Laurs & Bridz: Implementation of a Customer Relationship Management Solution - Case Solution
Laurs & Bridz Pharmaceuticals Private Limited (L&B) s a state-of-the-art pharmaceutical company based out of Northern India. The pharmaceutical company aims to grow its revenue to INR 550 million by 2017, which is a 36.6% growth from the past year. Hence, it Is looking into the various customer relationship management (CRM) solutions to achieve this goal.
Case Questions Answered
- Which of the CRM solutions would suit Laurs & Bridz best? What would be the direct and indirect effects of the implementation of such a CRM solution?
- With these questions in mind, Manoj concentrated on the details of the different CRM solutions before him. He wondered if he should invest ₹50 million in a CRM solution. If he did, what kind of approach should he use to implement the solution?
- What obstacles could interfere with that solution's successful implementation?
- Discuss the importance of CRM in pharmaceutical companies such as Laurs & Bridz. Why should the company opt for a CRM solution?
- Evaluate the direct and indirect effects of CRM initiatives on Laurs & Bridz.
- Which CRM solution should Laurs & Bridz select and why?
- Suggest a plan for implementing the CRM solution. Should the company implement CRM for the entire sales force at once, or should it do so in a phased manner?
- What possible challenges will the company face in implementing a CRM solution? How can it mitigate these potential challenges?
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This case solution includes an Excel file with calculations.
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Background – Laurs & Bridz
Laurs & Bridz (L&B) is a state-of-the-art pharmaceutical company based in Northern India. They specialize in supplying combination drugs to the local medical ecosystem, and they also export pharmaceutical products all over the world.
Overview
Past Growth of L &B
The company has managed to achieve great financial success in a very short time since its establishment. From 2012 to 2016, both Revenues and Profits grew at CAGRs of 42% and 37%, respectively.
Logistics
The “Medical Representatives” network and establish strong relationships with influential Carrying and Forwarding Agents (C/F), pharmacists, and stockists to form a stable distribution network.
Operating Structure
The Medical Representatives are also required to present the features and benefits of the products to physicians, key opinion leaders/administrative staff, and doctors at well-known multispecialty hospitals.
The company uses this channel to incentivize the prescription of their products by physicians through “soft dollar incentives” such as gifts and trips to medical conferences abroad. These prescriptions are vital for driving revenue for Laurs & Bridz.
On the administrative side, the Medical Representatives also publish several vital reports such as Sales Statistics, Daily Call Reports, Stock and Sales Reports, Expense Reports, Monthly Travel Plans, Competitor Activity Reports, Expense Reports, etc. They are also responsible for keeping themselves updated on the latest product knowledge.
Organization Structure
Growth objectives
L&B aims to grow its revenue to INR 550 million by 2017, which is a 36.6% growth from the past year.
Laurs & Bridz now wishes to achieve a pan-India presence in the pharmaceutical market by the year 2020. Their proposed expansion timeline is as follows:
- January 2018: Western India
- January 2019: Southern India
- January 2020: Eastern India
CRM in the pharma industry
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