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The pharmaceutical sector employs approximately 63,000 people and generates a market value of around £21 billion, just in the UK. And that isn’t forecasted to get any smaller. Between 2018 and 2023, the UK pharmaceutical sector value is predicted to increase by 19.3% to £25 billion. This growth isn’t just being witnessed in the UK - the Indian pharmaceutical sector’s growth rate has also been remarkable, ranking third in terms of the global volume of production, and first in the world in the production of generic medicines

So what is the prognosis for medical companies in the face of competing business pressures? Focussing on reskilling and upskilling, and advancing medical sales training.

Just like any other industry, factors such as the Covid-19 pandemic, ongoing digital shifts, geopolitics, and inflation have given impetus for pharmaceutical companies to carefully reconsider their long-term choices and strategic development.

By embedding talent strategy in operations strategy, and essentially investing in learning and development  (L&D) practices, pharmaceutical companies can make sure that their strategic priorities are set up to compete in an uncertain future and increasing demands.

 

What’s in this post?

  1. What is a medical sales training program?
  2. What does medical sales training help with?
  3. What's the key to medical sales training success 
  4. How can medical sales reps train emotional intelligence?

What is a medical sales training program?

In order for medical companies to capitalize on the strengths and abilities of their talent, they must invest in reskilling and upskilling them. Just like in any other industry, when pharmaceutical companies invest in talent development strategies and train their sales reps, their selling behavior is improved and ultimately accelerates revenue growth.

medical sales training doctor retorio

What does medical sales training help with?

  •  Leading impactful client conversations

Medical sales conversations with healthcare professionals (HCPs) can be intimidating at the best of times. Even the most experienced sales rep may succumb to the prospect's control during a conversation when they're in the hot seat. And to be fair, it can be rather intimidating - they're highly educated and trained experts, which often makes them very confident individuals, and don't want their time to be wasted.

Medical sales training helps sales reps in the industry develop the skills they need to not derail when they are put in high-pressure conversations with HCPs who convey a sense of urgency or are perhaps often-elusive decision-makers.

  •  Keeping sales reps up to speed with new regulations 

As the world has witnessed a mega growth in pharmaceutical spending, this growth has increased demand for regulating pharmaceutical markets. The medical and pharmaceutical sales industry is subject to a variety of new rules that puts limits on selling prices and quantities, for instance, varying annual limits of pharmaceutical expenditure, prescription budgets, profit controls, and so on. Keeping up to date with new regulations is just another reason why periodic training is a must-have for sales reps in the medical or pharmaceutical industry. 

  • Developing vital soft skills

    The world is seeing a huge skill shift that is changing the way we work, how we interact and communicate, and furthermore, how sales reps lead client interactions. As the need for physical and manual labor is seeing a steep decline, the demand for technological, social, and emotional skills is growing. Soft skills are skills that, despite living in an age where intelligent machines are transforming the nature of work, aren't able to be mimicked by technology.

     

    Compassion, critical thinking, problem-solving, ability to deal with ambiguity, emotional intelligence, collaboration, and grit. These are all soft skills that have been recognized as essential for a society where skill shifts are accelerating. In fact, a Deloitte Access Economics Study predicts that two-thirds of all jobs in Australia will rely on soft skills by 2030.

     

What's the key to medical sales training success? 

“Everyone knows that a high IQ is no guarantee of success, happiness, or virtue, but until Emotional Intelligence, we could only guess why” - Daniel Goleman, the science journalist who introduced the idea of emotional intelligence in the 1960s. 

So what's the key to successful medical sales training? What is the skill that is essential for sales representatives to succeed in this space?

Building connections with customers' emotions is often more guesswork than science. But luckily today, with big data analytics and other data driven insights linked to certain profitable behaviors, orgnizations can identify that emotional intelligence is the key lever for growth and winning client interactions. 

Emotional intelligence (also known as emotional quotient or EQ) boils down to how well one recognizes, understands, and manages their own emotions. Since the 1960s, various studies have identified the correlation between high levels of emotional intelligence with personal and professional success. 

That's why medical sales training that helps develop emotional intelligence is becoming increasingly essential for medical and pharmaceutical sales representatives who need to make countless complex and challenging decisions under pressure. 

 

How can medical sales reps train emotional intelligence?

The advent of big data analytics has brought clarity into what the success factors are when it comes to successful medical sales training. But what is the best way to train these skills, so they become the source of real competitive advantage and growth?

Retorio medical sales training screen

When organizations invest in A.I.-powered role-playing training solutions, customer facing employees like medical sales representatives are able to practice and develop a broad array of soft skills in a realistic environment.

Not only can they practice exercising their soft skills in different client settings and increase situational awareness, but they are also able to receive tailored feedback from the A.I. to better understand where their skill gaps lie.

Want to see how aou could use A.I. to upskill your sales reps?

Try for free

 

Posts You May Also Like:

Engaging Retail Sales Training: The Ultimate Guide

Top 5 Soft Skills for Sales Success 

5 Tips for a Sales Training Program that Leads Your Company to Success

 

 

Briah

Written by Briah

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