Real-time analytics enables informed decision-making, enhanced patient outcomes, and creates a competitive edge for the drug in the ever-evolving Healthcare industry. A data-driven approach across the drug lifecycle ensures that the drug launch is not just a milestone, but a stepping stone towards improved healthcare and a brighter future.

5 Benefits of a Data-Driven Drug Launch

How can Pharma leaders benefit from a data-driven launch? We’ve put together a few of our observations here:

1. Precise Patient Targeting
Begin by identifying the most promising patient segments through comprehensive data analysis. By integrating electronic health records, prescription data, and demographic information, you can pinpoint the specific patient populations that will benefit most from your drug. Tailor your messaging and outreach to address their unique needs and preferences.

2. Segmented Marketing Strategies
Develop personalized marketing strategies for each identified patient segment. Utilize commercial analytics to understand the distinct characteristics of these segments and create tailored campaigns that resonate with their concerns. This approach enhances engagement and encourages a deeper connection between patients and your product.

3. Tactical Pricing Optimization
Determine the optimal pricing strategy for your drug by analyzing market dynamics, competitor pricing, and patient affordability. Commercial analytics helps strike the right balance between maximizing revenue and ensuring accessibility. Data-driven pricing decisions also enhance negotiations with payers and reimbursement discussions.

4. Multi-channel Engagement
Leverage commercial analytics to identify the most effective communication channels for reaching healthcare professionals and patients. Analyze historical prescription patterns and physician preferences to allocate resources to the channels that yield the highest impact. This approach ensures that your message reaches the right stakeholders at the right time.

5. Continuous Performance Monitoring
The launch doesn’t end on the day of the launch — it’s a continuous process. Utilize real-time data analytics to monitor your drug’s performance in the market. Track metrics such as prescription volume, market share, and patient feedback. This information helps you adapt your strategies as needed and capitalize on emerging opportunities.

Enabling a 360-Degree View of Pharma Drug Launch with Commercial Analytics

At Tiger Analytics, we developed a Data Analytics solution, tailored to meet the specific requirements of our clients in the Pharmaceutical industry. Our Commercial Analytics engine powers a suite of data-driven analytical interventions throughout the lifecycle of a drug. It serves as a bridge between goals and actionable insights, effectively transforming raw data into strategic decisions. The solution supports pre-launch patient segmentation and provider engagement. It also aids in launch-stage payer analytics and pharmacy optimization. Lastly, it enables post-launch patient journey analysis and outcomes assessment – giving Pharma leaders a 360-degree view of the entire launch cycle.

Here’s how it works:

Pre-Launch: Setting the Stage for Success

In this stage, the goal is to lay a strong foundation for success by developing the value proposition of the drug. Clinical teams, data strategists, and market researchers collaborate to assess the drug’s commercial potential and create a strategy to realize it. To begin, comprehensive surveys and market research are conducted to gain insights into healthcare personnel (HCP) behavior, competitor analysis, patient profiles, packaging analysis, price comparison, and sales benchmarks. These analyses shape the roadmap for the drug’s performance and enable the exploration of various scenarios through forecasting exercises. Patient profiling and segmentation strategies are also implemented to devise effective marketing and engagement strategies.

From Action to Impact

To drive tangible results, at Tiger Analytics we orchestrated a series of targeted initiatives with specific outcomes:

What did we do?

• Conducted a comprehensive analysis of analog drugs in the market and performed market scoping along with other forecasting exercises to understand the potential impact of the new drug once launched.
• Analyzed survey results and developed a tool to assess the possible effectiveness of the drug in real-world scenarios.
• Formulated multiple scenario analyses to account for unprecedented events and their potential impact on the demand for the drug.

How did the solutions help?

• Provided a clear view of the expected market landscape through market sizing.
• Prepared the pharma company for unknown events through scenario analysis.
• Facilitated target adjustment and improved planning by forecasting numbers.

Launch: Strategic Payer Engagement in a Complex Landscape

During the drug launch, the focus shifts to accelerating drug adoption and reducing the time it takes to reach peak sales. At this juncture, analytics plays a crucial role in optimizing market access and stakeholder engagement (payers, prescribers, and patients). By analyzing payer data, claims information, and reimbursement policies, pharmaceutical companies gain insights for strategic decision-making, including formulary inclusion, pricing strategies, and reimbursement trends. These insights enable effective negotiations with payers, ensuring optimal coverage and patient access to the medication.

Monitoring sales and identifying early and late adopters among HCPs and patients enables targeted marketing activities and tailored promotional initiatives. This approach effectively propelled successful market penetration.

From Action to Impact

To drive tangible results, we, at Tiger Analytics, orchestrated a series of targeted initiatives with specific outcomes:

What did we do?

• Implemented a robust email marketing campaign, targeting the identified early adopter HCPs.
• Monitored HCP engagement and response to emails using advanced analytics and tracking tools.
• Leveraged predictive models to conduct real-time analysis of promotional activities, optimizing their effectiveness and making data-driven adjustments.

How did the solutions help?

• Achieved a 15% increase in HCP engagement and response rates.
• Real-time analysis led to a 10% improvement in effectiveness.

Post-Launch: Empowering Patient-Centric Care

Post-launch analytics focuses on monitoring the market and adapting to market dynamics (competition, regulations, reimbursements, etc.) to extend the drug’s lifecycle. Advanced analytics also enables understanding a patient’s journey and optimizing the person’s medication adherence. By leveraging real-world data, electronic health records, and patient-reported outcomes, pharmaceutical companies gain invaluable insights into patient behavior, adherence rates, and treatment patterns. These insights facilitate the development of personalized interventions, patient support programs, and targeted educational campaigns to enhance patient adherence and improve treatment outcomes. Additionally, continuous tracking of the medication’s performance, market share, and patient-reported outcomes enables pharmaceutical companies to make data-driven decisions, generate evidence for stakeholders, and drive ongoing improvements in patient care.

From Action to Impact

To drive tangible results, we, at Tiger Analytics, orchestrated a series of targeted initiatives with specific outcomes:

What did we do?

• Utilized real-world data and electronic health records to track patient behavior and medication adherence.
• Conducted in-depth analysis of patient-reported outcomes to gain insights into treatment patterns and efficacy.
• Developed personalized interventions and patient support programs, based on the identified patterns and behaviors.

How did the solutions help?

• Improved medication adherence by 25%.
• Achieved a 30% increase in patient satisfaction and treatment compliance.

For Pharmaceutical companies, the goal of a successful drug launch is not only about accelerating the medicine’s time to market, but it is also about ensuring patient awareness and access to life-saving drugs. By leveraging the power of data to fuel AI-enabled drug launches, we’ll continue to see better medication adherance, satisfied patients, compliance to treatments – which will ultimately lead to better health outcomes.

The post A Pharma Leader’s Guide to Driving Effective Drug Launches with Commercial Analytics appeared first on Tiger Analytics.

For a variety of CPG categories such as Food & Beverages, Snacks, Confectionaries and the many sub-categories within, answering this question ahead of competition could mean significant headroom for growth in otherwise commoditized markets, and in some even a matter of survival given the choices made by increasingly discerning consumers.

To complicate things further, compared to the gradually changing consumption trends across generational cohorts seen till recently, brands today have to serve multiple segments that co-exist. These segments tend to be quite different from each other in how they consume information and make choices. Millennials are now sharing the grocery store aisle space with older consumer segments, and post-millennials are just about starting to make household consumption choices. This means older trends like convenience co-exist with recent ones such as snackification and healthy-indulgence. The new normal, if there’s one, is yet to set in.

Business opportunities identified by thorough analysis of data from multiple sources can help navigate this landscape. On the surface, this may appear to be a consistent practice. However,

• Traditional approaches of relying heavily on consumer household panels often suffer from the problem of sufficiency of coverage vs cost of procuring larger samples
• New-age social media data analysis is called into question as there are still standalone reports on trends and sentiments as opposed to being a complete story.
• Insights from historical product launch tracking data are robust, but regional insights within a country are difficult to get through this approach.
• Sell-through data is good, but is primarily a reflection of past/current assortments vs what could be the future.

Connecting the dots across all these to build an integrated story, discovering and sizing emerging opportunities, and putting an executable plan in the hands of seasoned sales and marketing teams is what is required – and today, only a few can claim to be masters at that. The few that do, leverage the above, and even go beyond.

For example, a global F&B giant was able to discover opportunities to improve sales volume by a few percentage points on its multi-billion-dollar snacks portfolio through a comprehensive analysis of all sources, including zip-code level demographic aggregates and snacking habits data available through public sources. A data science-driven approach was leveraged to identify and size emerging opportunities at specific region x channel x product claim levels. Furthermore, it helped identify which specific levers to pull – assortments, distribution, price, promotions (trade), etc. Secondary research based on credible sources was used to further validate.

A comprehensive approach such as the above helps CPG companies go into their annual planning sessions with powerful stories to execute, along with a reliable estimate of size-of-prize for themselves and their key customers.

Elsewhere, a global commodity supplier looking to move up the value chain by focusing on specialty beverages took an integrated approach to understand which particular flavors, aromas, and origins clicked with different consumer markets and what’s on the horizon. Not only are they now geared up to serve their CPG clients better, but also to deliver a unique experience to the end consumer.

While reliable data from external sources is a function of individual market maturity, at Tiger Analytics, we have often been able to support CPG clients using data sourced through unique partnerships and blending that with their internal data and, of course, social media, to build a comprehensive story: an approach that can be leveraged in both developed and developing markets.

Though the foodie in me pushed to pick the above categories for illustration, smart brands across categories are now leveraging the integrated insights approach outlined above to serve their consumers not just what they want, but what they need as well: food for thought!?

The post What Consumers Really Want: Unveiling Customer Desires with Data appeared first on Tiger Analytics.