Optymyze Helps Pharmaceutical Manufacturer Turn Data into Action
less than 4 weeks
for no-code app design, configuration, and deployment
150% increase in income
for the top Managed Care app users
23% rise in revenue
since engaging with Optymyze
A national pharmaceutical manufacturer had enjoyed strong sales since partnering with Optymyze in 2015, but it wasn’t willing to rest on its laurels. In search of opportunities to increase market share and penetration, the company’s leaders began looking to supercharge their growth through further refinement of their sales operations.
In particular, one proprietary drug was suffering from underperforming sales, largely because generics were frequently the only option that insurance would cover for this medication’s potential patients. That often left salespeople hurting even when they’d connected with doctors who wanted to use the new treatment; they’d attempt to prescribe it, only to be repeatedly denied by the insurance companies.
At the same time, a lack of visibility into sales opportunities meant reps were missing chances to connect with potential customers. All the elements of success were in place, but they weren’t yet connected.
To determine how best to implement a solution for these lagging sales, Optymyze experts sat in on councils with salespeople and managers alike, and even accompanied reps on ride-alongs to witness their experience in the field.
Then, having gained an even deeper knowledge of the company’s business processes and this particular medication’s journey, Optymyze proceeded to create the Managed Care app – a no-code application that lives within the larger Optymyze solution. By integrating standardized industry data streams with company plan and subscriber data, the Managed Care app combines an extensive database of prescriber and insurance information with a simple yet powerful interface.
A combination of pre-call planning and sales coaching, the app is all about turning data into action. It helps sales reps identify not only doctors who have previously prescribed their medications, but also those who have strong potential to prescribe.
The app helps sales reps hone their messaging, handle objections, and plan calls to maximize sales opportunities – all at a glance. Rather than sitting in a single doctor’s office for extended periods, only to end up in the intractable position of insurance denials, the reps can now focus on offices with multiple prescribers and higher densities of potential patients.
Moreover, the standardized, code-free nature of the app means that it’s an off-the-shelf solution with rapid time to value – so it’s ready to investigate opportunities for any medication in any regiwon with minimal setup time. Indeed, the design, configuration, and deployment of the Managed Care app took less than four weeks. Any pharma enterprise can implement it and receive instantly actionable, growth-driving analytics.
The Managed Care app has been a major driver of behavioral change for this pharmaceutical company’s sales team. For instance, early in the two companies’ engagement, reps were spending 75% of their time in the Optymyze portal looking at their past results – a psychological relic of the old system, which necessitated shadow accounting. The accuracy and reliability of the Optymyze solution, combined with the forward-looking capabilities exemplified by the Managed Care app, trimmed that figure to just 20% in 2017 – creating more opportunities for salespeople to go out armed with the latest insights and make productive calls.
The app’s wide range of insights for lower-performing salespeople to catch up with their higher-performing peers led one top rep to say, “You guys have leveled the playing field; now I’m going to have to work harder to keep my advantage.” And, of course, the manual work that some reps used to put into individually performing competitive analysis has been eliminated.
Since the launch of the no-code Managed Care app, the reps who’ve used it most heavily have seen a 150% increase in earnings, while doctor visits have become more productive by leaps and bounds. The result is a medication that’s reaching more of the patients who need it – and a company that’s seen its revenue rise by 23% during its engagement with Optymyze.