The One Thing No One Wants to Talk About
It is about time we talked about the “I-word,” or inflation, for as a pharma motivational sales speaker and pharma sales consultant, it concerns me when any industry, especially pharma, prides itself on being inflation proof. I am hardly alone in that opinion.
Between October 26, 2022 and November 23, 2022, a major survey was done by Global Data Healthcare of pharma executives. They listed their most important concerns in the following order: “inflation first, drug pricing and reimbursement constraints second, the Ukraine conflict third and the political divide in the United States fourth.”
Inflation is an important concern and. of course, price increases and reimbursement limits. The survey also states:
“The [survey] firm noted that the industry will need to navigate ‘financial and strategic risks.’ Pharma companies ‘will need to find new ways to offset regulatory and inflationary pressures.’”
The message is clear
Though the media may talk of the pharmaceutical industry as being recession-proof, everyone in the industry realizes it isn’t. Inflation is the number one concern, though it seems like no one wants to talk about it. In an industry sensitive to what “others” say about its pricing, there isn’t an incentive to discuss why prices increase.
The pharmaceutical industry is under the same pressures as any other manufacturing industry – and then some. The need to research, develop and innovate; the need to streamline, digitize and improve systems; the challenges posed by supply chains, insurance, politics and the general public are enormous. All of it, even the need to constantly publicize leads to spiraling prices. It is no, “one thing,” but everything.
The issue is how pharma sales teams, as part of the industry, will respond to the challenges. There is much more at stake than remaining silent or issuing “apologies.” Patients need what the industry offers. Lifesaving or life enhancing medications aren’t like consumer products. They shouldn’t be ignored in an inflationary cycle, or dosages cut and skipped because other items take priority. However, someone must make a difference in how treatments are viewed. The difference-maker is you.
There might be “100 points of resistance,” but it is up to each pharma sales rep to have the attitude, the mindset to communicate and educate, to offer service above and beyond and to outlearn the competition. To do so, is to view your role as an educator and communicator. If you believe in what you’re selling, then help the customer see it, understand it and support it.
This mindset requires you to embrace the purpose and the potential of what your company is offering.
In the end, it comes down to determination. If there is no resolve to help customers see what you see, then fears of inflation will replace the health fears of ignoring the qualities that make the drug important.
In the end, “inflation,” the one thing no one wants to talk about, can never be made as important as the benefit of what you offer.
To reach Scott Burrows, Motivational Pharma Sales Speaker, contact Scott today by phone at: 520 – 548 – 1169 or through this website.