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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.
Anand Khanna, Sandeep Puri, Abhishek Sen
Harvard Business School Publishing (W18055-PDF-ENG)
Jan 26, 2018
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Laurs & Bridz: Implementation of a Customer Relationship Management Solution Case Answers
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Background – Laurs & Bridz
Laurs & Bridz (L&B) is a state-of-the-art pharmaceutical company based out of Northern India. They specialize in supplying combination drugs to the local medical ecosystem, and they also export pharmaceutical products all over the world.
Past Growth of L&B
The company has managed to achieve great financial success in a very short time since its establishment. In 2012-2016, both Revenues and Profits grew at CAGRs of 42% and 37%, respectively.
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.
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 publishes 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 upgraded on the latest product knowledge.
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:
- January 2018: Western India
- January 2019: Southern India
- January 2020: Eastern India
CRM in pharma industry
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