Today’s increasingly digital society is causing an evolution in pharma marketing strategies. Numerous digital channels have sprung up due to technological advancements, and they are changing doctors’ and patients’ habits. Digital platforms such as emails, digital ads, and paid search are available for pharma companies to target doctors based on their preferences.1 These channels are not deployed to substitute traditional channels, but as part of a synergistic multi-channel marketing strategy, to complement them.2
The Life Sciences analytics industry is progressing each day with AI/ML driven technologies and the exploding healthcare data, which is expected to cross 2,314 exabytes by 20201. New databases are emerging from sources like patient claims & electronic medical records (EMRs), social media, and digital channels. Stakeholders’ preferences are evolving as well, with pharma sales reps finding healthcare physicians (HCPs) more challenging to reach.
Pharma companies realize the value of data-driven insights and decision making and employing best-in-class technology and infrastructure to enable them. So, in recent years, pharma companies are investing heavily in big data solutions. However, these systems do not yield the kind of value expected from the investment. Some of the reasons include:
Making the right clinical and business decisions requires the leadership teams of healthcare providers and life sciences companies to have access to the right information, at the right time, and in the right format. Health data is a strategic asset. It includes health information captured throughout a patient’s healthcare journey – right from the time the individual first entered into the healthcare system until the end of the treatment process. Organizations strategically use this data to improve the quality of patient care by determining the best possible treatment plans. The healthcare users also get direct benefits when data enables the ecosystem’s business operations to be tightened and managed efficiently. In turn, organizations are impacted by the availability and use of the data at the center of this ecosystem in many ways, including:
Axtria’s has received an honorable mention in Gartner’s Magic Quadrant for Sales Performance Management for the 3rd consecutive year. Axtria SalesIQ™ is a cloud based unified global sales planning and operations platform with embedded analytics. It enables commercial offices to create the right territories, assign the right personnel, target the right customers through the right channels and measure and reward high performance.
In addition to Axtria’s presentations and posters (mentioned in our first blog on Write the Future of Analytics with Axtria at PMSA 2019), Axtria is also leading one of the pre-conference tutorial sessions and participating in the conference panel discussion.
Axtria is delighted to announce that we will be sponsoring and participating in the Pharmaceutical Management Science Association’s (PMSA) annual conference. This will be Axtria’s ninth year attending and we are eager to explore this year’s theme: “Designing the Future of Analytics in Biopharma.”
Market dynamics are changing the medical device market in unprecedented ways. Accustomed to rapid innovation in their lives as consumers, patients are expecting data and information being generated across various personal (face-to-face interactions) and non-personal (digital interactions on the web and social channels) to be translated into delivering better healthcare outcomes and their quality of lives. The baseline of quality of delivery of healthcare throughout the ecosystem is shifting to much higher expectations, as a result. The medical devices industry faces this challenge every day.
There is an abundance of information in the healthcare world, especially with new databases emerging such as those created through patient claims, electronic health records (EHRs), social media, and new customer engagement channels. Note that electronic medical records (EMRs) generally captures a patient’s specific interactions with specific healthcare activities that result in billing. EHR data is a longitudinal aggregation of patients' EMR data over time.