In the pharmaceutical industry, customer relationship management is not just nice-to-have — it’s a fundamental necessity. Pharma is changing fast. New business models, complex regulations, and advanced technologies are pushing drug companies to work harder than ever to stay competitive. On top of that, the global pharmaceutical market has grown plenty in recent years, reaching an estimated $1.6 trillion in 2023. This is an increase of more than $100 billion compared to 2022.
Source: Revenue of the worldwide pharmaceutical market from 2001 to 2023, Statista
Just like in other industries, effective marketing and sales strategies in pharma rely on understanding and managing relationships with your clients. At the same time, the internet has made it easier for patients and doctors to find information about medicines, giving them more power to choose what works best for them.
Because of these changes, pharmaceutical companies are rethinking how they do business. Instead of just focusing on making different drugs, they’re now trying to understand their customers better. And you can’t do it well with spreadsheets and manual data tracking.
That’s where CRM software comes in to help pharma companies maintain and enhance these relationships. So let us see what makes this technology so indispensable in the sector nowadays.
What is Pharmaceutical CRM?
CRM, or customer relationship management software helps you manage relationships and interactions with your customers or prospects, track sales activities, and optimize marketing strategies. Often this software offers features like data analytics, personalized engagement tools, compliance management capabilities, and more. Pharma CRM software enables companies to build better relationships and enhance engagement with customers, improve sales effectiveness, and overall drive business growth.
Main Advantages of CRM in the Pharma Industry
Current market research shows steady growth in the global pharmaceutical CRM market, confirming the increasing adoption of the solution. In 2023, the market size was valued at $4,156 million, reaching $4,356 million in 2024. Experts predict this growth will continue. They expect the market to grow by 4.8% each year from 2024 to 2033. By 2033, they think it will reach $6,643 million. The rising adoption of these systems can be attributed to several key benefits they offer to the pharmaceutical industry.
Better data management and analytics
The first big benefit of pharma CRM systems is that they serve as a centralized repository for all customer-related data, consolidating information and interactions that previously were scattered across multiple departments and systems. This centralization is advanced even further by the CRM’s ability to integrate data from different sources, like sales, marketing, research, and even external databases, providing a comprehensive view of each customer and the market as a whole.
Moreover, the real-time nature of data updates in a CRM solution ensures that information remains current and accessible. Sales representatives can input data during or immediately after their interactions with healthcare professionals, keeping everyone at the company informed and on the same page.
With this wealth of consolidated data, pharmaceutical companies can utilize analytics tools to gain impactful insights, from predicting future market trends to analyzing products’ performance across various regions. This empowers companies to focus on relevant metrics and make data-driven decisions.
In-depth view of a customer lifecycle journey
Another key benefit of pharma CRM software is the ability to track customer lifecycle journeys, allowing pharmaceutical companies to see and study the entire process of converting potential leads into loyal customers.
This feature offers complete visibility of each HCP’s journey, from initial contact to becoming a regular prescriber or customer. The system tracks various stages such as awareness, interest, evaluation, trial, adoption, and loyalty for each product or service, allowing for a complete understanding of the customer’s progression. By understanding where each customer is in their journey, you can personalize your communication and marketing strategies accordingly.
Advanced workflow automation
Most pharma CRM software solutions can automate various sales and marketing activities. The CRM solution can automatically schedule follow-up calls, send reminders for important meetings, and even generate personalized emails to healthcare professionals based on their interactions and preferences. This not only saves time for sales representatives but also ensures consistent and timely communication with customers.
Marketing efforts also benefit greatly from automation. The CRM platform can automatically segment customers based on various criteria, allowing for targeted marketing campaigns. It can then track the performance of these campaigns in real time, providing valuable insights for future strategies. Automated reporting tools can generate regular performance summaries, saving hours of manual data compilation and analysis.
Key Features of Pharma CRM Software
Pharma CRM systems differ from traditional CRM software because of specific industry requirements and regulations. For instance, while standard CRM software focuses on general customer data, the pharmaceutical CRM system needs to be tailored to manage relationships with healthcare professionals, like doctors, nurses, and pharmacists. Hence, these industry-specific systems may often include features for tracking prescribing behavior and influence.
Real-time monitoring and insights
Getting real-time insights is crucial for any business, as it allows you to make decisions quicker and overall be more agile in your responses to market changes. This feature enables pharmaceutical companies to track and analyze data as it’s being entered or updated, providing visibility into different areas of business. Depending on your vendor, certain CRM platforms can even analyze and report how your audience interacts with your content.
At the heart of this feature are live dashboard updates. As data is being entered or changed, your dashboard should update automatically, giving you an instant view of required KPIs. This is valuable both for tracking sales representatives’ activities and results, and for marketing to see the feedback on their campaigns.
Closed-loop marketing
Closed-loop marketing is a process that uses client feedback and data to continuously enhance marketing efforts, creating a cycle of constant refinement. This detailed information on interactions, preferred channels, and more help sales team personalize their approach to meet the clients’ need and expectations.
With a pharmaceutical CRM software both sales and marketing team can access real-time insights which are shared between the teams to guide sales strategies and marketing decisions.
Consent management
Consent management is a feature that is rarely discussed, existing mainly in pharmaceutical CRM software. This functionality addresses the complex challenge of collecting and managing customers’ consent in the life sciences industry. As pharma companies grow, it becomes increasingly harder to handle consent manually. Not to mention, risky.
Therefore, certain pharma CRM systems offer to automate the consent collection process while ensuring compliance with industry regulations. All collected consents are managed in a centralized platform, eliminating the risk of data loss, and allowing to see a full consent history. Sales representatives can send a tailored consent page to customers with checkboxes for different types of personal data. And if a customer refuses to consent, the CRM software immediately disables communications.
Visits and route management
This special functionality in the pharma CRM system is designed to help out the field sales and service teams optimize their daily schedules and travel routes when meeting with healthcare professionals or visiting pharmacies. The CRM platform uses advanced algorithms to create the best itineraries, taking into account location, priority of clients, and time constraints. It also helps track travel time and distances between appointments and allows for adjusting schedules on the fly when unexpected changes occur
Sample management and compliance
Pharma businesses can occasionally send samples of their products to healthcare professionals as a part of their promotional activities. All of these activities need to be tracked. The sample management feature does just that. It monitors sample requests, manages inventory levels, records distribution, and captures data on sample usage and feedback.
The CRM platform ensures that sample distribution complies with industry regulations, which can vary by country or region. It typically includes features to set limits on the number of samples that can be distributed to a single HCP, track expiration dates, and maintain detailed records of all sample-related activities.
Omnichannel communication
If you notice that your communication with customers is getting ineffective and slow, it might be time to involve a CRM system that has a multi or omnichannel communication feature. Today, patients and HCPs interact through many channels, from phone calls to Instagram tags. A good CRM platform brings together these diverse customer interactions into one unified platform, ensuring that all customer queries are handled efficiently and no feedback falls through the cracks. With this integration you’ll be able to reach your target audience on their preferred channels, improving customer experience, and it will be much easier for your team to handle communications. In the end, you’ll have consolidated customer data with detailed insights, allowing you to make informed decisions.
How to Choose Your Pharma CRM
The pharma industry needs CRM software. Emerging regulations and policies, complicated procedures and processes, intense market competition — it’s all too much to handle without adequate technological assistance. Which begs the question — how do you choose the best pharma CRM software for your business?
First, it’s vital to understand your immediate goals and strategic objectives. Don’t just go for a CRM system that has the most features, because you might end up paying for functionality that you won’t ever use. Define the KPIs that you want to improve and focus on CRM software that is designed to do just that.
Another factor that’s crucial to mention is how a CRM provider helps its clients to migrate to new software. Often, migration is not a walk in the park, it needs to be handled professionally and with an individual approach. Ask your candidate providers about the whole process. Here are some questions that you might want to ask:
- Are you able to customize the CRM platform to ensure that it integrates with the existing tech stack?
- Will you provide a dedicated manager to help us handle the migration?
- Are you helping clients with the import of data?
- Can the CRM software be customized to our requirements and workflow?
- Do you have a 24/7 customer support service?
Oftentimes, generic CRM solutions will not fit your needs compliance-wise. That’s why it’s best when a CRM platform is specifically designed for the pharmaceutical sector and includes compliance management features. Look for CRM that offers robust customer data management, sales force automation, and marketing campaign tools tailored to the industry.
Next, focus on the ability of a CRM platform to support digitizing customer experience. In the modern age, HCPs expect seamless, personalized interactions across various channels. Good CRM software should offer multi-channel engagement functionality, allowing your team to interact with customers through their preferred methods: email, mobile apps, online portals, and more. Look for features that enable personalized content delivery, virtual meeting support, and digital signature capabilities to enhance the overall customer experience.
Another crucial aspect to consider is the analytics and reporting capabilities of CRM software. The system should provide real-time insights into customer interactions, sales performance, and market trends. Advanced analytics can help you make data-driven decisions, optimize your marketing strategies, and identify new opportunities.
Lastly, consider the vendor’s reputation, client portfolio, case studies, and future development roadmap. Choose a vendor with experience in the pharma industry who understands the unique challenges and requirements of the sector. Look for a provider that offers comprehensive training and ongoing support to ensure your team can fully utilize the CRM’s capabilities.
Bottom Line
As we’ve stated at the beginning and proved along the way — pharmaceutical CRM isn’t just nice-to-have, it’s an absolute must-have. By leveraging the power of industry-specific CRM, pharma businesses can streamline operations, build strong customer relationships, and stay ahead of the competition. From improving sales force effectiveness to ensuring regulatory compliance, the right CRM solution acts as a catalyst for growth. The industry continues to evolve, and those who embrace and optimize their CRM systems will be best positioned to thrive in the digital age of healthcare.
