Times They Are A-Changin’
The time of simply answering inbound inquiries or relying on ongoing relationships for new business is once again poised to slow down. Many signs are pointing toward a significant drop in funding, which continues to trend downward, especially from IPOs, leaving attuned vendors to consider more strategic approaches to garnering new business ahead.
When I first started here (2011), the industry was on the tail end of a funding drought due to the historic 2008 recession. This left lots of vendors, especially those with a focus on early stage drug services, fighting for every available project. R&D funding subsequently picked up, and by 2013, capital was flush in the industry, allowing some CMOs and CROs to ease off the aggressive sales approach and instead capitalize on inbound activity and leads.
True to the cyclical nature of this industry, we’re now seeing clear signs of a significant slow-down once again (Nasdaq Biotech Index). For a sales person in the pharma services industry, this means your approach to landing new business must continue to adapt as the market dictates, and that may mean breaking out the headset, polishing up that pitch, and using resources that will point you to new sales opportunities!
As with technology, the way to attain new business must constantly evolve to reflect the nature and demands of the industry. Anticipating a renewed focus on the need for more aggressive selling over the next few years, PharmSource continues to strengthen its robust lead generation service to assist in these efforts.
We’ve recently undertaken a project to enhance our already strong database of contacts by identifying even more verified email addresses. This information is essential in targeting new contacts and companies that you may not yet have developed a personal relationship. These contacts are part of our database that reports updates on clinical developments for drugs and medical devices worldwide. The PharmSource Lead Sheet helps get your sales team off and running.
As with the last downturn, skilled business development personnel will play a key role in ensuring that your company succeeds. Providing them with the right tools to win new business in the more challenging environment that’s around the corner will be essential.
Finally, for all my business development colleagues out there looking to sharpen your pitch, you can’t go wrong learning from the most creative mind of our generation, Mr. Jim Henson: The Muppet Show sales pitch (you may want to leave out “freaky long-haired dirty cynical hippies” in your pitch though).