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- RxVantage is OpenTable.com for pharma reps (and other medical vendors) looking to access physicians. The company’s cloud-based platform improves patient outcomes and enhances the relationship between medical representatives and physicians' offices. The Problem: The pharmaceutical industry spends $60 billion per year marketing, most of which is directed to the physicians who determine how the $325 billion that Americans spend each year on prescription drugs will be allocated. These marketing dollars go toward reaching docs at the point of care via sales reps that provide free samples and educational materials for patients, and medical education to doctors and their staff. All pharma brands must be in the practice if they hope to succeed.The last decade has seen an explosion of novel medical technologies and treatments, along with a corresponding increase in the number of reps promoting them. More than 130,000 reps visit the 30,000 busiest medical practices every day. These practices see value in what individual reps deliver, however, they are often overwhelmed by a community of reps that cannot organize itself to fit the practices' schedules and priorities. In an attempt to control the rep chaos, these practices often dedicate hundreds of staff hours per year to coordinating rep visits on handwritten paper calendars and business cards. With pharma having demonstrated more than a 1000% ROI on such visits, far higher than any other sales/marketing channel, demand for access far outstrips supply. Despite this high demand, more than 30% of these appointments are abandoned by the scheduled rep and go unfilled, a paradox that occurs because:
- Appointments are booked up to one year in advance by reps that must be in the practice.
- Rep turnover is high, and territories and physician targets are constantly realigned.
- Appointment information is locked inside tens of thousands of individual paper calendars.
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"rxvantage." Anagrams.net. STANDS4 LLC, 2024. Web. 28 Mar. 2024. <https://www.anagrams.net/rxvantage>.
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