Pharma Rep Interface PreferredTime Rolls out Nationwide after Successful 16-State Pilot; Company Elicits Praise from Physicians and Pharma Reps for Streamlining the Sales Visits Process.
Industry dynamics have led to 100,000 sales representatives clamoring for time with just 75,000 high-prescribing physicians. This inequality, combined with the industry practice of unscheduled sales calls, has slashed pharmaceutical sales force productivity and strained relationships between pharma and healthcare. "Walk-in sales calls don't succeed as they once did," said Stefania Nappi, CEO, PreferredTime. "Physicians now receive three to five times more sales calls than they did ten years ago. As a result, front desks block up to 80% of the sales calls. Where walk-in reps once saw 10 physicians per day, they now see an average of 2.6. Our coordinated sales calls have dramatically higher completion rates."
"PreferredTime's coordinated calls are a win-win-win," said Rich Shinar, industry consultant and former sales executive at Eli Lilly and Company. "Sales reps save time and see more customers. Doctors see reps at the best times. And office staff can spend more time with patients."
The benefit to medical offices is significant, with offices saving hours of effort each day: "I used to spend two hours a day setting up rep visits via email and phone. PreferredTime saves me over a day a week," said Jan Flaherty, Registered Nurse and Clinical Coordinator for The Family Doctors in Swampscott, Massachusetts. Denise Sherman CMPE, Director, LaPorte Medical Group in LaPorte, Indiana, remarked on the benefit to her entire practice: "PreferredTime enhances our efficiency and our reps' efficiency, letting us be more patient-focused."
The service has been equally well received by pharmaceutical sales representatives. The number of sales reps using the service is growing 42% each month. Sales reps find that coordinated visits are much more welcomed by medical offices. "The better reps recognize how coordinated visits benefit the practices. Those reps tell us that PreferredTime has helped them build better relationships," said Paul Sekhri, former senior vice president, Novartis Pharma AG and Director, PreferredTime.
PreferredTime's solution is now available nationwide and is free to medical offices. Pharmaceutical representatives can use the basic service for free, or they have the option to subscribe for $24 per month for advanced features.
About Preferred Time
Headquartered in Boston, Massachusetts, PreferredTime is a sales rep coordination company led by proven technology and healthcare innovators. The company's first service coordinates visits between pharmaceutical representatives and medical offices at times and in ways that both parties prefer.
PreferredTime's medical group clients consist of practices with the highest levels of patient and prescription activity, from solo practitioners to large multi-specialty offices with over 100 healthcare professionals. PreferredTime's sales representative users encompass reps from 180 companies, including all of the top pharmaceutical firms.
PreferredTime is privately held, venture-backed, and not affiliated with any specific pharmaceutical or healthcare organizations. The company's services never compensate physicians for attending any sales activities, and are in full compliance with all guidelines of the American Medical Association, the Pharmaceutical Research and Manufacturers of America and the HHS Office of the Inspector General.
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|Date:||May 2, 2005|
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