Alison Muller
December 19, 2023
As 2023 ends, we are reflecting on the transformative year it has been for Life Sciences as well as for ACTO, and how it will help us enter 2024 with strength and focus for success.
2023 was mostly an uphill battle in Life Sciences
The headwinds continued to blow fiercely in 2023 in Life Sciences:
- Getting the commercial strategy right in Life Sciences is paramount; yet, the complexity of the commercial landscape has become even more difficult for field forces.
- The payoff of, on average, 15+ years of R&D and $2 billion invested to bring a new therapy to market comes down to what is done in the 180 days following a product launch. There is no margin for error, but there is no blueprint for success.
- A 2023 study of 25,000 physicians found that providers experience “nine face-to-face touchpoints by sales reps every day (and even more for certain targeted providers).” It is clear why the number of accessible customers is declining and that only 50% of providers are fully accessible.
- The number of new launches and products is expected to increase in the near future, with more than 85% of launches through 2026 expected to be nano- and micro-launches (under $500M in sales) as opposed to blockbuster drugs.
Partnership and innovation were critical to success in 2023
Despite these headwinds, Life Sciences vendors are upping their game to help the industry overcome challenges to get new therapies to patients waiting in need. This year, ACTO was humbled to be recognized for our approach and accomplishments in the space:
- ACTO Launches Journeys and OmniSight™
In partnership with our customers and the market, ACTO focused on bringing innovation to the market that allows commercial teams to improve efficiency and impact in the field. We were thrilled to launch two new products – Journeys and OmniSight – in support of this:- With Journeys by ACTO, Commercial Learning & Development (CL&D), brand, and field force effectiveness teams can match knowledge and skill training to the unique, individual needs of learners. For example, sales reps can now test out of training on information they already know, which makes their onboarding and continuous learning journey more relevant and results in improved performance.
- ACTO OmniSight brings together datasets that allow commercial teams to spot overall positive and negative trends in the field, as well as individual strengths and weaknesses, so action can be taken to address competency or skill gaps, boost sales performance, and positively impact the bottom line.
- Pharma Tech Outlook recognizes ACTO as “Company of the Year”
As Company of the Year, we were recognized for our uniqueness as the only field force effectiveness platform delivering capabilities that, before ACTO, were siloed in many point solutions. Pharma Tech Outlook noted that ACTO:- Broke down silos and brought disparate capabilities into a single, unified platform that addresses pharma field team learning needs and provides valuable insight into the impact of training on sales performance.
- Has designed its commercial learning platform from the ground up to meet end-to-end needs of the Life Sciences industry.
- ACTO debuts as “Major Contender” in Everest Group’s Life Sciences Next-generation Customer Engagement Platforms (CEP) PEAK Matrix® Assessment 2023, scoring high for “Market Impact,”
“Vision & Capability,” and “Value Delivered”
This recognition came from an objective, data-driven comparative assessment of 23 Life Sciences service technology providers based on their capability and market success. We were rated highly for our:- Strong vision for clients plus a viable and achievable future roadmap and overall strategy.
- Technical sophistication and a breadth and depth of functional benefit across our platform.
- Customer value, based on direct customer feedback and other methods.
- Strong vision for clients plus a viable and achievable future roadmap and overall strategy.
What We Learned From 2023
Although every year is a “learning year,” 2023 revealed critical insights that will shape our strategy in 2024 to impact field force effectiveness.
- Innovate.
Our customers noted our worth and utility in staying resilient and keeping pace in an evolving landscape with notable headwinds and rapidly growing complexity, by equipping them with modern solutions built on cutting edge technology. - Simplify.
Our customers asked for help in making the learning journey for field reps smooth, engaging, and continuous. Our technology environment offers reps the ability to make learning easy, personalized, and able to be done in the flow of their day. While the path may be complex, the EXPERIENCE must be simple. - Reveal.
Our customers want real-time insight into the impact of learning on success. When commercial leaders can provide data-driven insight that allows them to better understand which training strategies are having a positive effect on the bottom line, these leaders can demonstrate the impact of training on sales results. It is changing how they can train and what strategic value they can offer.
2024: The Year of Insight … Rewiring Life Sciences by Bending More Spoons
A CEO of a data analytics firm once said that “Most of the world will make decisions by either guessing or using their gut. They will be either lucky or wrong.” Neither option works for our industry.
When 2024 begins, Life Sciences companies must challenge the status quo with creativity, resourcefulness, and resilience to make the right decisions that achieve excellence and help patients.
ACTO’s goal is to be that problem-solver and creative partner, helping our customers “Act Today” and make the best data-driven decisions for better outcomes in 2024.
It’s time.