Variable pay incentive compensation can be a powerful tool for driving business success. Accurately measuring and rewarding performance is a key to driving the desired behavior from the sales force. A well-structured compensation plan communicates corporate objectives to the sales force, while a poorly structured compensation program can actually impel salespeople to work against corporate goals.

For many pharma companies, variable pay package is a another way to keep the base compensation cost under control as well as have a motivating factor to drive their sales team towards fulfilling corporate objectives. The incentive compensation program also provides corporates' the metrics needed to monitor the performance of its sales force- including revenue and quota attainment. The system can also prove helpful in providing the information needed to measure the effectiveness of its compensation plans against their strategic objectives.

In order to retain the best performers and face the market competition with confidence, pharma companies are reassessing their business strategies including variable pay packages. This increased pressure has also made many companies realize inadequacy of their current compensation management systems in providing the expected results.

marketRx's incentive compensation solution enables information based plan design that can drive business objectives through the field, while providing the necessary framework for field communication and plan administration in a seamless workflow that drives consensus and reduces administrative burden. It empowers you to not only determine the eligibility criteria but also to calculate incentive payout for any level of the sales force hierarchy. We provide an efficient incentive compensation system, that ensures-

• Improved individual, team and corporate performance
• Better alignment of sales team to corporate goals
• Better retention of sales talent
• Transparent communication between sales, HR & finance
• Reduced the need for continuous increase in base compensation
• Provides an effective and informed strategic planning process
• Better reporting and analysis to appropriately reward employees
• Goal settings that are fair and simple to understand
• Transparency in incentive claim & fulfillment

marketRx Offering
At marketRx, we have been working very closely with pharmaceutical companies in resolving their sales force effectiveness concerns. Our domain expertise, in-depth industry knowledge and product-based analytical solutions help us understand and provide solutions to the pharma companies, struggling to create and execute effective compensation plans.

Our iComp™ solution provides you the framework, tools and insights for driving sales behavior in line with business objectives by facilitating objective plan design and streamlining administration

Key benefits of marketRx solution:
marketRx offers a service based solution that helps clients to manage their complex compensation plans as well as understand the effectiveness of these plans.

• Our solution offers user friendly reports to help you get a "big-picture" and change strategies accordingly
• Transparent audit logs ensure accurate incentive calculations and payouts, resulting in reduced time spent in plan administration & adjustments
• Understanding of issues and challenges involved with sales forces help us create solutions that support company decisions
• Timely and accurate commissions help reduce the sales cost and increase productivity of the sales reps