A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. Where do you think pharmaceutical sales compensation plans are headed?

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. For example, Corporate Integrity Agreements (CIAs) were implemented by the DoJ as a way to curtail off-label drug promotion which forced companies to ensure their sales incentives encouraged proper compliance.

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Juuust right incentives

Sales and Marketing

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right.

Juuust right incentives

Sales and Marketing

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right. The rule of thumb for calibrating incentives is to pay out between 3 and 10 percent of total compensation (commensurate with the period the incentive is active).

Overcoming “Failure to Impact” Syndrome

Steven Rosen

Create a better incentive plan. Change Management Leadership Pharmaceutical Sales Management Coaching Uncategorized sales impact sales management sales management trainingThis year was tough; next year’s sales prospects look even tougher.

Working On Trust

Partners in Excellence

A few decades ago, Alfie Kohn wrote that “incentives work–they work to make people want more incentives.” Too often, I think managers try to use financial incentives inappropriately. I thought there would be more correlation between individual trust scores and low-trust industries like pharmaceuticals and finance. Trust is the cornerstone in developing healthy relationships,whether they be personal or professional.

The Science of Motivation

Sales and Marketing

Sales manager: I’d like to know what rewards the reps would like for our next incentive. Or maybe you think that incentives have run their course and it’s time to drop them altogether. If you’re thinking of asking your reps what will make the best prize in the incentive program, stop. Are incentives obsolete? A recent Harvard Business Review article1 noted that it’s time to move past incentives for sales reps because the way sales are made has changed.

The Right Reward System is Worth Its Weight In Gold?Or Balloons?

Paul Cherry's Top Sales Techniques

Pharmaceutical Sales Training. But the incentive isn’t the balloons themselves, it’s what they symbolize: the outward recognition of their accomplishments. We know a manager who tried a similar playful reward system using toys from the kiddie TV show Bob the Builder as incentives, trying to make Bob’s catchphrase a rallying cry: “Can we build it? More Free Stuff | Email Us | Get Started Now! Sales Training & Management Workshops | 302-478-4443.