Despite intense price competition, Innovex achieved 186% TRx growth and 42% market share growth.
The market for this particular category of muscle relaxants was owned by 10 mg tablets, both branded and generic. Our customer wanted to launch a 5 mg tablet that – contrary to physician and pharmacist preconceptions – was fully as effective as the 10 mg version. It also produced less drowsiness, meaning patients could get back to work faster. But it was awfully easy for prescribers and pharmacists to recommend splitting the 10 mg generic in half – even though the tablets were not scored for clean breaks, and taking a precise dosage was critical.
FastTrackSelectTM: A Better Sales Force, Faster.
The customer had no internal sales force for the new product. They asked Innovex to recruit 235 dedicated sales representatives – quickly.
To accelerate the process, we used our exclusive FastTrackSelect methodology to recruit a large part of the team. It’s a new system we developed with Development Dimensions International, Inc. (DDI), the original developers of the leading behavior-based Targeted Selection® methodology. By incorporating an online system to attract, screen, assess, and manage applicants in combination with proven behavioral-based interview methodology, it leads to faster recruitment of the best-qualified sales representatives. We made offers within four weeks, and the quality of the candidates was so good that the customer was interested in hiring even our second-tier candidates.
The Result: A Successful New Brand.
The makers of the generics quickly realized we were on to something: as soon as they heard about the new brand, they increased the price of the generic by 300% to maximize short-term returns. Despite the new brand being substituted at about 50%, the sales force as a whole achieved 186% TRx growth and 42% market share growth.
More important, the FastTrackSelect sales team significantly outperformed the other hires across major indicators of sales performance:
- Higher average market share
- Higher average product prescriptions
- Higher total prescriptions for market
These improvements were accomplished despite the average number of doctor and pharmacy calls being virtually identical for the two groups. Converting positive changes in sales performance movement to dollars yielded a net increase per detail sales representative of 31 more prescriptions. Over a year, that amounts to more than $2 million in additional revenues from the FastTrackSelect group.
At Innovex, we understand that you don’t just need more sales representatives. You need more sales. Why not find out how we can do it for you?