Data-Driven Pharmaceutical Operations
Data & Analytics trends for Life Sciences
Companies in the Life Science sector typically have 3 areas to their business model. The first is creating financial value by investing in the discovery, development, manufacturing, and commercialisation of medicines and medical devices. Secondly, they generate revenue from product sales of existing medicines, devices and new medicine launches, as well as from collaboration activities. Lastly, they reinvest their profits in developing the next generation of innovative medicines and devices for future sources of revenue in the face of losses of key patents. We know from 20 years of experience in the Life Science industry that the effective use and storage of data can support all 3 key areas of this business model.
Life Science companies are increasingly developing or acquiring data gathering and analytics capabilities or commercializing anonymised patient data in order to streamline their operations, maximise time for the discovery and delivery of potential new medicines & facilitate the mining of patient data. Medical insurers, drug delivery device developers, pharmaceutical companies, clinics and leading internet technology companies are prominent in this. Find out below how we are helping the various departments within the Life Science industry.
Operational Challenges in Life Sciences
Vision for Business Transformation
It’s difficult to define a holistic vision for their transformation and its goals and priorities, which results in uncoordinated PoCs and projects that yield meager benefits. Senior leaders may be unaware of the transformational potential of digital and analytics, and of the serious benefits it can bring with its application.
The vision for the technology landscape. A clearer picture of the IT and systems landscape is required, otherwise it may hinder transformation efforts. For example, reducing unnecessary complexity in systems architectures and using dashboards that align IT solutions with key performance indicators (KPIs) can accelerate transformations.
Resources to Execute the Vision
The resources to execute the vision. Companies often assign individual projects to large and unwieldy teams that may make slow progress. For example, they may lack the necessary technical resources, such as data scientists, engineers, and business translators. And they may also lack the central governance and culture of collaboration needed to manage and coordinate deployment across the business.
Custom Messaging & Content
The pandemic has accelerated the change in paradigm from face to face meetings between life science sellers and their target audience and now they have to create custom messaging and content and deliver it to the right audience through the right channels in order to make sales. A well-defined analytics structure can prove useful in this scenario.
Data and Analytics platforms can be a powerful tool across the entire product lifecycle and services in Life Sciences. It can drive the next wave of business optimisation by transforming operational performance, shortening time to market, improving quality and yield of products, supporting targeted medicines and personalised treatment, reducing supply chain volatility, and accelerating technology transfers.
However, our clients in Life Sciences often face the challenges of dealing with multiple disparate data sources and managing data accessibility, managing the explosion of channels, ensuring continued access to legacy data, and adapting to evolving data ownership and privacy concerns.
Our Value to Commercial, Sales Teams
We help commercial operations teams use this data with optimised advanced analytics and expertise to enhance decision making, suggest next best actions, and improve the effectiveness of sales and marketing activities.