In Part 1 of this two-part series, we learned about what managed care analytics means for pharma brand success and the factors that pharma companies need to keep in mind while planning their managed care strategy. In this part, we will explore how pharma account managers can leverage managed care analytics, in their constant endeavor of optimized contract performance, better formulary positions, and improved patient access and health outcomes.
Operating in the managed care system in the US healthcare market is challenging due to the complex environment. It is incredibly volatile and fragmented, with stakeholders ranging across various categories:
- Healthcare delivery systems like Integrated Delivery Networks (IDNs) and Preferred Provider Organizations (PPOs).
- Care systems like the Accountable Care Organizations (ACOs), Managed Care Organizations (MCOs), and Health Maintenance Organizations (HMOs).
- Governmental Point of Service (PoS) systems like Medicare and Medicaid.
Do you have a bookworm or someone who loves to learn on your gift list? Perhaps someone interested in how artificial intelligence (AI) and machine learning (ML) are breaking the traditional barriers in healthcare? Or, maybe you want to grab a hot cup of cocoa and a book on how AI is impacting healthcare to busy your mind on a cold winter day.
This blog is the second of a two-part series and highlights two of the four key forces driving changes in the healthcare ecosystem, encouraging medical device companies to rethink their traditional commercial models. Click here to read the first blog.
In the first blog of this two-part series, we highlight two of the four key forces driving changes in the healthcare ecosystem, encouraging medical device companies to rethink their traditional commercial models.
If you could generate billions of dollars in shareholder value, over three years, by revamping your commercial models, would you do it?
A variety of commercial healthcare data is collected by Pharma companies. In the absence of a robust data management platform, it is challenging to utilize this data to its full potential. Without the capability to efficiently ingest, process, and analyze complex data, business transformation takes a hit. Not upgrading the legacy data warehouses makes pharma companies compromise on their ambitious strategies.
The following infographic illustrates how modern data management can contribute towards business performance gains:
Data and technology are etching a new DNA of each touchpoint of our lives today. As we live and breathe, the fourth industrial revolution and its fusion of technologies are dissolving the boundaries of physical, digital, and biological spheres1. As humans, we are more connected than ever before, using extremely advanced technologies, creating unbelievable amounts of extremely granular data. This data explosion is feeding into AI-based quantum computing engines for instant and highly-personalized insights, which help us make better decisions. To operationalize our informed decisions, Internet of Things (IoT) and its connected experience step in to deliver instantaneous desired results. As customers, we are embracing these advancements towards elite customer experiences. As professionals, we need to follow suit, by leveraging data and technology to create innovative products, operational efficiencies, stronger customer equity, and higher profit margins.
Most pharma organizations consider ‘data’ as a key focus area to forge emerging business models by harnessing its immense potential. Data is crucial to fulfilling critical decision making across the Pharma value chain. Today, IT functions in most organizations focus on areas such as data governance, data quality, access management, model configuration, etc. along with data maintenance, processing, and storage. A robust data management solution is a critical IT requirement across pharma organizations. With the advent of cloud infrastructure and new-age technologies, most of the pharma organizations are now preferring advanced next-generation data management solutions for cleaned, integrated and streamlined data on-demand, along with intelligent insights, leading to better decision-making driving long-term profitability.
Reduce the time from insights to decisions to operations by utilizing Axtria's expertise to seamlessly onboard massive new data sets.
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