To drive performance, life sciences organizations must be able to find new data sources, apply analytics and generate insights that can be translated into action.
FREMONT, CA: Life sciences companies are working hard to develop effective patient access programs and deploy an effective commercial strategy around it. Expiring patents and competitive pressure is real challenges and companies need to find opportunities with the help of the massive amounts of data they own. Data and analytics capabilities are helping life sciences companies define that strategy and execute a plan, which will support them to succeed. Every player in the industry is cognizant of the value of analytics, but it takes winners to tap into its commercial aspect. Read on to know more.
Commercial analytics in life sciences is about running the business efficiently to convert insights into income and data into money. To drive performance, life sciences organizations must be able to discover new data sources, apply analytics and create insights that can be quickly translated into action. Commercial analytics plays a vital role in the life sciences industry. The return on investment cycle varies significantly for patients, physicians, providers, and pharma, and each stakeholder requires to identify its strength and analyze commercial outcomes before investing.
The cost incurred in the development of a single drug is close to 350 million dollars per company. For life sciences companies, the research and development phase of every drug needs vast resources both in terms of time and money, and hence they need to begin right. Data pertaining to drug efficacy can assist pharmaceutical companies in approximating the lifetime value of its product. By analyzing patient data, companies can quickly identify their future stars and potential cash cows.
Every organization uses unique ways to market its products and services, and every marketing channel has its own pros and cons. In the age of digital marketing, are the traditional channels keeping pace? Are they still relevant? Answering these questions allows life sciences, investors, to prepare channel-based go-to-market strategies. In summation, it can be concluded that almost every complex challenges can be solved with the combination of data and commercial analytics. For this, organizations must continue to believe in its power to transform. As long as life sciences companies are invested in mining data, and the future looks bright and promising.
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