienced and unprepared. The road to success is windy and narrow, but once achieved, the view is unmatched.
In today’s marketplace, suppliers are red-flagged for doing things the way they have in the past, and the competitive edge gained is in the ability to differentiate completely in some cases, and only partially in others.
How can we differentiate ourselves?
For a baseline, any transaction within the pharmaceutical space is a complex sale. The traditional model of selling a product, handling the logistics, and looking forward to a reorder does not cut it. As suppliers, we must adapt to the notion that we are no longer offering or launching a product, but rather have entered the era of solution-based selling. We must come to terms with the reality that being “geared” toward a client or industry is no longer acceptable, and complete customization comes at little or no extra revenue.
Make no mistake: selling a product is still physical, but an in-depth understanding of the customers’ base is now essential to the sale of a creation. The utilization of that understanding is to align our goals to match the customers’ needs. The result of a properly executed alignment is the transformation of the supplier into the partner. By outgrowing the paradigm of being the wholesaler, and embracing a newfound cooperative mantra, trust becomes the foundation of our rapport.
But trust isn’t just a way in, and a share of the market isn’t the only measure of our success. We have to continually push the limits of our capabilities to stimulate fresh ideas, and remain at the forefront of innovation to our clients. The growth driven from market advancement is what will allow us to maintain our business and simultaneously cultivate new opportunities. With trust, our new partners will expect us to act on our promises and will be more critical of our deliverables. We are no longer reacting to a signed Statement of Work (SOW) or Request for Proposal (RFP), we are building a proactive and cooperative plan of action. Suppliers cannot simply provide a product; they must also act as consultants.
The stigma of “Big Pharma” having deep pockets and quick trigger fingers is far from the truth. Pricing is critical and partners will expect us to eat a slice of the risk pie when entering into an agreement (you are a partner now, why wouldn’t you?).
We optimize the product for the consumer experience through the ability to launch a solution directed toward a specific client and their void. This style is undoubtedly the wave of the future, and the relationships formed via this approach will be more personal, more customized, and ultimately, more lucrative.
Differentiation begins with common interest, and results in great success.
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