RIMEDIO: Life Sciences` eBay Meets Amazon Platform !

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MENA OPPORTUNITIES: RIMEDIO: Life Sciences’ eBay Meets Amazon Platform !
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SATURDAY, JANUARY 11, 2014
RIMEDIO: Life Sciences’ eBay Meets Amazon Platform !
Life sciences companies face the
monumental task of adjusting
their sales strategies to meet the
demands of today’s increasingly
restrictive commercial landscape.
While teams can adjust their internal strategies, few outside solutions exist to aid
these efforts. However, there are some external resources working to introduce
non-traditional commercial opportunities into the life sciences arena. RIMEDIO,
which aptly brands itself “enlightened healthcare collaboration,” is one such nontraditional solution to sales team challenges. RIMEDIO is an innovative business-tobusiness platform aiming to bring together all life science industry’s commercial
stakeholders. One source has described the service as “eBay meets Amazon sitting
on LinkedIn.” This digital meta-community will bring together doctors, payors,
manufacturers and patient advocates into a single social platform integrated
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detailing tool, CLM remote web eDetailing tool, eCommerce tools, and reporting
dashboard. Within this community, these individuals will engage in any number of
transactions, bidding on services, products, and permission-based marketing
initiatives. RIMEDIO founder, Richie Bavasso, explained, “In the real world, payors,
patients, manufacturers, doctors talk to each other daily. Think about your own
personal health: You go to the doctor, your go to the pharmacist, you interact with
the payor to get reimbursed, and you may given or seek materials from the
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community, as well as clinical and institutional knowledge useful in sales
conversations. RIMEDIO offers a mutually beneficial arrangement for these
representatives to capitalize on their skills and influence and for companies looking
for short-term sales engagement and more highly targeted sales strategies. It is a
win win. These agents are free to represent multiple companies. All required
training to enable the agent is provided through RIMEDIO. In RIMEDIO, agents live
and die on their reputations. Companies and doctors rate reps’ performances. As
reps earn higher performance rates and better track records, they can ask for
higher service payments and build networks of multiple company connections.
Currently, RIMEDIO has no peer. The concept is unlike any other on the market.
One interviewed pharmaceutical executive did express some concerns, however.
Contracting these one-time reps could be a compliance threat for companies. A
company executive explained that she saw no way to mitigate the risk of leaked
information to competitors or to ensure the rep would not stray off-label during
discussions. RIMEDIO, however, doesn’t share these concerns. First off, each
freelance agent must pass a comprehensive background check, have a
demonstrated background in medical/pharmaceutical sales, and pass a 13-hour
RIMEDIO-based training addressing compliance and generally accepted sales
practices. Additional life science company-sponsored training on policies, disease
state and products can also be made mandatory. Secondly, all transactions are
transparent and visible to the contracting manufacturer. Aberrant behavior will
surface very quickly. Bavasso commented, “In essence, every agent will have had to
successfully pass the same level of training (or higher) as any employed
representative. In addition, market forces will prevail. Reputation is the ultimate
determining factor as to whether an agent will be successful in RIMEDIO. Violation
of RIMEDIO and/or life science company policies are grounds for membership
termination. “There will always be an opportunity cost for engaging and not
engaging,” Bavasso adds, “Companies must ask themselves, is it more strategically
important to own and control your own field force and be limited to the results
therein or have access to the best reps with the best relationships to customers
you wish to target? The outsourcing horse left the barn decades ago. We are long
past proving that outsourced talent can deliver similar results for less money. And
that quality can be enforced.”
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RIMEDIO: Life Sciences` eBay Meets Amazon Platform !

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