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Assessing the Performance of Account Executives for the Critical Managed Markets Sector
Date:9/2/2011

CHAPEL HILL, N.C., Sept. 2, 2011 /PRNewswire/ -- The overall success of the pharmaceutical industry is linked to the managed markets sector. Access to formularies and relationships with managed care organizations are critical drivers of top-line growth for pharmaceutical organizations. Given the importance of the managed markets sector, assessment of managed markets account executives' performance is a critical undertaking for pharma organizations.

Best Practices, LLC recently conducted an in-depth benchmarking research project to identify common performance measurement practices of managed markets account executives. "Managed Markets Account Management: Assessing the Performance of Account Executives" will provide executives with insights into the evaluation of the account executive function and present effective measures that drive successful activity in managed markets account management.

The report examines both activity- and results-oriented performance metrics for evaluating account executives. The data are segmented into two parts: Large Pharma and Total Benchmark Class. In the study, both the Total Benchmark Class and Large Pharma Segment said they used results metrics more often than activity metrics to measure account management performance.

  • On the results side, the most utilized performance metrics for both the Total Benchmark Class and Large Pharma segments were "Formulary placement" and "Performance against stated objectives." Interestingly, the study found while the Large Pharma segment rated "Number of drugs on formulary" among the most effective performance measurements, only 40 percent said they use that metric.

The 51-page report will help executives gain insights on field-proven tactics from survey and interviews of 32 participants, 16 that are large research-based Pharmaceutical companies.  

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SOURCE Best Practices, LLC
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