While Accenture has declared 2013 as the year for strategic investment in marketing analytics by pharmaceutical companies, one area that is often overlooked is consolidation and central management of speaker and consultant engagement data.
Accenture’s March 2013 pharmaceutical management survey “Life in the New Normal: The Customer Engagement Revolution” reported: 
…“83 percent of the executives said cost reduction was the highest strategic priority for them in 2013, followed by mastering multichannel marketing (70 percent) and improving digital effectiveness (60 percent). Executives expect to meet their cost reduction goals by increasing their use of analytics, digital, multichannel marketing and third-party service providers. “
Historically, pharmaceutical companies have depended on disparate systems for speakers and consultants. Contracting and management of these HCPs, whose roles frequently overlap, are difficult to track. With Sunshine Act reporting now required, pharmaceutical companies need to have a singular, consolidated view of their engagement with contracted HCPs.
The pharmaceutical leaders in HCP contractor consolidation have been pushed to change thanks to cost containment tactics mandated by their procurement departments. Fortunately, new online tools are emerging to help companies quickly centralize the functions of contracting, training, and utilization that brand teams previously had to manage on their own.
The benefits of implementing a consolidated system for managing speakers and consultants are compelling:
1. Consistent contractor communications
2. Standardized training that can be delivered more efficiently
3. Real-time utilization and payment tracking of contractors, with feeds to Aggregate Spend
4. Speaker and consultant preference profiling (from travel details to training preferences to specialized expertise)
2013 pharmaceutical imperatives focused on cost reduction and analytics. We predict that 2014 will be a big year for HCP contractor data consolidation and management. Pharmaceutical companies that jump on board will find increased operational efficiencies and cost savings of at least 30%. With those improved efficiencies, brand managers can spend more time where it matters: building stronger relationships with their KOLs.
