What matters most for life sciences companies is not the amount of data but knowing how to use it. A Forrester report revealed that data-driven companies experience an annual average growth rate of over 30%. Pharma companies that invest in capabilities to capture and analyze the best data to make informed commercialization decisions will realize better business outcomes and a competitive advantage. Understanding the value of data
Data alone hold negligible value because it reveals very little meaningful information. The true value of data comes from analyzing the data to enable actionable insights. These insights can help pharma companies boost market access, improve business operations, and strengthen customer relationships. Using a data-driven approach for pharma commercialization can generate substantial returns, including a 5-10 percent net revenue improvement and 10-20 percent spend reduction/reallocation.
By basing decisions on accurate information backed by validated data, pharma companies avoid moving in the wrong direction. Data-supported decisions eliminate political influence, bias, and following “gut feelings” that can lead to poor decision-making and waste valuable resources.
Not all data is equal in its ability to contribute to sound business decisions. Data must be current and accurate when decisions are made. The healthcare environment is constantly evolving, so pharma companies should not rely on initial data sets that are likely to be no longer relevant. Continually collecting and analyzing data is key to effective commercialization strategies.
Data sources for pharmaceutical commercialization
There are various sources from which commercialization teams can leverage real-world data – post-launch data collected outside of a clinical trial – to make strategic, informed decisions, including:
Electronic health records (EHRs) and e-prescribing systems
contain current, accurate patient-based data from prescribers.
collect a wide range of data on the prescriptions they fill and dispense, which offer a clearer picture of a patient’s medication use and barriers to adherence.
generate data across the entire product lifecycle, which can help identify vulnerabilities and bottlenecks that negatively impact market access.
can provide medical claims data and data around enrollment and engagement in health plans and optional programs.
data comes from surveys in which patients independently report the status of their health conditions during treatment.
Digital devices and mobile health applications
contain a wealth of patient-generated data on health habits and disease outcomes.
collect data on patient populations diagnosed with specific conditions, which may reveal the quality of life and financial burden issues as well as other challenges not found in EHRs.
Customer relationship management (CRM) systems
provide customer, customer engagement, and sales activity data that can drive commercialization objectives.
11 data-driven opportunities for pharmaceutical commercialization
Data-driven decision-making offers many opportunities for pharmaceutical commercialization teams, including the ability to:
Demonstrate the value of treatments to payers
Enable outcomes-based pricing
Achieve a better formulary position
Drive medication adherence
Identify new opportunities for existing brands
Inform the design of patient services
Identify underdiagnosed patients
Grow sales and improve processes
Develop point-of-care clinical decision support
Strengthen provider, payer, and patient engagement
Harness the full power of digital technology investments
Unlocking the power of data
Unlocking the power of data should be at the forefront of pharmaceutical manufacturers’ efforts to align business goals and outcomes. Faced with an overwhelming amount of data and a complex healthcare ecosystem, many pharma commercialization teams find that getting a holistic – and timely – view of stakeholders is a significant hurdle. Data analytics can help companies quickly respond and adapt to market changes and obtain a competitive advantage with the right commercialization partner.
Phil is an end-to-end commercialization partner that provides an integrated approach to data analytics across the patient journey giving life science commercialization teams real-time visibility and control over their distribution channels. Get in touch today to discover how you can drive market access with deeper data insights.