Now Reading
GSK Creates a New Business Model with Innovative Marketing and Sales Practices
GSK Creates a New Business Model with Innovative Marketing and Sales Practices
Published 02-10-17
Submitted by Ethical Performance
The pharmaceutical company ranks first in both trust and customer value, according to a survey of 4,000 US healthcare professionals. Tom Idle reports…
It is hard to think of a more contentious business practice than the one historically used to sell pharmaceuticals. For the past 50 years, sales representatives have been compensated based on the total number of prescriptions written, without any specific regard as to patient need. Similarly, doctors have been paid to represent and speak on behalf of the same products and companies that the sector is keen for them to prescribe.
It is a situation that has fuelled a widespread belief that the pharma industry cares more about profit than patient wellbeing. These traditional commercial practices have gone unchallenged—until now.
Global healthcare company GSK has made a number of changes to the way it sells and markets its products around the world. Now, no GSK sales representatives are compensated based on individual sales targets. Instead, they are incentivised on their scientific knowledge of each product, their customer service feedback, and the wider success of the business.
Continue reading full article on Best Practice
For more information on how your organization can be featured in an upcoming issue of Best Practice, click here.
Ethical Performance
Ethical Performance
Since 1999 Ethical Performance has been working with and providing news to those who are responsible for leading CSR and sustainability practice and those who need to understand, learn and be influenced by that practice. Our network covers a wide range of industries and organisation types around the world.
More from Ethical Performance
