Study Showcases Effective Approaches For Evaluating The Performance Of Executives Who Handle Managed Markets Accounts
CHAPEL HILL, N.C., March 22, 2013 /PRNewswire/ -- Organizations across the pharmaceutical sector are adjusting their operations to reflect the importance and influence of managed care. Consequently, today's market-driven environment has made it essential to assess the performance of executives overseeing managed markets accounts.
Research and consulting leader Best Practices, LLC has 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" provides executives with insights into the evaluation of the account executive function as well as benchmarks around 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.
On the results side, the most utilized performance metrics for Large Pharma 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.In addition, the study provides metrics on:
- Geographical alignment
- Accounts handled
- Time allotment
- The Large Pharma Segment reported an average of 15 FTEs in their managed markets strategy group.
- The average expected number of account contacts per account manager was 28 for the Total Benchmark Class and 33 for the Large Pharma Segment.
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