CHAPEL HILL, N.C., April 29 /PRNewswire/ -- In hopes of gaining a better grasp on the marketplace, sales executives at leading pharmaceutical companies are focusing more on sales training tools and techniques to provide their sales representatives a competitive edge. For new sales reps, the first year of training and preparation is critical for success, with the average training budget for each new rep of approximately $10,500 in the first year of employment, more than double the average cost for sales employees in subsequent years.
According to a study by Best Practices, LLC, a leading pharmaceutical research and consulting firm, best-in-class pharmaceutical companies are increasingly utilizing distance learning and self-study materials to improve training for sales reps.
Increasing the effectiveness of training for new pharma sales reps is a focus for companies as the first year tends to project the future success of the employee, according to Best Practices, LLC CEO Chris Bogan. "Selling skills and product knowledge remain important for the sales rep, but to engage with customers successfully, reps also need to fully understand customer needs, competitor offerings, industry regulations, complex scientific information, and the market and regulatory environments in which they work," stated Bogan. "Savvy companies are building comprehensive training programs with content that covers all of these critical areas. The key goal is to develop reps with the ability to understand and communicate how a product can improve patient care."
To download a complimentary summary or to access the full report, "Pharmaceutical Sales Training: Turning New Hires into Top Performers," visit http://www3.best-in-class.com/rr855.htm .
For more information on this report, contact Robert Naylor at [email protected] or (919) 767-9244.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For more than 15 years, our highly credentialed research staff has conducted primary research exclusively for our Fortune 500 client base.
SOURCE Best Practices, LLC