The Challenges Facing the Pharmaceutical Industry in Bangladesh
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
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
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