Life science organizations must evolve and adapt for future success. Today, Sameer Sardana, Leader of Product Development at Axtria, discusses transforming operational methodologies within life sciences. He delves into the agencies responsible for promotional planning, measurement, and activation, stressing the significance of accurate analysis measurement.
Sameer also discusses how MLOps (Machine Learning Operations) workstreams and technologies empower stakeholders and marketers to make real-time promotion decisions, driving pivotal decision-making processes. Sameer adds that this represents a substantial shift for individuals accustomed to traditional settings, potentially disrupting established practices and necessitating new approaches. Our audience can benefit from today's insights to gain a competitive edge in the future.
In This Episode, We Cover:
- [2:53] Sameer Sardana discusses pharma companies' current state of affairs and how they spend much of their revenues on promotion.
- [4:42] Sameer outlines four trends in this space of promotional effectiveness that are drivers of change.
- [7:09] Discussion of the three deterrents to the evolution of change and the inefficiencies created by many agencies because they are often involved in promotional measurement.
- [11:01] Sameer discusses a CoE (Center of Excellence) created at Axtria where all promotional measurements were done for a customer, allowing the organization to leverage the best in class techniques.
- [13:11] Sameer explains the use of software and the three areas of value it brings to the promotional measurement space.
- [15:54] Sameer discusses how marketing and IT have impacted the stakeholders.
Key Takeaways:
- The pharmaceutical sector invests millions in advertising and assessing the efficacy of campaigns. The quality of the analysis hinges on the expertise of the individuals interpreting the data.
- One of the most significant barriers to change is that promotional planning, measurement, and activation must be tied together, impacting promotional efforts and the ability to change course quickly.
- Agencies have expanded, taking over not only promotional planning and execution but also measurement, creating spending 200 million dollars in one company.