Changes in the pharmaceutical landscape are driving the adoption of new sales models including key account management, team-selling and regional resourcing. All of these pose a major challenge to compensation schemes since only the activity and output of the entire team can be linked to resulting sales. Meanwhile, there has been an increase in the number and type of stakeholder in the prescribing chain meaning that measuring just the output of individual doctors within a territory is no longer sufficient in determining the overall and inter-linked performance of the sales force. Traditional means of compensation measurement - namely focusing solely on sales output at the territory level - can thus no longer be the sole criteria in bonus and compensation calculations.
On October 7-8 2008, Eyeforpharma is kicking-off its inaugural Sales Force Effectiveness Summit in Russia at the deluxe Ararat Park Hyatt Hotel in Moscow. This high-profile event is geared towards pharmaceutical sales and marketing executives and will feature a half-day simulation-based workshop from IMS Learning Solutions. The workshop, to be held on October 6, will focus on Incentive Compensation and has been specifically designed to compliment the topics covered at the conference.
Don’t miss out!
This half-day workshop offers a multifaceted understanding of how to best design incentive and compensation plans, reinforced by the simulation which gives delegates the opportunity to participate with a hands-on approach, putting into practice what they have learnt.
The workshop examines the concepts and best practice approaches of designing compensation schemes in today’s complex and increasingly challenging market environment. Through a series of interactive simulations, participants are placed in a typical pharma company situation in which a new compensation scheme must be created. They must make key choices and trade-offs to determine a sales team’s bonus, including base salary, degree of training offered, the inclusion of a bonus for activity and/or sales, specific measures to be used, optimal payout distribution, sales models to be applied, usage of extra incentives schemes, and much more.
Topics covered during the workshop include:
• The background on Compensation trends, as identified by IMS’ European Market Research
• An introduction to best practice in diagnosing and designing incentive compensation schemes
• Understanding how to evaluate softer measures such as strength of relationships
• A comparison of the approaches taken by different groups competing to obtain the best sales
• Expert facilitation and results analysis
In addition, conceptual presentations will cover best practice approaches in diagnosing current compensation plans. An expert facilitator and thorough results analysis rounds out the workshop, making it a great opportunity that all sales and marketing executives should take advantage of.
For more information or to register, visit: www.eyeforpharma.com/salesrussia08
