Sometimes previous blogs just keep cropping up as interesting and relevant. Our blog on pharmaceutical commercial analytics evolution keeps coming to the top of the feed. Here it is, slightly refreshed, for your reading pleasure.
Commercial Analytics Evolution – Past
- Rely on prescription data to assess the value of a brand.
- Rely on drug distribution data for segmentation and targeting.
- Introduce new drugs with marginal incremental clinical benefits.
- Segmenting physicians based on their utilization of the brand
- Provide data analysis a week or two after data received.
- Unable to assess which expense area, sales, marketing, market access, is driving profitability and actual sales.
- Through data analytics able to better align commercial efforts with physician AND patient needs. Analytics can be leveraged to identify the ideal patient for a given therapy and which HCP’s have the greatest concentration of those patients in their practice.
- Still need access to all the new data sources particularly from payers and providers.
- Patient satisfaction is being measured through feedback mechanisms in CRM programs and shared with pharmacies to enhance the patient experience. That same data can be used by payers to validate formulary placement and HCP’s to improve quality of care.
- Real data showing the product works better or differently than the clinical trials showed is enabling commercial teams to show payers the innovation will make them money, giving the provider a better clinical outcome and clearly stating a customer-specific case for the drug.
- Advanced technology is speeding up the collection and evaluation of data.
- Increased use of multi-channels like email, websites and apps in addition to traditional face-to-face sales reps is giving marketers a better understanding of their customers and how to optimize communication channels. Customizing both the message and the channel.
Commercial Analytics Evolution – Future
- The increasing role of the patient in healthcare choice and delivery will transition data analytics from physician behavior prediction to patient predictive archetypes.
- Social media patient journey mapping and patient touchpoints will allow a manufacturer to gauge fairly accurately what patients are saying about the brand within hours of approval.
- Sales reps, from social media data capture, will be able to alert HCP’s about questions their patients will be looking for answers to. Marketers will use social media data to adjust their educational and promotional materials.
- The marketplace will continue to change so dramatically that the best product will not make it to market without insightful, in-depth data analytics.
- The light being shed on predicting physician and patient behavior is only as valuable as the decisions put into place from that information. Acting on this flood of data will be the key to success for manufacturers.