20 Best MR Reporting Software for Pharmaceutical Industry

What is MR Reporting Software?

MR reporting software is a CRM/SFA Solution for the pharmaceutical industry. It is a territory-wise pyramid based real-time system that works 24x7. This software automatically records all the relevant data and information at each and every stage in a pharmaceutical sales process. Its main focus remains on the contact management system of the sales force of the company in order to manage all the contacts made with a particular doctor, hospital, chemist, etc. It also includes the purpose of the contact and any follow up that might be needed in the due course. Its work is to integrate a sales lead management system to list down the existing customers, potential customers, products/services, etc. Apart from that, it also bridges the gap between corporate headquarters and Medical Representative located in remote areas. Medical Representative reporting software or mr software will help a user in making important decisions such as sales forecasting, order management, product knowledge, etc. This software assures a user of faster and smoother operation of their business, as it allows them to widely integrate among different functional departments. Pharmaceutical companies are buying this software due to a feature of working as a tool which keeps the medical representatives and managers informed about the happenings in the market and the company. In addition, this software is also equipped with excellent customer privacy and data security modules, which is obedient to lawful and ethical business performances.

The MR Software or MR Reporting Software is an interface that connects both the pharmaceutical company and the MR. It uses the power of automation to track the progress of MRs who are out on the field. MRs give daily, or monthly objectives that should be completed as these objectives are strategically created by the company to for its development.

But out on the field, the pharmaceuticals do not have control over MRs on what they do or where they are. With MR Reporting system, the MRs have to report themselves and update on their daily progress to the company. This means that the company will have the means to track their progress and evaluate them accordingly. Moreover, the system prevents the MRs to tamper with the system or present false information.

How MR Reporting Software Help in Daily Task

Pharmaceutical companies invest a lot of resources into MR Software or Medical representatives as they provide the company exposure by contacting and corresponding with various doctors, pharmacists, and medical institutions. Normally, medical representatives have certain objectives on a daily basis that they need to complete.

The processes that involve notifying the company of the MR’s performance is quite tedious. This is mainly because pharmaceuticals employ a team of MRs and they are sent to different parts of a state or a territory. The information corresponded by the MRs are then conveyed to the headquarters.

The bigger the team, the more information that needs to be received, recorded, processed and transmitted. Conventional ways of physical recording and processing such a large amount of data takes a lot of time and resources.

This is where MR reporting system poses as the best alternative. MR reporting software is a culmination of automation and real-time updates. Now the medical representatives on the field can update on their whereabouts directly through the MR software and the company is updated in real-time.

With a medical representative reporting software, the pharmaceuticals will have two channels through which the MRs can update information:

• Online reporting portal

• E-mail and SMS alerts

How does an MR Reporting System Work

MR reporting system is an internet-based software or web app. The Medical representatives have to log in and share their process through this software interface. In essence, it is a portal that connects the company with the MRs who is on the other side of the interface.

The MRs can use any device like computers or even their smartphone to log in to the software. They will have to share the daily reports, daily client visits, sales targets, feedback, or can get additional information from the company about a new target, change in objectives, or any other update.

Tasks Carried out by MR Reporting Software

The MR reporting software is equipped to automate every vertical of Medical Representative reporting. Since the software is developed to automate numerous processes that were previously done by humans, the software needs to surpass the previously set benchmark.

1. Sales Force Automation

Medical Representatives represent the company to a client. Furthermore, a company invests quite a lot of resources into MR Softwares. Hence the company needs a cost-effective method to drive up efficiency. Salesforce automation (sales force automation software) reduces delays and processes information more quickly.

2. Client Tracking

Medical representatives need to personally meet with clients in order to sell the product. It also acts as a way of showing the responsibility of the pharmaceutical company. Hence they will have a new set of targets every day, or at certain intervals, the MR Reporting system or mr software organizes the list of prospects and saves time on physically sending over a list of names to the MR.

3. Sales Tracking

MRs have a set of primary and secondary sales that needs to be reported on a weekly or monthly basis. With an MR Reporting software, the medical representative can upload the details in no time. This also paves for the system to create Stock and Sales reports swiftly.

4. Brand and Competitor Analysis

In the pharmaceutical field, the competition between the brands is fierce. With Medical Representative Reporting Software or MR Software, the company can make better judgments on brand positioning, and gain ahead of market rivals.

5. Management Information System

MIS system is the best ways to get reports on the performance of Medical representatives. It helps the medical representatives to upload their progress directly to the company’s evaluation team. It can track both Daily Call Report (DCR) as well as Monthly Tour Plan (MTP). There even more sophisticated tech available that can even track the geo-location of the MR.

6. Expense Statements

MR reporting software can also auto-generate expense statements based on the data it receives. The Auto calculation of D.A and T.A makes the whole accounting process every easy. It also lets the company compare the claimed expenses and the approved expenses.

Must-Have Features in An MR Reporting Software

1. Real-Time Reporting

The MRs must be able to upload their information and whereabouts at regular intervals or in real time.

2. Setting Sales Targets

One of the primary objectives of an MR software is to set the sales targets for the MR without delay.

3. MR Feedback

The software must be able to record the feedback of the MR as well as convey the feedbacks of the company back to the MR.

4. Client Monitoring

The MR system must be able to update and track client visits so that the MR can prioritize accordingly.

5. Capture Market Intelligence

The whole objective of a pharmaceutical company is to promote their brand and create more leads. With feedbacks from pharmacies and doctors, the software can paint a picture of what the company should do next.

6. Competitor Stats

Due to the cut-throat competition in the field, selling the medicine at a competitive price matters. Hence pharmaceutical reporting software can easily show competitor positioning to notify the company of the market movement.

7. Geo-Tracking

This system enables the company to track MRs in real-time based on their geo-positioning (as the software can use the GPS on their smartphones).

Benefits of Using a MR Reporting Software

The MR reporting system eases the process of updating and corresponding information between the companies to the medical representatives and vice versa. With state of the art functions like geolocation, now the company will have data on their MR’s performance as well as whereabouts.

It also makes the lives of Medical representatives easier because they will not face any delays pertaining to their objectives. Big pharmaceuticals are the ones who will benefit the most from MR reporting software (Medical MR Software for Doctors) as now they can automate a large portion of the processes that were previously done by a group of employees. Thus it helps in saving costs as well as speeding up the processes.

1. Chemist order management

 MR reporting software allows you to conveniently oversee deliveries, bill status, pending orders, the status of transactions pending and executed and, so on. This standalone software is adequately laced with handling approximately 70% of business operations and effectively contributes to order management.

2. Doctor Management

Almost all of the software typically assists in monitoring the on-field staff. They ignore though that keeping an eye on the specialized doctors is also of utmost importance for the proper discharge of obligations. There is a multitude of MR software on the market arena that is recognized for the distinct features they offer, and one of them factored into it is doctor management. 

You can keep a documented trail of the behavioral patterns of the doctors with this exclusive functionality and also classify them as per their specialized territory. Besides, you can meet the same doctor time and again without any hesitation if an emergency situation crops up.

3. Tracking of Daily Call Reports (DCR)

People can keep an eye on what's in front of them, but it's quite challenging to track the professional commitments and schedules of doctors. You can monitor a regular call made by staff members with  MR reporting software as and when particular medical representative reporting is linked to the particular operational territory and also, you can even check the places visited and the routes adopted. It will assist in explicitly evaluating an individual's performance on the avenue.

4. Secondary sales management

This distinctive aspect of MR software will help integrate your inventory and sales reports of primary and secondary sales generation such that you can effortlessly and seamlessly obtain the stock and sales report at your fingertips.

5. Cost control and management

An intelligent reporting system helps track all those unnecessary costs and allows management in the hierarchy to make rational decisions. The MR reporting software helps the management to deal with various intricate billings and pinpoint all the vulnerable places and dark holes where the money is frittered away.