When a pharmaceutical company says that one of its clients is “key,” what type of criteria is it using to say so? All too often, this prognosis is based on an analysis of financial data alone and as such, it can be said that the entire account management philosophy is based on a poor foundation. Look at it from the point of view of a designated key account. This client is clearly able to see if the association is based on a dollar value and is not based on strategic importance or the provision of services over and above the standard. It’s not possible to mask the true meaning of the relationship, as designated by the pharmaceutical company, regardless of the levels of interpersonal relationships at the executive levels.

Understand that a key client knows why it should be designated as key and that this should not be only related to revenue levels, but be viewed from a position of strategic positioning as well. This client will expect a certain level of attention from the company and will be looking for leadership positioning in the industry, as part and parcel of the agreement to do business in the first place.

Always maintain a two way association between the company and the client. Where competition is rife, options are always available and the company must ensure that it is always doing more than could be expected of it. Within the very make up of a company, all staff should be infused with this philosophy, but this can be a difficult position to achieve. This is why a pharmaceutical consulting firm remains a good investment for the company. The pharmaceutical consultants can often speak from a position of experience and strength and may well directly understand the requirements of the client better than the company. Consultants should be engaged to help train staff at all levels, to bring them up to speed with the necessary intricacies of dealing with clients.

A typical client these days is looking for a pro active company engagement, interested in any ways possible to improve a relationship and will be looking for privileged information and data to help them in their day-to-day business. This will not necessarily directly result in an increase in revenues, and if the front-line executives are only motivated by bonuses according to revenue figures, then they may not be correctly incentivised to handle the client the right way.

It is often not as “black-and-white” as this and even the most sophisticated incentivisation scheme employed by the pharmaceutical company can fail to break down the invisible barrier to success. These types of situations call for a lot of experience and a dedicated approach to the handling of each and every key account.

The pharmaceutical company must understand that there are sometimes hidden costs involved in handling these accounts and the designation of “key” should not be given easily. Always read between the lines and assess how strategically important the relationship could be, far above bottom-line figures and revenues. In our modern business world, pharma consulting firms are on point here and can help to reveal the reasons and circumstances that can affect a company’s decision and help to safeguard the company’s best interests in the beginning.

Alan Gillies is the Director of L2L Consulting, an elite pharmaceutical consultancy firm which specialises in Strategy Development and Implementation Excellence for prestigious multi-national organisations.