In this first of a two-part series blog, we highlight three of six reasons to choose an integrated end-to-end commercial data and analytics solution against siloed point-solutions. These solutions ensure scalable and sustainable success for emerging pharma companies.
“As big pharma struggles to discover new drugs under the dual pressures of faster speed and lower cost,
emerging pharma is stepping up with its entrepreneurial flexibility.”1
In the US, emerging businesses are defined as “manufacturing companies with less than 500 employees, or non-manufacturing companies with sales less than $5M.”2 Similarly, Europe defines emerging businesses as “micro-entities of up to 10 employees, small companies of fewer than 50, or midsized enterprises up to 250, or those organizations with annual turnover under EUR 50 million.”1 |
In a world where pharma market leaders envision improved patient lives, commercial success is critical to fuel the vision. Large and established pharma companies often set the fast pace of the life sciences’ ecosystem. To maintain this pace, they must ensure consistent product innovation, accelerated speed to market, and airtight commercial strategies for thorough market penetration. At the same time, discovering new drugs is often in the mix for achieving objectives at speed and lower cost. In contrast, small pharma companies have shouldered and succeeded in finding and launching products at speed.
Although, taking newly-approved drugs to market and following through with post-launch strategies can be daunting for emerging pharma companies, especially if it’s the first drug or even a new indication. These challenges arise from their small business teams, disjointed data infrastructure, and nascent analytics capabilities, unlike the more prominent pharma companies that have established mature systems. Sometimes, emerging pharma companies also succumb to short-sightedness by investing in highly siloed data and commercial analytics solutions that prove costly in the mid to long term. The inability to foresee future scalability exposes them to business compromises and sunken costs.
To begin with, most emerging pharma companies typically adopt one of these two approaches:
Both these approaches are sub-optimal and severely compromise the ability to make the right and sustainable commercial decisions. Emerging pharmas lose control over pre-launch, launch, and the immediate post-launch cycles, each crucial for a drug’s success.
An integrated end-to-end commercial data and analytics solution is the best bet for emerging pharma companies. This solution eliminates the shortcomings of the approaches mentioned above; it also brings significant business efficiency and return on investment (ROI) opportunities.
This two-part blog series explores why an integrated end-to-end commercial data and analytics solution is the best bet by examining the following top six reasons.
We will look at the top three reasons in this first blog.
The ability to ingest, manage, analyze, and operationalize data from various internal and external sources is critical for commercial success. These necessary data steps also apply to emerging pharma companies because creating an end-to-end integrated solution is crucial to ensure unified analytics-ready data. An integrated technology software solution ensures business teams access all relevant data in one place instead of various siloed data pockets across the organization. Commercial decisions can be more holistic and well-informed, and business predictability more accurate.
Integrated solutions can significantly benefit emerging pharmas with their end-to-end data management capabilities, including:
Having the capability to create user-based reporting views can go a long way to make various decisions along a product’s commercial journey. For instance:
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While good commercial data and analytics software provides a full range of reporting capabilities, a best-in-class solution offers the flexibility to modify your reports for relevant insights, making the information suitable for all business users. Additionally, business departments benefit from self-serve reporting and insights capabilities out-of-the-box, including field reporting, brand reporting, market access reporting, and customer and patient 360 views.
A pre-assembled library of industry-based key performance indicators (KPIs) can speed-up the report creation process. These KPIs can include critical performance metrics such as launch tracking, geography comparison, customer planning, market access, and patient insights.
Emerging pharma companies tend to lose out on some fundamental analyses and insights due to a small dedicated analytics team (or the absence thereof). Therefore, it is imperative to access a pre-configured analytics workbench that allows business users to build complex analytical models independently. Critical analyses, such as sales & brand analytics, payer analytics, forecasting, promotion effectiveness measurement, and segmentation & targeting, can be delivered based on use.
Search-based analytics capabilities help business users quickly find action-oriented answers to their questions without the need to be tech-savvy to use standard Business Intelligence (BI) tools. Such capabilities add to the workbench’s power of providing insights-on-the-fly and encourage citizen data scientists.
In Part 2 of this two-part series, read about the remaining three reasons for emerging pharma companies to implement an end-to-end commercial data and analytics platform to drive commercial success. These reasons will focus on overarching business benefits for the go-to-market strategy, program governance, and sustained flexibility and modularity.
Next – Ensuring Commercial Success For Emerging Pharma Companies – Part 2.