Tools, Processes and Resources Benchmarks for Pharmaceutical Sales Training

STUDY OVERVIEW
BENCHMARK CLASS
STUDY SNAPSHOT
KEY FINDINGS
VIEW TOC AND LIST OF EXHIBITS

The training of an organization's sales force -- particularly in the pharmaceutical sector -- is one of the critical steps companies must take to succeed in a competitive marketplace. Due to the effect they have on the overall operations of a sales training group, the budget and structure of a company's sales training organization have a significant impact on the effectiveness of the group.

This Best Practices, LLC, report delivers performance benchmarks for the size, cost, scope, content, delivery channels, lessons learned, and success drivers of leading Sales Training organizations across the pharmaceutical industry. The study identifies successful training venues, technologies, organizational structures, delivery approaches, performance measurement processes, and resource levels that drive effectiveness in high-performing Sales Training organizations.

Sales Training leaders can use the metrics and insights in this study to evaluate and compare the performance of their Sales Training organizations.

Industries Profiled:
Pharmaceutical; Medical Device; Manufacturing; Biotech; Consumer Products; Diagnostic; Chemical; Health Care; Biopharmaceutical; Clinical Research; Laboratories

Companies Profiled:
Actavis; Arbor Pharmaceuticals; Astellas; AstraZeneca; Baxter Healthcare; Bayer; Biogen Idec; Celgene; Eli Lilly; EMD Serono; Genentech; Grifols; Janssen; Janssen Biotech; Johnson & Johnson Medical; Lundbeck; Novartis; Otsuka; Pfizer; Sanofi; Sanofi Oncology; Shire; Teva Pharmaceuticals; UCB; Valeant Canada

Study Snapshot

Best Practices, LLC engaged 28 Sales Training leaders from 25 pharmaceutical companies through a benchmarking survey instrument. In addition, research analysts conducted deep-dive executive interviews with 6 selected respondents to collect qualitative data and insights.
Topics addressed in this report include:

Sales Training budget trends &� management
Most utilized types of Sales Training� included in formal curriculum
Collaboration level of sales training with various stakeholder groups
Percentage of Training content developed and delivered by internal staff vs. vendors
Technologies used to deliver training
Percentage of training outsourced to vendors
Key Industry Metrics
Average number of days of sales training per rep
Sales Training budget as a percentage of revenue.
Number of employees receiving sales training per trainer�

Key Findings

Virtual Classrooms Present Tech & Cost Challenges: Interviewed training leaders see potential in transitioning more learning from in-person to virtual classrooms. Some are providing as much as 60% of training virtually. Others are holding off until they are sure they can measure and justify the return on investment.

36% of Budget Goes to New Hires: Benchmark participants spent an average of 36% of their budgets for new hire training in the most recently completed fiscal year. On average, new hires receive about 32 days of training during their first year on the job, compared with about 10 days of training per year for existing, or experienced, reps.

Sales Training’s Relationship with IT Varies Widely: Across the benchmark class, companies have a wide spectrum of different relationships with their Information Technology partners. While some compete with other departments for attention, others have IT support inside the Sales Training function. Still others work primarily with vendors to deploy initiatives while partnering with IT for oversight.

Table of Contents

Executive Summary

Sales Training Program Operations & Models
Sales Training Content Delivery & Development
Technology Issues & Applications
Sales Training Budget & Resources
Organizational Structure & Scope
Trends in Pharmaceutical Sales Training
Best Practices of the Benchmark Class
Appendix: Participant Demographics

List of Charts & Exhibits

Anticipated Change in Sales Training Budget over next 2 Years

Practices Used to Stretch Training Budget in Times of Flat or Reduced Funding
Size of Sales Training Budget and Percentage for New Hires
Percentage of Total Sales Training Budget for Outsourcing
Average Number of Days of Sales Training Provided Per Employee
Average Number of Products Carried Per Rep
Total Number of FTEs Working in Sales Training
Approach that Best Describes Organizational Structure of Sales Training Group
Sales Training Focus on Training Different Employee Groups
Program Attributes Representing Sales Training Program
Level Sales Training function has with Different Stakeholder Groups
Performance Measurement Describing Sales Training function
Effectiveness of Different Metrics for Evaluating Sales Training Program Quality
Percentage of Sales Rep Trainees Achieving Their First-Year Sales Goals
Sales Training Components Included in Organization's Formal Curriculum
Percentage of Formal Sales Training Content Developed by Internal & External Stakeholders
Percentage of Formal Sales Training Content Delivered by Internal & External Stakeholders
Percentage of Sales Training Delivered Using Different Approaches
Effectiveness of Additional Training Delivery Approaches
Percentage of Total Sales Training Provided Through Different Venues
Percentage of Total Time Allotted for Sales Training at Annual Meetings (such as POA)
New/ Innovative Technologies Companies are Currently Using or Planning to Deploy Within the Next Year to Deliver Sales Training
Effectiveness of Different Technologies In Delivering or Pushing Out Training
Effectiveness of Different Technologies as a Pull-Through Training Tool
Percentage of Core Training Delivered via the iPad and/or Other Similar Mobile Devices
Applications Developed Internally for Sales Training
Level of Attention from the Sales Training Organization Expected for Different Issues over the Next 12 Months
Best Practices for Building an Effective Sales Training Program in Today’s Market

Pharmaceutical Sales Training Excellence: Tools, Processes & Resources That Drive Effectiveness

ID: PSM-292

Features:

Pages: 97

Published: Pre-2019

Delivery Format: Shipped

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