Pharm Aid MD Sanjeev Nanda shares insights into lead generation for pharma

Marketing in pharma is often considered to be a tough nut to crack. Irrespective of the industry, sales are the driving force of any business. Pharmaceuticals is no different. A constant stream of quality leads is what keeps any business thriving, that is, after they get converted into successful contracts. But how can one maintain this steady flow of leads in a difficult market like pharma?

We got in touch with Sanjeev Nanda, MD of Pharm Aid, a Dubai-based pharma research and manufacturing company. He provided us with some valuable insights into how to generate leads to expand a pharma business, and how to ascertain that these leads are not mere numbers in your phonebook, but are getting converted into successful partnerships.

Patience is the key

According to Sanjeev Nanda, selling pharmaceuticals is much different than making sales for any other product. This makes it important to do in-depth research with respect to industry facts and figures before diving into the marketplace. “Any new pharma concept takes years, decades even, to be introduced to the marketplace. In this duration, it is important to get acquainted with the change in industry trends, so that you are fully prepared to approach your prospective customers in an impactful manner,” he said.

Finding the right match

Just like in the case of any high-ticket item, the lead time for pharma products can run six months or even longer. With new entrants making their mark on your prospective client list, it can get a bit difficult to find the best matches for your product. And finding the right decision makers at each organization is even more difficult. According to the Pharm Aid MD, the key here is to understand your target organizations and keep nurturing your pool of leads as it expands. Form new connections within the marketplace, but not at the expense of existing players who could hand you a contract.

Quality over quantity

According to Sanjeev Nanda, flipping the funnel by focusing on quality over quantity is extremely vital to the lead generation and conversion process. “Instead of casting a wide net, prioritize your prospective customers by compounds, trials stages or diseases. Stay on top of the trial stage of each product you are approaching your prospectives with, and shortlist the ones which come with the best success and revenue potential. Two stable, high-paying contracts are better than getting twenty unstable, low-paying ones on board,” he said.