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CRM Pharma Definition: What is CRM Pharma?

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September 22, 2021
CRM Advisor

You’re familiar with CRM software, but you may be looking for a CRM pharma definition. 

In the pharmaceutical industry, customer relationship management (CRM) is a centralized system that collects data from medication makers via the web, email, mobile, and other communication channels. 

Your employees can get correct information on the items and services you provide to clients whenever they enter it into CRM. You can reveal the existence of your newest medications and arrange staff work for maximum effectiveness with a CRM for your Pharmaceutical firm.

In this post, we’ll cover the definition of CRM pharma and go over the various benefits a CRM offers to a pharmaceutical company. 

What is Pharmaceutical CRM?

As we have already stated, CRM pharma is a specially designed software tailored to the requirements of pharmaceutical, healthcare, and life science industries that consolidates and organizes business data into a centralized repository. It amplifies the promptness of your response to data exchange to ensure more reliable interactions with customers and magnifies your business efficacy without expensive slowdowns. 

But why are pharmaceutical businesses rapidly switching to CRMs? 

Let’s look through:

Constantly evolving regulations, policies, and legislation in pharmaceutical, healthcare, and life science sectors accompanying soaring business budgets can make manufacturing processes, broadly used in pharmaceutical production, extremely strenuous and arduous without robust technological support. 

Again poor pipeline productivity and intensifying business competition in the healthcare sector only pile up the challenges looming over most pharma businesses now. 

In effect, almost all companies involved in the pharmaceutical business are implementing robust CRM systems, devising compelling CRM strategies to engage and retain clients, generate revenues, and increase their market share. So they can drive innovation and maximize their product value by better managing their relationships with customers and ensuring top-notch client satisfaction. 

Some of the many objectives of a CRM used in pharmaceutical companies are:

  • Ensuring uninterrupted connections with clients and customers
  • Improving business relationships
  • Streamlining operational processes through automation
  • Boosting business prolificacy
  • Converting leads into deals, making revenues, and more.

Key Features of Pharmaceutical CRM Software

  • Customization: Every business is unique, so are its requirements. One of the compelling features of a quality CRM system is that it is highly customizable. So, you can choose the functionalities your package should include and essential data to be presented on your CRM dashboard, add contact fields at your convenience, customize the plugins, extensions, and add-ons, and more. Thus a truly customizable solution can be modified as required to fit into your business and meet your business specifications better. 
  • Integrated Customer Database: Like any other CRM system, a top-notch CRM pharma must consolidate customer data in an integrated database. It also helps maintain cleaner data and avoid data duplication. So your sales reps do not have to dig through spreadsheets and notebooks to find information about a particular client to offer better customer support. 
  • Integration with the Existing Systems: Using various complementary systems, including various HR tools, EHS, EHR, etc., are crucial for a pharmaceutical business. A quality CRM supports integration with your existing system to remove data silos and improve every digital touchpoint of customer experience. For example, when your CRM supports integration with your EHR system, the data logged in your EHR gets fired off to your CRM automatically, and your sales, marketing, and support teams get detailed customer profiles at their fingertips. Seamless integration of CRM pharma with your already-existing industry databases also makes more data points available for better analysis. 
  • Pipeline Management: Another key feature of almost all quality CRM systems is that they offer you a comprehensive overview of your sales pipeline and the progress your business has made in each stage in the sales funnel. A pharmaceutical company with a longer sales funnel must prioritize this feature while shopping for CRM software. 
  • Reporting: A CRM should offer you summary reports and analytics on sales reps’ performance and sales figures periodically so you can get an in-depth overview of your complete sales process and troubleshoot issues at your earliest convenience. 
  • Sales Forecasting: Another top-notch functionality of almost all market-leading pharma CRMs is that they can forecast future revenues and sales figures based on historic data and trends. So you can make data-based decisions even about new territories. 

Benefits of CRM Pharma

Helps Build a Long-lasting Relationship with Customers

A pharma CRM can render a complete picture and better visibility of your relationships with your distributors, dealers, and channel tires. It is essential to build, maintain and strengthen relationships with prospects, sales leads, and current customers – all that a B2B pharma business needs to improve ROI generating more leads. Putting a CRM pharma into action, you can notify your customers when their availed service will expire, interact with them for package renewals, personalize your services based on their requirements, and more. 

Customer Journey Tracking for Improved Customer Service

Offering world-class customer service is crucial for any business. A CRM system helps you track your customers’ complete journey based on their interactions and experience with your business. With this, your sales reps can make communications more relevant, provide more proactive support without digging through endless spreadsheets, and even promptly understand the points where customers drop off from. 

Moreover, with CRM’s contact and account management, you can store data about each customer in a unique holistic profile, gauge customer demands, assess whether a client is satisfied with your service or not, and are interested in a cross-sell/upsell opportunity. 

Cutting-edge Workflow Automation for Improved Productivity

Implementing a CRM that supports smart workflow and sales automation means you now have add-on benefits without compromising the precision. Thanks to pharm CRMs that can boost your business effectiveness and productivity by automating tasks like lead and opp assessment, lead routing, or email follow-up.

For example, while a centralized database of your drugs with detailed descriptions can help sales reps manage product costs, and devise strategies for effective sales calls, a CRM’s marketing automation tools help nurture leads better by enabling you to execute marketing activities to promote your services and products and track the success rate in real-time. More impressively, CRM email marketing supports customer data segmentation, tagging, and powerful email scheduling to ensure your customer-directed hyper-personalized promotional messages can hit your target customers’ inboxes at the right time.

Moreover, a CRM that supports automatic data import helps you better understand the future trends and how your marketing and sales team can align to meet them, and more. Moreover, CRM’s expense reporting functionalities and integrations make tracking the expenditures related to the sales calls more dynamic and effortless to report on.

Improve Business Accessibility with a multi-platform CRM

Most market-leading CRMs are compatible with smartphones to ensure pharmaceutical reps can access essential information, track client histories, keep records on essential conversations, log contact details, and spectate current customer touchpoints even on the go. Having these insights readily available makes your reps more proactive in interactions and helps them close more deals successfully. 

Improved Sales and Lead Generation with Data Augmentation

Data enrichment/augmentation helps your team enhance your existing datasets by pulling in data from various internal and external sources with the least effort. Thanks to CRMs that support data augmentation and pull in crucial information from all over the web with minimum preliminary data (for instance, name or email ID) about your leads and prospects for ensuring better business performance. 

How Does Veloxity Pharma CRM Help Your Business Grow?

Are you all set to exploit the untapped business potential and get a competitive edge, transforming your pharmaceutical business before anyone else? Whether you want to provide high-end customer service, enhance engagement with healthcare organizations and professionals or personalize your service to be tailored to your client needs, Veloxity CRM can be your ultimate pick. 

Now, you can get your sales organized and enable better collaboration across all departments of your business with Veloxity’s state-of-the-art mobile-friendly pharma CRM. 

But how is Veloxity the best CRM for pharmaceutical industries? 

Let’s look over:

  • Veloxity pharma CRM is fully HIPAA compliant to maintain PHI security and overall HIPAA compliance. It strictly meets key regulatory and industry-defined specifications to ensure cutting-edge encryption of your sensitive information. Complete audit trail, two-factor authentication, and data record, and field-level access configuration by a role are a few of its many robust security measures to ensure your peace of mind. 
  • Veloxicity pharma CRM’s fully customizable reporting, various charts, and analytics have made visualizing and drilling down consolidated data effortless. So you can get instant insights into sales pipelines and drive your CRM strategy to sales with minimal efforts. 
  • The best-in-class search feature of Veloxity allows your support team to get all essential data at their fingertips. So they can promptly answer inquiries of clients working with your pharmaceutical or healthcare business and ensure better customer satisfaction – all that a business needs. 

Try out Veloxity – a first-of-its-kind future-proofed CRM for the pharmaceutical industry that can help you sell faster, smarter, and better!