The Challenges Facing the Pharmaceutical Industry in Bangladesh

Topics: Pharmacology, Pharmaceutical drug, Pharmacy Pages: 43 (12131 words) Published: January 1, 2011
Chapter-1
Introduction

1.1 Introduction

Motivating high performance in pharmaceutical sales teams is a growing issue in the pharmaceutical industry. The challenges facing the pharmaceutical industry in motivating sales teams are compounded by a variety of factors that many other industries do not face including: government regulation of sales practices, non-direct tracking of sales results, and the impact of managed care on sales performance.

By impacting a few key team process and compensation elements pharmaceutical companies can have a significant impact on team performance. I ,in this paper, explores the background of sales teams in the pharmaceutical industry, research on team motivation and compensation factors, findings from Acme Laboratories Ltd and its competitors’ representative interviews and details a few of key team performance factors and how they can impact team performance.

Motivating sales force representatives to perform at a high level of performance is a challenge that all companies in all industries have. The pharmaceutical industry is no different in this aspect. In addition, over the last five years many of the leading pharmaceutical companies have moved towards a team based sales structure. So this creates a new motivational situation for pharmaceutical companies: how does an organization like Acme Laboratories Ltd design systems and processes to motivate a pharmaceutical sales force team to achieve its peak potential?

1.2 Origin of the Report

My respected internship supervisor Nusrat Zahan Lopa has assigned me this report. This report is to be submitted as a requirement of the internship which is a component of the B.B.A. program.

1.3 Objective of the Report

Primary objective of the report is to compare between Acme Laboratories Ltd and Incepta Pharmaceuticals in designs systems and processes to motivate its sales force team.

Secondary objective is to identify the present pharmaceutical condition of the country.

1.4 Methodology

In order to prepare the report both primaries and secondary data are needed. Primary data has been analyzed for preparing the report. Primary data is needed here to find out Acme Laboratories Ltd and Incepta Pharmaceutical’s design to motivate to their sales forces. Incepta Pharmaceuticals has design its structure to achieve its sales target and the advantages in gaining market share in Bangladesh.

1.4.1 Sample design

Primary data is collected here to represent the current situation of the pharmaceuticals company’s sales force team and compare between Acme Laboratories Ltd and Incepta Pharma. To prepare the report, primary data is collected by the questionnaires from the response of respective sales representative. Here direct communication is essential for gathering required data. As the report covers the Company “Acme Laboratories Ltd” and “Incepeta Pharma” the sample is 20 for each company for best analysis purpose.

1.4.2 Data gathering

Primary data is collected by the questionnaires and Secondary data is collected from the internet, books and journal.

1.4.3 Data processing and analysis

This topic intend to find out the comparison Acme Laboratories Ltd and Incepta Phama in their motivation towards their employees and sales team and to find out current impact on the sale team .Report will find out the competitors motivation and its impact on sales team for both Acme Laboratories Ltd and Incepta pharma.To analyze data, different motivational factors need to identify by the direct communication through questionnaires. Proper designing of motivational factors can help sales team to achieve the company’s desire goal in a most efficient way.

Analysis of variables

Likert’s Summative Rating method of analysis was used in the analysis these research questions. The Assigned weight to the various alternatives is Strongly Agree (SA) =5, Agreed (A) =4, Neither Agree nor disagree (NAD) =3, Disagree (D) =2, Strongly...

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