The pharmaceutical industry is one of the most vibrant sectors of the US economy. The ever-growing population and its increasing wellness needs ensure that it remains in the pink of its health. The advent of globalization has created numerous opportunities as well as challenges for this business.
People form an important element in this industry. The fiercely competitive character of this sector demands that companies adopt the latest and the best HR practices to survive and grow. The training managers of these organizations devote most of their time to address 2 major concerns. They are:
1. Training the personnel to ever evolving needs of medico-market
2. Providing effective compliance training
Let me share more about these challenges with you all.
Training the staff to changing market trends
Various studies highlight the need for pharmaceutical companies to adopt new marketing strategies. According to PwC, the pharmaceutical industry is likely to face taxing times ahead. The increasing regulator activism and the need for specialized marketing services to cater to the needs of specialists in different branches of medicine are cited as major challenges. The transformation of medical representatives into account managers satisfying the needs of individual and corporate customers is another major development in the world of medico-marketing.
The use of Pharma CRM software is on the rise as companies try to benefit from e-business. PwC points out that most companies are seeking to diversify their product lines. There is a growing need for pharma-marketing personnel to interact with insurance providers, as more insurers attempt to affect the writing of prescriptions by restricting the number of drugs covered by health insurance policies. It is necessary that marketing personnel are trained to face problems caused by these trends in the market of medicines.
Imparting efficient and cost-effective compliance training
The pharmaceutical sector is arguably the most regulated business in the USA. Personnel need to be trained to on various laws and regulations governing this industry to avoid costly mistakes. Training an international workforce on FDA norms is increasingly becoming a necessity as the number of American drug-manufacturers going global is on the rise. Companies are seeking innovative solutions to meet their compliance training needs, which are effective and improve the bottom line.
E-learning offers ideal solutions to these needs of the pharmaceutical sector. I would like to share more on how adoption of e-learning helps to overcome the training challenges of this industry in my coming blogs. What do you think are the major training concerns of the pharmaceutical industry? Please share your views in the comments box below.