Pharma stuck in number metrics

KEY IDEA: Pharma companies still measure success via quantitative analysis rather than qualitative analysis.  This has led to a culture of numbers chasers and rather than focusing on the quality of interactions.

After the recent medical conference in Chicago with the release of Merck’s Keytruda data Merck sales and medical people were tasked with meeting with key doctors within the first 30 days.  The problem is that Merck is only concerned about numbers and that most Oncologists already reviewed the updated data via press releases and media stories.  Getting appointments with doctors, who already were aware of the data, could be tough because Oncologists “just don’t have the time”.

Welcome to the era of quantitative numbers, same as the old era of quantitative metrics.

Would you rather your medical liaison people visit 50 Oncologists with an average interaction time of 20 minutes or 15 Oncologists with an average interaction time of 90 minutes?

What about your online metrics?  Would you prefer to have 50,000 website visitors with a bounce rate of 89% and an average time on site of 22 seconds or half that number with a bounce rate of 60% and average time on site 2:20?

The numbers game, that most pharma companies play, misses the mark .  It’s not about numbers anymore; it’s about quality of engagements, online or off.   When pharma is too focused on numbers employees usually make bad decisions to hit those numbers. I would rather have a medical or sales person spend 90 minutes really discussing our product than one who only meets with them for say, 30 minutes.

Nowhere is this more important than online, where it’s getting harder to grab users attention.  Metric dashboards are too focused on numbers such as unique visitors rather than time on site, bounce rate and pages viewed.

Today it’s about the quality over numbers.  Those are the people who are more likely to become customers of your brand and company.

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