We have limited Spanish content available. View Spanish content.

Snap Chart

Pharma’s Challenge: Innovate in Customer Service and Experience

Having the best product doesn’t guarantee sales anymore.

Snap Chart

Pharma’s Challenge: Innovate in Customer Service and Experience
The best healthcare products don’t always win in the market
en

Bain & Company research in multiple therapeutic areas has shown that when physicians prescribe a drug, the efficacy, safety and side-effect profile of the drug account for only 50% to 60% of the physician’s choice—and that figure has declined over time. The other 40% to 50% is based on a range of physician and patient experience factors that leading companies target to differentiate their products. Looking at the past three years, only 8% of healthcare executives agreed that the best product no longer wins; instead, innovating in the services, information and customer experience around the product is critical. That number jumps almost fourfold, to 28%, when executives look ahead to the next three years. The product matters, but other innovations are increasingly important.

Dave Fleisch and Kalyan Jonnalagadda are partners with Bain & Company’s Healthcare practice; both are based in Bain’s New York office.

Related Brief

How Agile Is Powering Healthcare Innovation

Life sciences and healthcare companies need new solutions to meet rapidly changing customer needs.

Tags

Ready to talk?

We work with ambitious leaders who want to define the future, not hide from it. Together, we achieve extraordinary outcomes.