Navigating KPI and Performance Measurement Challenges During the Global COVID-19 Pandemic

Best Practices, LLC conducted this benchmarking research to find out how life science companies are changing key performance indicators (KPIs) during the COVID-19 pandemic.

This new report examines critical adjustments being made in KPIs and performance measurement, measurement period, authority, and duration in order to accurately monitor and manage performance during the pandemic. The report also highlights the top challenges being encountered around performance measurement and suggestions from industry peers for improved assessment during COVID-related business disruption.

Study Snapshot

Best Practices, LLC engaged 40 executives from 29 life science companies in this research through a benchmarking survey. About 80% of the participants serve at the director level or above, with 88% of respondents from pharma and the rest from medical device and diagnostic companies.

Key topics covered in this report include:

• Performance measurement changes during the pandemic
• Changes in KPIs and reasons for the changes
• Change in measurement period of KPIs and reasons for the change
• KPI change authority and duration
• Struggles in KPI standardization during the pandemic
• Suggestions in adapting changes in KPI during the pandemic

• Companies adopting softer metrics: With about half of companies changing their KPIs already, many are opting for softer measurements as doctors and others in healthcare are unavailable at this point in the crisis.

• Current KPI situation will change as crisis lessens: Constant evaluation of metrics should be expected. Once the pandemic crisis ebbs, management will seek to re-assess KPIs more fully, according to 60% of respondents.

• Evolving metrics coming for medical affairs and sales: Besides the elimination of F2F measurements, some companies are cutting virtual KPIs as reaching HCPs remains difficult. There are shifts to learning goals and project-based KPIs in both functions – things within an individual’s control.

Sr. No.	Topic	Slide No.
I.	Overview	pgs. 3-6
	Universe of Learning	pg. 4
	Key Actions	pgs. 5-6
II.	Performance Measurement Changes	pgs. 7-10
III.	Changes in KPIs	pgs. 11-16
IV.	Change in Measurement Period of KPIs	pgs. 17-18
V.	Changes in Authority and Duration	pgs. 19-21
VI.	Struggles and Suggestions in KPI Change	pgs. 22-24
VII.	Participant Demographics	pgs. 25-27
VIII.	About Best Practices, LLC	pg. 28

• Benchmark study partners
• Key signal readout from how companies will approach KPI changes during the COVID-19 pandemic
• Words of wisdom from industry peers

• Expected percentage change in overall KPIs over the course of the pandemic
• Changes in performance measurement to better track the value of external engagements, considering the constraints around travel and visitation in the short term
• Implementation of changes to performance tracking

• Changes in KPIs since the emergence of the global pandemic, reasoning behind the described KPI changes
• Interview narratives around concerns regarding intruding on overburdened physicians in the short-term
• Consider a change in focus during pandemic
• Possible changes in KPIs for Medical Affairs executives
• Possible changes in KPIs for commercial/sales executives

• Change in measurement period of KPIs since the emergence of the global pandemic, reasoning behind the same

• Authority level of the person directing the changes to the group’s KPIs to improve their utility during the global pandemic
• Approach to dealing with KPI changes after the global pandemic is over

• Struggles experienced or expected to experience around performance measurement during the global pandemic
• Suggestions for best adapting KPIs and other measurements during the global pandemic to better reflect performance