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 long time, Pharma companies have been seen as ‘drug providers’ with a highly transactional relationship with patients. However, with the advancements in data analytics in recent years, the Pharma industry has now adopted a radically different approach aiming to be a ‘partner in every patient’s journey at every step of the way’. The impact of this approach is most imminent in rare disease therapies where patients require continuous support and engagement (from caregivers and the drug provider). Pharma companies – via their Patient Services organization – work tirelessly to ensure that the patients get easy access to therapy, remain on therapy, and the caregiver/patient needs are taken care of.

With the help of advanced analytics and AI, it is now possible to personalize the patient’s journey and provide actionable intelligence to the Patient Services team for proactive interventions to drive optimal health outcomes. For example:

• AI can help identify key drivers of therapy discontinuation and “never-start” patients
• Turnaround time metrics can help identify any bottlenecks across the patient care continuum

Role of Advanced Analytics (AI Solutions) in the management of Patients and Caregivers

Capturing the holistic experience of a patient can be a challenging task for Pharma companies as there are multiple channels and touchpoints – Support centers, Clinics, Pharmacies, Insurance, caregivers, HCPs, Trainers, etc. For meaningful results, it is imperative to aggregate all this information that is received from the variety of data sources and create a holistic 360° view of the patient journey – to analyze the overall patient experience and inform the patient outreach strategy.

Over the past years, at Tiger Analytics we have collaborated with leading Pharma companies to answer the most pertinent questions in the Rare Disease treatment space in order to design a framework for the holistic 360° view. These questions can be categorized across the analytics complexity spectrum:

1. Descriptive Analytics

a. What is the size of the treatment program?
b. What are the discontinuation and never start rates?
c. How do they change over time?

2. Correlations /Explanative Analysis

a. What are the key drivers leading to discontinuation of therapy?
b. Is there a correlation between continued financial aid through copay programs and time on therapy?

3. What if Analysis

a. What if we decrease our copay support?
b. How elastic is the shipment metric w.r.t size of co-pay support?

4. Predictive Analytics

a. Can we predict who is most likely to drop off therapy?

5. Prescriptive Analytics

a. What are some of the actions to be taken by Field Service Managers?

A major multinational Pharma company chose us at Tiger Analytics as their AI partner to enable them to become a more Patient-centric organization. Through our bouquet of AI interventions, we helped create a 360° view of patient experience to enable the leaders in Patient Engagement & Experience teams to keep a pulse check on the various patient outreach programs and monitor their operational efficiency.

How it works

The Tiger Analytics team provides end-to-end data and AI solutions to empower the client team in answering the above complex business questions. Our solution leverages various data feeds received from multiple touchpoints – HealthCare Prescribers, Insurance providers, Pharmacies, Patient demographics, etc. These data inputs are then transformed into actionable insights where we combine our expertise in Data Engineering, Data Science, App Engineering, and BI reporting, and to further deliver to our client tangible outcomes via continuous improvements through end-user feedback.

With the help of our team of Data Engineers, Data Scientists, and industry experts we develop capabilities and roadmaps for the analytics journey for Patient Services and other associated functions. The analytics support provided by Patient Services organizations is of great benefit to Patient Service Managers, Account managers, Therapeutic Area leads, and other associated functions like Patient Engagement, Vendor Management, etc.

With the foundational pillars and analytical capabilities in place, any Pharma company can therefore make a shift from just being a drug provider, to a support system and care partner, offering patients of rare diseases and their caregivers much-needed support during their very difficult patient journey.

Source:

The future of treating rare diseases | World Economic Forum (weforum.org)

The post Patient Services: Pharma’s Answer to Supporting Patients with Rare Diseases appeared first on Tiger Analytics.