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NBRx in Incentive Plans - Is it a good idea?

NBRx in Incentive Plans - Is it a good idea?

NBRx in Incentive Plans - Is it a good idea?

Executive summary:

NBRx in incentive plans is a good idea. But it can’t be the only component - it must complement TRx and NRx. Read on to find out more!

New-to-brand prescription, or NBRx, is a new metric that provides unmatched insights into patient prescription behaviors. NBRx considers all recently written prescriptions through the meticulous longitudinal analysis of prescription activity.

It is crucial to distinguish between NBRx and other metrics like NRx and TRx. NBRx only concentrates on prescriptions written to patients who have never used the brand before, unlike NRx, which covers both new and existing patients. In the meantime, TRx records an exhaustive list of all prescriptions, highlighting the market's enormous size.

Pharmaceutical companies can develop strategies, accelerate growth, and reimagine success from a new angle thanks to NBRx.

Why should you include NBRx in your IC plan?

Here are three reasons:

1. Gaining Market Share and Competitor Displacement

NBRx is a robust indicator of your ability to outpace competitors and capture a larger market share.

In today's fiercely competitive landscape, measuring your success by your capacity to displace rivals is crucial.

Including NBRx in your IC plan aligns your team's incentives with the strategic goal of gaining a stronger foothold in the market.

By monitoring NBRx, you gain insight into the effectiveness of your market penetration strategies, helping you craft data-driven decisions to drive sustained growth.

2. Elevating Sales Rep Morale

Your sales representatives gain a strong sense of purpose and impact from NBRx.

In contrast to the more inclusive TRx (total prescriptions) metric, which includes routine refills and necessitates little sales effort, NBRx emphasizes the importance of establishing new relationships.

By including NBRx in your IC plan, you more accurately quantify their accomplishments and enhance their desire to initiate novel prescriptions.

This improved morale results in more proactive, engaged sales representatives focusing on acquiring new prescriptions and strengthening your market presence.

3. Optimizing Sales Efforts for Maximum Impact

Your IC plan should include NBRx to reflect the evolving dynamics of patient acquisition. Focusing your sales representatives' time and energy on finding new patients is wise since product refills require little effort to secure.

You encourage a change in sales behavior by rewarding the acquisition of new prescriptions through NBRx data.

This shift directs your representatives toward more proactive promotional strategies beyond concentrating solely on prescribers' continuing therapy and target therapy initiators.

The outcome is a sales force better aligned with your growth objectives and strategically poised to seize new opportunities and strengthen your brand's impact.

Can you replace TRx or NRx with NBRx?

The simple answer is no.

NBRx does not consider all parameters, like refills, in its calculations. It's important to note that NBRx should complement existing metrics like TRx and NRx rather than replace them entirely.

NBRx can be a tool for SPIFs (Sales Performance Incentive Funds) or a kicker in your incentive structure, but it cannot be the sole component of your IC plan. By including TRx and NRx metrics, you can take advantage of the distinctive insights NBRx offers while maintaining a thorough understanding of your prescription landscape.

By successfully incorporating NBRx into your IC plan, you optimize your incentive structure to promote healthy competition, drive improved performance, and achieve all-around success within your pharmaceutical operations.

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