Insights

New Sales Models for European Pharma: Why Key Account Managers Will Be Developed From Within


Video Transcript – Chris Morgan, Principal


So we’ve been involved with a lot of companies we’ve been looking for people to fill new roles within a new model. Often people they’re calling key account managers and such like. And one of the things we’ve found is that pretty much every time, they can only find 30% of the people that they’re looking for within their own organization. So the question is where do they find them after that?

Now if you’re one of the first movers, you just look somewhere else in pharma; you’re going to poach them from other people. But once everybody’s looking for these people, the implication is the within pharma there’s going to be a 70% gap in terms of the number of people that we’re going to be able to find there. So where can we go to find them? And there’s, I think, three places that people suggest that they might look.

So the first one is somewhere else in health care. So a device company or something like this. But the thing to watch out for there is that device sales forces are not uniformly key account managers. There are a few which are, if we look in imaging, if we look in diagnostics. But those sales forces are very small, and they get paid an awful lot of money. So there’s not a huge amount of opportunity there for hunting for these people.

So the second route is to look in other industries. And there are plenty of people with these skill sets in other industries. But often we hit the sticking point that they don’t have that life-science background which you feel is very important for pharmaceuticals.

So the third option is to grow them within pharma. Take what we have and grow them internally. And given the problems with the first two routes, I think there’s actually very little choice for pharma. We’ve got to start developing those people now or we won’t have them in the future.

This video is part of the ""New Sales Models for European Pharma" series.