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Affordable and Flexible CRM Solutions – Key to Drive Investments from Pharmaceutical Companies, Notes Frost & Sullivan

May 11, 2009

LONDON, May 11 /PRNewswire/ — The turbulent pharmaceutical industry is demanding cheaper and innovative customer relationship management (CRM) solutions that will enable greater flexibility. CRM segments such as marketing automation, customer analytics and closed loop marketing will attract higher investments from pharmaceutical companies in the future. Management of key opinion leaders is another investment priority for pharmaceutical companies.

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New analysis from Frost & Sullivan (http://www.healthcareIT.frost.com), Global Pharmaceutical CRM Markets, finds that only a flexible and cost-effective CRM can achieve strong penetration. The markets were estimated to grow at a CAGR of 4.9 percent from 2007 to 2014. The following segments are covered in the research: sales force automation, marketing automation, customer analytics, customer service, closed loop marketing and key opinion leaders management.

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Katja Feick, Corporate Communications, at katja.feick@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.

“There is an increasing demand for marketing automation and customer analytic tools,” notes Frost & Sullivan Research Analyst Santhosh Kumar Ramaraj. “Intensifying and escalating data are evoking interest in companies for the purpose of optimally analysing it to support improved decision making.”

An evolving e-physician community is resulting in effortless communication and interaction with pharmaceutical companies. Pharmaceutical companies will take advantage of online physicians and patients; information gathering, storing and retrieving, analysing and reporting will become relatively easier. Accordingly, the demand for tools to perform these tasks will emerge as the next spending priority for pharmaceutical companies.

The global economic slowdown will restrain pharmaceutical companies, which will continue to cope with the existing infrastructure. This will delay spending on new technologies. Pharmaceutical CRM vendors will have a difficult time providing the right product mix for pharmaceutical companies.

“The pharmaceutical industry is adopting a cautious approach, delaying and re-evaluating technology purchases until profits are more stable,” remarks Ramaraj. “At present, they are planning to manage with their existing infrastructure.”

Typically, as one standard solution does not suit all the requirements of a pharmaceutical company, vendors providing an extensive range of solutions are preferred by pharmaceutical companies. Most CRM vendors are finding it a challenge to fulfil the wide range of requirements.

Improving the marketing mix is not only important to gain recognition, but is also critical to garner a substantial share of the market. This strategy will guarantee strong revenue growth.

“CRM vendors need to devise niche solutions rather than generic ones,” advises Ramaraj. “A cost-effective and flexible product that ensures ROI and meets the requirements of the pharmaceutical industry will definitely capture market share.”

Global Pharmaceutical CRM Markets is part of the Healthcare & Life Sciences IT Growth Partnership Service programme, which also includes research in the following markets: World Pharmacovigilance Markets in Lifesciences, Healthcare IT Professional Services Market in Europe, Competitive Benchmarking of Key Participants in the European Healthcare IT Industry. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

GIL 2009: Europe

Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth – GIL Global – into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress ‘GIL 2009: Europe’ on 19-20 May, at the Sofitel St James in London. GIL Global is the industry’s only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Katja Feick, Corporate Communications Europe, at katja.feick@frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit http://www.frost.com/gilglobal

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company’s Growth Partnership Service provides the CEO and the CEO’s Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 35 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

Global Pharmaceutical CRM Markets

M31D

    Contact:
    Katja Feick
    Corporate Communications - Europe
    P: +49 (0) 69 7703343
    E: katja.feick@frost.com

http://www.frost.com

SOURCE Frost & Sullivan


Source: newswire



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