Key opinion leaders (KOLs) are influential, trustworthy thought
leaders who are held in high esteem. In the current scenario of the
healthcare industry, an organization's success is related to its
ability to build, maintain, and manage relationships with KOLs. KOLs
play a crucial role in educating the medical and scientific
communities and in building awareness regarding the latest key
developments in medical technology. A KOL dashboard is used for
identification and monitoring a KOL. KOLs play an important role in
the complex and competitive scenario of companies, especially in
healthcare marketing. KOLs help in influencing the perception and
opinion of various stakeholders in a company.
KOL has emerged as an individual business discipline which is similar
to CRM. KOL management is an essential component in marketing.
Companies experience an increased influence and adoption at the
global, national, and regional levels, by managing KOL relationships
effectively for the future of company products and market expansion.
The most prominent KOLs are usually expensive. KOL management in
healthcare is challenging. Leading KOL physicians are frequently
over-marketed to by many sources. Laws such as the Sunshine Act
demand transparency and restrict large payments to physician KOLs.
KOLs help in critical decisions such as drug prescriptions for their
patients, as the KOL physicians advice on specific drugs based on
their knowledge.
KOL management gives a 360-degree view of KOL influence and activity,
alongwith the ability to see what KOLs are saying about their
products and their competitor products. KOL performance can also be
monitored regularly to check how an influencer aids in product sales,
and spending of a KOL. KOLs play an important role for several
companies particularly, pharmaceutical companies. A reliable KOL
management process, provides benefits such as the ability to reduce
cycle time for widening a pool of KOLs, understanding and tracking of
campaign effectiveness conducted by an individual KOL, differentiate
KOLs based on their influence to alter strategic decisions related to
spending and so on.
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Geographically, global key opinion leader management market is
classified into regions viz. North America, Latin America, Western
Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan,
Middle East and Africa (MEA).KOL management involves KOL
identification process, ranking methodology, and ability to combine
traditional and social footprints of influencers across therapeutic
areas, regions and languages. The expenditure on shaping influence is
high. Companies need to understand influence as it is a potential
marketing tool. KOLs possess a unique credibility, as their validity
is important due to years of industry experience and medical
affiliations. As a result, healthcare companies particularly in the
developed countries of North America and Western Europe have begun
relying heavily on KOLs to help establish the knowledge base about
their drugs and expand their markets throughout all stages of
life-cycle management.
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The key players in global key opinion leader management market are
Genpact Limited, KOL, LLC, SAAMA TECHNOLOGIES, Cognizant, RELTIO to
name a few.
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