Published on: Thursday, 16 November 2023 ● 3 Min Read
BERKELEY HEIGHTS, N.J., Nov. 17, 2023 -- Axtria Inc., a global leader in award-winning cloud software and data analytics in the life sciences industry, released findings from its annual incentive compensation (IC) benchmarking studies undertaken for the US and Ex-US markets.
Incentive compensation in the life sciences industry is a form of variable compensation where the earnings of a salesperson are calculated based on a variety of factors, such as sales performance, manager ratings, activity data, and patient-based metrics, among other things. Incentive compensation management is the strategic use of incentives to drive sales growth and promote desired behaviors.
"Incentive compensation continues to play a critical role in improving brand performance and sales rep effectiveness," said Asheesh Sharma, Head of Axtria's Commerical Excellence Practice. "The need to be aware of best practices that drive impact and keep field teams aligned with corporate goals has heightened as companies move toward specialized therapeutic areas, omnichannel capabilities, and try to respond to changing customer needs, preferences and pricing pressures."
Below is a sample of insights across the two studies that delve deep into industry trends and best practices in IC design and operations:
Incentive Compensation US Benchmarking Study (link to Infographic):
Incentive Compensation Ex-US Benchmarking Study (link to Infographic):
The two studies, viz: 2023 US Incentive Compensation Benchmarking Study and 2023 Global (Ex-US) IC Benchmarking Study, are now available for demonstration and discussion.
For more information on these studies, please visit CE Benchmarking Hub (axtria.com).
About Axtria
Axtria is a global provider of award-winning cloud software and data analytics to the life sciences industry. Axtria's solutions are used to digitally transform the entire product commercialization process, supporting RWE/HEOR, medical affairs, pricing and market access, product launch and post-launch, and marketing and sales operations to drive growth and improve healthcare outcomes for patients. Our focus is on delivering solutions that help pharmaceutical, medical device, and diagnostics companies complete the journey from data to insights to action and get superior returns from their investments. As a participant of the United Nations Global Compact, Axtria is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption and taking actions that advance societal goals. For more information, visit www.axtria.com.
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