The growth of the pharma industry is increasing exponentially like never before.
Global medicine spending is projected to increase at 2–5% annually and exceed $1.1 trillion in 2024.
This projection was made by the Global Medicine Spending and Usage Trends Outlook to 2024 Report. The report reviews trends in medicine use and spending from 2009 to 2019 and provides projections to 2024. It was published on 5th March 2020, before Coronavirus was declared a global pandemic.
And what is keeping up with this remarkable increase is the data within pharma companies.
In today’s data-driven world, there are multiple streams and sources of data being generated and some of it is widely in use within sales teams that track an exhaustive list of metrics (KPIs) periodically. However, not all KPIs are the same. How do you determine what is working and what isn’t? Following are good indicators of what KPIs should ideally do for your processes -
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Help identify patterns that support and focus on high performance rather than the routine monitoring of processes
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Focus on critical success factors aligned with your strategic goals
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Facilitate discussions resulting in meaningful action to close gaps, followed by monitoring the execution and ensuring follow-up
Adoption of Technology in Pharma
Many leading players in the pharma industry have realized that analyzing data exceptionally well, is of paramount importance to gain business advantage. Significant data being generated inside companies both on- and off-field is proving to be very insightful in understanding the needs and meeting the demand of end-clients i.e. patients.
Companies are working actively and rapidly to harness new sources of data, digital platforms, and insights to power clinical research, and improve patient outcomes.Pharma firms that do not have end-to-end data analytics capabilities are seeking partnerships with technology companies operating in healthcare, to respond and utilize the full potential of emerging data sources for the front lines.
While efforts to explore and create channels for data-driven medicine are in full force, evaluating Sales Force Effectiveness is a low-hanging fruit that can be measured effectively, if companies equip their sales and marketing divisions to track market changes and act proactively.
Analytics and Insights for Pharma
To gain improved insights into sales performance, pharma players need to get smarter about analyzing and driving effectiveness in their sales and marketing operations. With newer brands and therapies entering the line of treatment, complexities in government-imposed regulations, shifts in buying cost pressures, and burgeoning customer demands, the competition is intense. Pharmaceutical companies can gain an edge over their competition by
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analyzing big data to spot niche and underserved markets and,
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tracking the effectiveness of sales efforts and focusing on feedback received by the sales force during client visits and using it effectively to plan future sales efforts
In order to achieve better visibility, companies need an integrated solution that has a centralized approach to processing, analyzing, and reporting data related to sales, marketing, and distribution, which is usually stored and managed in multiple excel sheets spread across the organization.
An advanced analytics BI tool can help companies track the frequency of prescription of a given medication, monitor the effectiveness of their sales pitches, track competition, and measure individual sales rep performance (without being data literate or analytics experts). It will allow them to make better-informed decisions, faster than ever before.
Key Benefits of Market and Business Analytics to Pharma Companies
An AI-powered, advanced analytics BI tool, combining market intelligence and business analytics, while using Natural Language Generation technology to write actionable insights in human languages, is truly an integrated solution. It provides major advantages and addresses many challenges and pain points experienced by Pharma companies
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Moving Forward in Pharma (Post Covid-19)
Given the current state of global health, uncertainty and change in business models post COVID-19 across the world, an integrated BI analytics tool can help your Sales teams navigate these turbulent times with reliable insights and greater visibility to stay ahead in this unprecedented chapter in the Pharma story thus far.
If you are interested in exploring a customized solution, relevant to your firm,
Written By
Srishti Mittal
Srishti Mittal leads Solutions at vPhrase and partners with top executives to deploy analytics that solve complex business problems and help gain competitive advantage with data-driven decisions. She closely tracks innovations at the intersection of advanced analytics, artificial intelligence, machine learning, design thinking, and behavioral decision making. Over the last 14 years, Srishti has worked extensively with CXOs of Fortune 100 companies (Emerging Markets). Through her writing, she wants to help business and technology leaders harness the power of analytics to derive value from data.
Srishti Mittal leads Solutions at vPhrase and partners with top executives to deploy analytics that solve complex business problems and help gain competitive advantage with data-driven decisions. She closely tracks innovations at the intersection of advanced analytics, artificial intelligence, machine learning, design thinking, and behavioral decision making. Over the last 14 years, Srishti has worked extensively with CXOs of Fortune 100 companies (Emerging Markets). Through her writing, she wants to help business and technology leaders harness the power of analytics to derive value from data.
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