Data analytics has been front and center during the global COVID-19 pandemic, It has highlighted how leaders, in an ever-evolving situation, can use the same data to come to different solutions and ideas for the best ways to work through and emerge from the COVID-19 shutdown. Utilization of the vast troves of data available and the right pharmaceutical commercial analytics to apply to it are critical for producing easy-to-understand, digestible analysis and projections within the pharmaceutical industry.
According to a study by Market Research Future, global pharmaceutical commercial analytics is expected to reach $9.3B by 2027 with a 20% CAGR from 2017 to 2027. This market growth is being driven by the increased use of analytical tools to streamline business and manufacturing processes, helping create business models that adapt and scale to the business needs and the continual leveraging of new data sources and next generation platforms for delivery. The growing adoption of more and more healthcare IT is providing some of the tools and data to do this critical work. The lack of skilled professionals and the competitive pricing of the existing professionals is hurting pharmaceutical companies ability to succeed in the use of pharmaceutical commercial analytics.
Pharmaceutical commercial analytics is utilized in multiple areas within the pharmaceutical company. Axtria.com makes the case that it is used for sales force sizing and structuring to help generate higher sales, detail multiple products, support new product launches and defend against new competitive product launches. It is used for commercial model design in data discovery, collection and processing, brand performance forecasting and modeling different size and structure scenarios. In marketing analytics the commercial analytics profession provides integrated marketing mix evaluation and design across channel, targeting and message. In managed care analytics analytical experts seek solutions to effectively size and deploy account teams and measure contract performance across many overlapping market fragments. Patient analytics provides insights for specialty therapies, increased treatment options and expanding payer involvement and influence.
The recession brought on by the COVID-19 pandemic could precipitate a decrease in health outcomes due to a decrease in the quantity and quality of pharmaceutical utilization. To fight the negative impact of the recession pharmaceutical commercial analytics professionals must help their firms to understand the managed markets effects, predict in real-time future local economic conditions, provide information and assistance to improve long-term patient adherence, create a robust analytical capability to produce actionable business insights in real-time and develop an efficient data management structure to support analytical capabilities.