How to Pick a CRM for Biopharma & Medical Device Companies - A Checklist

How to Pick a CRM for Biopharma & Medical Device Companies - A Checklist

Posted In | CRM | Biopharma and Medical Device

Launching a new drug, therapy, or medical device into the market is a milestone for any company. To ensure a successful launch, foundational elements such as technology, operations, and data must be in perfect alignment. This helps you scale your organization without hitting any bottlenecks. An invaluable asset for a smooth commercial launch is a CRM, which empowers your sales representatives to promote your product effectively.

 

Traditional CRMs come with standard features like managing contacts, scheduling tasks, tracking opportunities, and more. However, in addition to these features, CRMs for biopharma and medical device organizations require tailored capabilities and an effective operating model. These custom functionalities ensure a more accurate response to industry-specific demands, optimizing both sales and patient care processes.

 

 

Gridlex offers a suite of applications focused on biopharma, medical devices, and life sciences companies. Gridlex's CRM solution is developed in-house and integrates with 15+ other apps in our ecosystem to help you scale effectively. Gridlex's App Suite is used by innovative companies such as Altathera, Clearflow, and Heron Therapeutics.

 

Choosing the right CRM for your medical device company is a critical decision with many nuances. This article lists the key considerations for selecting a CRM for your biopharma and medical device company. Please email apps@gridlex.com to learn more about how to pick the right solution.

 

How to Pick a CRM for Biopharma & Medical Device Companies

 

1. What are the costs associated with customizing, implementing, and maintaining the software beyond the core licensing fees?
 

Why is this important?

No two biopharma or medical device companies are alike. Differences in geographical reach, channel strategies, and selling approaches can significantly alter how you introduce products into the market. The tactics for a hospital-centric product differ vastly from those for a specialty pharma drug. These further vary when considering broad-based cardiology products or surgical-focused medical devices.

 

Each approach demands unique data and workflow configurations. These customizations come with significant upfront and maintenance costs that you need to assess from a total cost of ownership perspective. These non-software licensing costs often account for more than 70% of the total cost of running and maintaining a full CRM solution.

 

How Gridlex does it?

Unlike other CRM software vendors, Gridlex provides its own implementation services, which are bundled into the total cost of ownership. One of our key operating principles is customer success, and our team intensely focuses on making your organization profitable. This makes it a cost-effective one-stop solution for biopharma & medical device companies.

 

2. How does the CRM address frequent modifications, customizations, and upgrades?

 

Why is this important?

From the launch of a CRM platform, updates and tweaks are inevitable. Whether it's a minor adjustment like renaming a field or a complete shift in workflow, the CRM must accommodate. For instance, a sales representative's interaction with a key opinion leader (KOL) might trigger a chain of events.

 

In such cases, how will you navigate these changes with your CRM vendor? Are these changes considered new change orders? Will the vendor nickel-and-dime you with micro change order costs or set an hourly rate? How will these ongoing expenses impact the growth trajectory of your company in a fast-paced environment?

 

How Gridlex does it?

Gridlex's operating model is a fixed fee bundled payment that includes the cost of the software. We expect frequent change and welcome it without charging extra for even substantial change- ask any of our customers and see if they have gotten a change order. We work as a true partner and an extended team member to help drive change and adapt to new situations.

 

3. Does the CRM come preloaded with data on Physicians and Key Decision Makers?

 

Why is this important?

A CRM without key contact information is an unnecessary obstacle, requiring your reps to get all the information themselves. This directly affects sales and marketing productivity. The quicker your reps can access the information they need, the faster they can initiate outreach, nurture relationships, and close deals. Additionally, manual data entry not only risks errors but also wastes time better spent on core tasks.

 

How Gridlex does it?

With Gridlex's CRM, you can quickly and easily set up your database using the preloaded contact lists. These lists include Physicians and other relevant professionals along with the data of organization hierarchies to make the process even smoother.

 

4. Is Sales Data Integrated into the CRM?

 

Why is this important?

Sales data is the lifeblood of a representative to benchmark how a territory is doing and make necessary improvements. However, most CRMs keep sales reporting data separate, forcing users to invest considerable time in correlating various data points.

 

How Gridlex does it?

Gridlex's CRM offers seamless integration, streamlining sales reports from multiple channels to give a comprehensive as well as a microscopic view of your sales performance. The platform provides key market trends and deviations at both national and territory levels, presented through intuitive natural language generated (NLG) reports, graphics, and charts. This empowers sales and marketing teams in accurately assessing performance and coming up with effective strategies.

 

5. Does the CRM have a firewalled but integrated Medical Science Liaison (MSL), Clinical Educator & Medical Information Request (MIRF) Management system?

 

Why is this important?

In biopharma companies, Medical Science Liaisons (MSL) play an important role in educating physicians and organizations about a product. Similarly, the medical device world also has clinical educators who perform similar tasks in education. These groups often interact with the same customer groups but have different purposes and should be firewalled from a regulatory perspective. However, the database of contacts and organizations should be similar to avoid duplication of costs.

 

Additionally, there are key processes like MIRF requests that cross over between a sales rep and an MSL. Medical Information Request Forms are an important channel of communication between HCPs and biopharma companies. They are for inquiring about drug action, clinical data, and any adverse patient experiences associated with the drug. Ensuring timely and apt responses based on the nature of the requests is crucial to building loyalty and customer satisfaction.

 

How Gridlex does it?

Gridlex provides an integrated system but firewalls the MSL, Clinical Educators, and MIRF processes based on the user role and group. This enables you to use the system in two completely different scenarios, which helps manage costs and make changes faster. Gridlex's MIRF management application captures the precise fields that are necessary for effective management and also relies on the same system to communicate back.

 

6. Does the CRM have integrated Incentive Compensation reporting functionality?

 

Why is this important?

Incentive compensation systems allow companies to evaluate the performance of their sales reps, fostering a compliant environment that drives better performance. However, measuring performance can become tedious as companies must review individual outcomes based on various metrics within specific territories.

 

How Gridlex does it?

Gridlex allows the seamless integration of data from multiple channels, including sales reporting and activity tracker, to create an efficient calculation and management of incentive compensation. The flexible framework allows you to devise a compensation system aligned with the organizational policies and values. It incorporates various measurable and customizable performance metrics, including conversion rates, target achievement, activity logs, training course completion, and compliance.

 

7. Does the CRM application have the ability to enable Bottom-up sales forecasting?

 

Why is this important?

Sales reps have an intricate knowledge of market nuances, making rep-driven bottom-up sales forecasting essential for realistic estimates. This aids companies in setting precise sales goals and targets. While this forecasting method relies heavily on sales projections tailored to each market segment and territory, the challenge lies in managing the data. Gathering and consolidating such vast amounts of information accurately can be both resource and time-intensive.

 

How Gridlex does it?

Gridlex streamlines this process with automated forms and features that allow for the creation of a dynamic sales forecasting system. This not only captures large amounts of data but also conducts analyses with minimal manual involvement. Through its platform, Gridlex offers data visualizations and critical market insights, paving the way for sustainable business strategies. These insights enhance resilience against market fluctuations and promote optimized resource distribution.

 

8. Does the CRM support Advanced Profiling & Survey Forms?

 

Why is this important?

Accurate and detailed profiling of physicians and organizations, such as Key P&T Members or formulary dates, is key to the success of marketing and sales operations. The data enables improved customer segmentation and targeting. This helps sales reps identify targets with greater precision and develop strategies best suited to the segment's characteristics.

 

Furthermore, surveys are vital research tools, enabling companies to gather specific insights into customer behavior, preferences, and emerging market trends. This feedback allows the companies to adjust their strategies, ensuring better customer satisfaction and revenue growth.

 

How Gridlex does it?

Gridlex's CRM platform offers state-of-the-art profiling capabilities. It facilitates the easy deployment of tailor-made digital profiling & survey forms that can be submitted via the CRM. These comprehensive profiles provide key insights into aspects such as prescribing behavior and market potential. Leveraging this information, sales reps can create marketing messages that align seamlessly with HCP interests, driving up conversion rates.

 

9. Does the CRM have advanced marketing automation features such as email sequence automation and Natural Language talking points?

 

Why is this important?

CRMs are not just effective activity logging systems; they also function as sophisticated marketing platforms. When CRMs can act as assistants, reps can increase their efficiency and automate key responsibilities while adhering to industry standards. Among digital marketing tools, emails stand out for their direct and personal approach. Campaigns with personalized emails with natural language-generated content—tailored using advanced customer segmentation—have been successful in both lead generation and conversion.

 

How Gridlex does it?

Gridlex's CRM software, supported by Natural Language Generation technology, offers advanced email automation capabilities. The platform allows you to create automated email funnels for specific customer segments with minimal manual intervention. The CRM leverages customer behavior data, including prescribing behavior, preferences, and pain points, as well as relevant disease burden data. This feature allows you to effectively reach out and follow up with prospects via personalized messages.

 

It further allows you to track and measure the success of various campaigns using email analytics metrics, such as open and click rates. This gives invaluable insight into each lead's level of engagement.

 

See Gridlex Case Study on Clearflow, a medical device company that leveraged Gridlex's personalized account-specific data, email marketing, and natural language generation (NLG) features.

 

10. Does the CRM have integrated Sunshine Act Reporting functionality?

 

Why is this important?

The Physician Payments Sunshine Act (PPSA) mandates biopharma and medical device companies participating in U.S. federal healthcare programs to annually all financial relationships with physicians and teaching hospitals. This includes various transactions, including research, travel, events, gifts, and meals. Accurately tracking these multi-channeled expenses corresponding to individual HCPs across varied systems can be daunting. Any mistakes can lead to hefty fines brought on by non-compliance.

 

How Gridlex does it?

Gridlex provides a user-friendly platform, making it simple for sales teams and representatives to record and track the different kinds of expenses encountered during HCP interactions. The platform further allows you to aggregate expenses corresponding to unique HCPs across various systems and set appropriate limits. Integrated with expense tracking and event management features, Gridlex provides a comprehensive view of expenditures corresponding to multiple channels and ensures that the budget allotted is not exceeded.

 

11. Is your Training and Compliance integrated into the CRM?

 

Why is this important?

Within the heavily regulated biopharma & medical device industry, adequate training for your field sales force is extremely critical. Sales reps must not only meet organizational operational demands but also comply with federal and state laws, as well as those of regulatory bodies like the FDA. Non-compliance can result in severe repercussions, including litigation and hefty fines. Moreover, sales representatives require tailored coaching and learning to effectively engage with the specific territories and organizations they interact with daily.

 

How Gridlex does it?

Gridlex's life sciences CRM equips you with a platform to train your sales force extensively in areas like safety, compliance, and quality. It also actively monitors reps' activities, mitigating non-compliance risks. Integrated features like sales reporting and activity tracking allow you to assess performance metrics, pinpoint areas of concern, and offer targeted training. This ensures reps are both knowledgeable about their specific territories and aligned with relevant organizational interactions.

 

12. Does the CRM Support Advanced Data Security and Compliance? 

 

Why is this important?

Data security and compliance are important considerations when selecting a CRM for biopharma and medical device companies. Since, companies in this industry often deal with sensitive customer data, including personal and medical information. Ensuring the protection of this information from unauthorized access or breaches is crucial. Moreover, compliance with relevant industry regulations is also important.

Data security and compliance are two critical factors to consider when selecting a CRM for a biopharma or medical device company. This ensures the protection of sensitive customer data and adherence to industry regulations.

 

How Gridlex does it?

Gridlex CRM's data security and compliance measures are in place and ensure that they meet the needs and requirements of biopharma and medical device companies. Gridlex CRM has strong encryption, secure data storage, and robust access controls to protect sensitive customer data. Gridlex CRM system is compliant with relevant industry regulations.

 

Tailored CRM Solutions for Biopharma and Medical Devices Companies

 

Selecting the right CRM can be intimidating, considering what's at stake for biopharma and medical device companies. Gridlex delivers a bespoke solution catering to industry-specific needs, guaranteeing streamlined operations, robust data security, and enhanced sales strategies. Sign up for a FREE trial or reach out to us at apps@gridlex.com to learn more about Gridelx features.