Life Sciences

The commercial ecosystem of the medical device industry is an intricate one. Medical device sales teams constantly watch out for opportunities across the sales process, beyond the overarching life sciences commercial protocol (salesforce structure and deployment, sales activity design, incentive compensation, and operations outsourcing). These intricacies arise from various factors, like the heavy dependence on sales reps, mechanics and scale of the products being sold (sometimes complete health solutions), diversity of the stakeholder entities involved (from market influencers to centralized purchasing teams), and back and front-end supply chain fallouts. Here are some examples.

Rid your binge-watching boredom through artificial intelligence and machine learning – a leading cause of the pharmaceutical industry's best innovations and advancements.

As the projected weeks in quarantine rapidly rise, the amount of absorbable content in your queue is likely dwindling. With not much left to consume, now is the time to indulge yourself in all the titles from our list of the top seven artificial intelligence (AI) and machine learning (ML) content pieces that your brain can muster. After all, AI/ML innovations are leading the future healthcare landscape for faster, more efficient data analysis and commercial business operations, which in turn improve healthcare physician (HCP) engagement and drive better patient outcomes.

Omnichannel Marketing is Widely Used With Clear Benefits and Will Become More Essential in the Months to Come

Today, omnichannel marketing is largely accepted as a necessary and effective way of marketing and selling within many industries. With the advent of the COVID-19 pandemic, social distancing, and shelter-in-place mandates, the use of digital channels has increased. In fact, online order volume from grocery merchants rose 210.1% from March 12 through March 15, 2020 compared with the same period a year earlier (per Rakuten Intelligence data).

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.

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.

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People Placement constitutes the activities related to assignment of sales reps, following any major sales force territory alignment or change in the size and structure of sales force. Placing the best available rep into each territory is critical to the success of any sales force realignment effort.

Numerous publications, blogs, etc. have reported how quickly the pharmaceutical industry is changing and how manufacturers need to modify their approaches and structures to survive the competition. The pace of change necessitates that Pharma companies undergo a transformation; with organizations expanding the capabilities of their commercial models through smarter experimentation, scalable measurement, faster learning, and dynamic decision making regarding their commercial models.

Prescribing decisions in the institutional setting differ considerably from the retail setting. As noted in the figure below, HCPs are influenced by several parties, both internal and external. While the health of the patient and safety of medications continue to be of paramount importance, over the past several years, financial considerations have increased attention on quality of care. No longer is a hospital’s survival dependent on the “hotel model” (where higher occupancy equals greater profitability), rather insurance companies, in an effort to control costs, are incentivizing institutions (IDNs) to keep patients healthy, reduce the length and frequency of hospitals visits, etc. Further, as new information systems and technologies are implemented (many driven by requirements outlined in the Affordable Care Act) the ability of key payers to manage costs and processes will improve. This will continue to drive the behaviors of healthcare professionals and their employers.

Talk about famous last words. When we last left this topic, I was wrapping up coffee with my colleague, Rick, with the ominous, “Once we get your data organized …”