Data can transform the pharmaceutical industry, speeding innovation, enhancing drug safety and yielding higher-impact marketing. But first, drug companies must translate data into insight.
If you work in pharmaceuticals, you know the challenge: volumes of data are available, but in unstructured or semi-structured form and separated by organizational silos. The struggle is to integrate, manipulate, organize and interpret this data for decision-making – all while complying with privacy laws.
In commercialization, the imperative is pressing. There’s pressure to increase the ROI from marketing. Plus, pharma companies must squeeze better results from a smaller sales force with less direct access to physicians.To do this, pharmaceutical companies must use predictive analytics. With credible foresight, pharma companies can identify untapped opportunities and trim waste. Forward-looking analytics can optimize the marketing mix and more precisely target physicians and end-users. On the ground, sales reps equipped with sophisticated, real-time analytics can better tailor their outreach. They can feed new intelligence on physicians into the system, to continuously improve targeting. Management, in turn, can get precise insights into sales force effectiveness. They can use analytics-driven incentives to improve results.
Today’s pharmaceutical sales and marketing demands advanced analytics. The stakes are as high as ever, but the margins for error are smaller.