SeedCon Fast-Pitch Entry: SmartRx Rep

Written by Felisha Liu
Published on Oct. 18, 2012

[video:http://www.youtube.com/watch?v=rk0qtLDMJjE]

Did you know an average pharmaceutical representative only spends 2.6 minutes of productive face time per day in front of doctors? All the while, large pharmaceutical companies spend over $1B on their sales force.

SmartRx Rep helps optimize sales force time and talent by revolutionizing pharmaceutical sample inventory management.

Background

We discovered that no one really likes the current pharmaceutical sampling process. Doctors have a strong aversion to the excessive visits they receive from pharmaceutical representatives. On average, 6-8 pharmaceutical representatives visit a doctor’s office per day to make small talk and drop off superfluous sample products. Similarly, pharmaceutical representatives complain about the amount of time spent driving from office to office peddling samples that doctors already had in their sample closets. 

Problem

Pharmaceutical representatives have less than optimal insight to determine pharmaceutical sample supply available at a particular doctor’s office and therefore spend much of their time driving and visiting offices that do not need more samples. Simultaneously, they are neglecting offices which are out of samples, costing their companies thousands in lifetime prescription revenue.

Doctors don’t have the time to visit with pharmaceutical representatives for unnecessary visits as it takes away from productive and profitable patient care time.

Solution - Enter SmartRx Rep, which provides an inventory management solution that enables pharmaceutical sampling to be more efficient and effective. This solution tracks real time sample quantity and alerts pharmaceutical companies when inventories reach threshold for replenishment.

SmartRx Rep allows pharmaceutical representatives to focus on providing value-add clinical product discussions and eliminates unnecessary trips to check on samples inventory at various doctor offices. This allows pharmaceutical companies to utilize their sales force in an effective and profitable manner.

 

About SeedCon: Hosted by the Entrepreneurship & Venture Capital student group and the Polsky Center for Entrepreneurship at Chicago Booth, SeedCon brings together leaders and innovators from the entrepreneurship and venture capital world to explore the most exciting and disruptive trends in the industry. For more information, visit www.SeedCon.com

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