July 29 by Neema Jyothiprakash
- A complex network of interactions between manufacturers, payers and administrators, sponsors, distributors, providers and pharmacies, and of course, patients and consumers.
- A delicate balance of multiple stakeholders OR the cogs of a well-oiled machine that makes healthcare work.
Okay, so maybe you can’t find this in a dictionary. But all businesses in the healthcare and life sciences industry fit somewhere in the value chain. A dictionary however, won’t tell you about new market trends, a changing business culture and the challenges these present to healthcare sales, legal and finance teams.
According to Deloitte’s global life sciences sector outlook, 65% of life sciences executives say that they have had to, or will change their innovation process in the next 3 years. And, 58% will adapt their sales models in light of legislative reforms.
Across sectors, there is a new type of customer who wants a transactional and easy buying experience. Changing laws and industry trends require more data transparency than in the past. Expanding and messy networks complicate the sales process, making it harder and slower to sell.
Healthcare and life sciences leaders have expressed bottlenecks in these areas:
- Access to products, bundles, pricing and predictable revenue
- Standardizing sales execution across multiple channels
- Regulatory compliance for devices, plans, policies and contracts
Industry experts recognize that healthcare and life science companies need a 360 degree view into customers, products and partner channels.
The number one way to do that is create a unified data model across all channels that eliminates friction between the back office and front office. Access front-end systems through mobile devices and tablets. Report and act with software that is dynamic, real-time, and easy to use.
With a transformative business model. healthcare companies can:
- Automate customer/member onboarding and product and plan selection
- Ensure regulatory compliance by comparing legal meta-data
- Intelligently report on sales, legal and finance to drive revenue growth
Have any thoughts on the changing healthcare landscape? Join the conversation by commenting below.