Many pharma companies are failing to leverage current data and identify new data sources in a capacity that welcomes innovation for a better and healthier population. Improving the quality of health and patient outcomes is the most essential goal or aspiration for any life sciences organization. Yet, few have mastered various data sets to achieve the necessary health and patient outcomes demanded by the industry today.
What Problems Do You Face With Your Current Data?
Data must guide and assist in garnering meaningful, actionable insights. These actionable insights inspire a tactical or a visionary strategy for your team. For many this is not the case. If organizations are not able to act on the insight provided by current data, they need to check the data pulse. Be sure to look for two common issues:
- Underutilized Data
When checking the data pulse, it is likely to find underutilized data. Many times organizations lose track of what data is included in data systems or data sources they claim to own. Because of this, organizations are unable to predict rich and meaningful insights or trends by not crosslinking data. As a consequence, the actual market drivers or indicators are not well defined, and sales and health outcomes do not project the right picture on the population.
Underutilized data results in dormant brand growth, lack of competitive advantage, limited cost savings, insufficient marketing campaigns, and not meeting overall health objectives.
- Any Data Acquisition Redundancy is a Red Flag
In the data powerhouses that are life science organizations, data is limitless. Data redundancy arising out of similar data purchases from multiple sources is a serious cost driver within organizations today. For this reason, proper vetting of data across commercial organizations (from acquisition and management, through syndication) acts as a significant differentiator for digital campaigns, HCP engagement, multichannel engagement, HIT strategy and account-based selling. It is essential that pharma be vigilant and maintain updated and relevant information about healthcare organizations (HCO) and their affiliations with integrated delivery networks (IDNs), group purchasing organizations (GPO), and key decision-makers for purchases and key influencers on buying decisions.
New Eyes on Data
Besides having a clear pulse on the data already in your position, it is essential to have a clear picture of what is before you in terms of the dynamic human health data. Here are a few examples to watch:
- Population Health (Pop Health) data provides real-world patient outcomes by targeting a group of people with a common mean in order to reach disparity amongst it. Uses different determinants or factors, such as social environments, health care opportunities, genetics etc.
- Electronic Medical Record (EMR) & Electronic Health Record (EHR) data enhances the ways pharma companies access patient’s medical record individually or industry wide.
- Census data allows direct insight into accurate and up-to-date statistical trends and diagnosis of the overall well-being of the human population and our businesses. Pharma’s leverage this data to reach demographics and regions to improve healthcare, products and outcomes.
In order to achieve better health outcomes and meet market needs, there must be a systematic targeting of insights from a unified data model. This could contain several types and sources of data. During processing, however, organizations must consider all types and sources as one to ensure full data coverage for analytics. This will garner more confidence in the actionable insights gathered and business decisions made as a result.
Multichannel Use of Data
Today, patients and HCPs demand “smart” engagement based on their preferences in healthcare, just as they do in the Consumer Packaged Goods and Consumer Healthcare Industries. The way to achieve this type of engagement is through data. Data powers the tailoring of services based on their specific needs, desires and motivations. Personalized messaging across multiple channels for more engaging messaging and better consumerism is fulfilled by linking resourceful data across products, service channels and health outcomes. Feedback garnered from these channels on health products and services are all part of closed loop marketing (CLM). The actionable insights from the data analytics empowers proper action through the right channel(s) at the right time.
Where Do You Want to Go From Here?
The solution is a unified model for internal commercial data paired with the strategic maximizing of utilization and the necessities listed above. This enables pharma organizations to broaden product and services market reach and have capacity to target new geographical areas. By enabling a flexible data environment to maximize data value, pharma companies have the ability to tie data in to new, innovative solutions. Through unification of data, pharma has the opportunity to capitalize on broader market insights, provide quick, personalized messaging and turn-around, and discover new data analytic capabilities. All essential strategies and tactics pharma must invest in and employ to win.