A MOTIVATED, ENERGIZED AND ENGAGED SALES FORCE has tremendous ability to drive sales, and the incentive compensation ("IC") plan against which a sales force is compensated has the ability to either make or break that motivation, energy and engagement. However, it is oftentimes difficult to gauge whether or not an IC plan is as effective as possible and, accordingly, if it is driving sales as much as it could be. This is particularly challenging in the volatile landscape of the life sciences industry (specifically for pharmaceutical, biotechnology and medical device companies), where factors such as strict legal and compliance considerations and the growing influence of managed care increasingly complicate the selling process and force companies to continually alter their commercial strategies. This book is a compilation of white paper articles dedicated to incentive compensation for the life sciences industry. The featured white papers address a diversity of topics covering the whole incentive compensation process--from IC evaluation to IC design to payout calculation--and demonstrate not only why IC is so important, but also how to leverage it to maximize sales.
Life Sciences Sales Incentive Compensation
A MOTIVATED, ENERGIZED AND ENGAGED SALES FORCE has tremendous ability to drive sales, and the incentive compensation ("IC") plan against which a sales force is compensated has the ability to either make or break that motivation, energy and engagement. However, it is oftentimes difficult to gauge whether or not an IC plan is as effective as possible and, accordingly, if it is driving sales as much as it could be. This is particularly challenging in the volatile landscape of the life sciences industry (specifically for pharmaceutical, biotechnology and medical device companies), where factors such as strict legal and compliance considerations and the growing influence of managed care increasingly complicate the selling process and force companies to continually alter their commercial strategies. This book is a compilation of white paper articles dedicated to incentive compensation for the life sciences industry. The featured white papers address a diversity of topics covering the whole incentive compensation process--from IC evaluation to IC design to payout calculation--and demonstrate not only why IC is so important, but also how to leverage it to maximize sales.