- Sales Intelligence: Healthcare
- Posts
- Weekly Newsletter - 09.25.2024
Weekly Newsletter - 09.25.2024
AI revolutionizes pharma customer engagement and essential sales enablement tools for healthcare
Industry Insights 🔮
AI and first-party data are revolutionizing pharma customer engagement by enhancing audience segmentation, targeting, and virtual interactions. This technology improves the commercialization of new products, supports micro-segmentation, and facilitates real-time customer insights, ultimately leading to better patient experiences and more efficient marketing strategies.
Sales enablement is crucial for medical device and pharmaceutical sales reps to overcome industry challenges. This guide outlines six steps to develop an effective sales enablement program, emphasizing cross-functional collaboration, goal setting, defining sales excellence, leveraging technology, and continuous measurement to enhance sales performance and compliance.
The article outlines five essential sales enablement tools for healthcare business development: BDR call guides, ideal customer profiles, lead scoring systems, email templates, and prospecting lists. These tools enhance the efficiency and effectiveness of medtech sales teams, enabling them to generate more qualified leads and improve sales outcomes.
Industry News 🧑⚕️
In 2023, U.S. herbal supplement sales rebounded by 4.4%, reaching an estimated $12.55 billion, according to the American Botanical Council's latest Herb Market Report. This growth follows a slight dip in 2022, the first in 20 years, and marks a return to the upward trend seen before the pandemic. Tyler Smith, managing editor of HerbalGram, noted that the market is normalizing, with increased consumer spending on products for healthy aging and a decline in sales of some immune health ingredients.
The 4.4% increase, translating to an additional $533 million in consumer spending, is lower than the average annual growth of 8.2% from 2015 to 2019. However, it indicates a positive shift after a 1.9% contraction in 2022. The 2023 Herb Market Report, based on data from SPINS and the Nutrition Business Journal, highlights that psyllium remained the top seller in the mainstream channel with $276.1 million in sales, followed by elderberry, turmeric, ashwagandha, and apple cider vinegar.
In the natural channel, turmeric led with $37 million in sales, followed by CBD, elderberry, mushrooms, and ashwagandha. Barberry saw the highest growth, nearly doubling its sales due to the popularity of berberine. This resurgence in herbal supplement sales underscores the ongoing consumer interest in natural health solutions, reflecting a significant demographic commitment to maintaining optimal health through plant- and fungi-based supplements.

Sales Intelligence is a Contentive publication in the Sales & Marketing division