Are Commercial Leaders in BioPharma effectively leveraging the data at their disposal?
Pharmaceutical and Medical Device companies are seeking to leverage the growing catalog of industry tracking data sources around Prescriptions, Real World Evidence & Formulary Positioning as well as non-traditional sources like Social Media, Patient Forums and Physician networks on the internet to guide their business decisions.
Certain fundamentals do not change however and despite all the consulting talk about design-thinking, blue ocean strategies and disruptive innovation, leadership objectives can be contained within the following buckets:
- Maximize Sales & market share: In the Pharma/ Med Device context, this is not just about the sales force anymore. Flooding the market with reps and samples are no longer safe drivers of market share gain. Payers are increasingly wielding more power while patients are making joint decisions with their providers. Thus, to drive effective market share and show revenue uptick, it becomes imperative to understand each stakeholder and drive a more holistic market development approach
- Minimize & optimize costs: As with sales, the marketing function have gone through sea change in terms of tactics and assets that can be leveraged as well. In an increasingly digital world, it has become easier for organizations to directly reach their customers. Life sciences marketing leaders are also increasingly using digital channels to reach patients, prescribers as well KOLs, influencers and care givers. In this rush to beat competition, it is imperative that leaders spend where there is highest ROI. This requires tracking physical and digital promotion channels and prioritizing them for continued investment
- Enhance patient and stakeholder engagement: With the blockbuster era well and truly behind us, Pharma companies and brand leaders are looking to leverage every available opportunity to identify and target their messaging and outreach to specific stakeholder segments. In an increasingly personalized model of healthcare delivery, it becomes imperative for brand leaders to quickly identify favorable and non-favorable cohorts to design specific outreach interventions, whether it be coupon assistance programs, disease overview campaigns or even clinical trial recruitment for new indication
It is in this scenario that brand leaders and executives face challenges in implementing systems that can leverage data touching these stakeholders. To drive effective and informed decision making, there must be a convergence of IT, Business and Analytical minds. Systems should not only be built with scalability, flexibility and security in mind, but also with industry-relevant modules based on actual use cases.