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.
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
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.
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.