We are dedicated to servicing the needs of our local and global communities in times of need. As a provider of remote technology, we are offering FREE Swittons (a P360 company) remote technology, so your pharmaceutical organization can maintain critical communication pathways with key physicians, especially in times of crisis.
Our Swittons device shown below is a smart device for pharma to distribute to physicians to facilitate remote communication, at the press of a button. In normal circumstances, the device augments the rich (and sometimes face-to-face) relationship between the rep and the healthcare provider.
In pandemic situations, devices such as Swittons can facilitate communication and ensure business continuity, while keeping your sales representatives out of the hot zones of hospitals and physician offices.
During this time of global pandemic impact and protective travel restrictions, we are working to help key healthcare practitioners maintain communication with pharma, especially regarding critical therapeutic areas. This remote communication helps ensure the continuity of business.
We want to help by providing each interested pharma company with FREE Swittons for 3 months, to use with your top physicians. This will maintain consistency in business during these difficult times, and will also protect pharmaceutical staff from high-risk exposure and further propagation.
“Swittons is working to limit exposure risk to the Coronavirus and other pandemics by eliminating unnecessary visits to hospitals and other healthcare facilities,” said Swittons CEO and Founder Anupam Nandwana. “By automating the pharma to physician relationship, our goal is that professionals working in the field of pharmaceutical sciences will not be forced to risk their own health, and will not become a serious risk factor for the spread of the virus.”
After the 3-month period, which we hope will resolve a pandemic situation, companies that have engaged Swittons can discontinue the platform with no additional charges. However, initial feedback regarding the Swittons program indicates the platform creates tangible value with or without a pandemic issue.
Please contact us if you would like more information about this initiative: firstname.lastname@example.org
Swittons brings the first fully customizable four-button IoT powered solution for Pharma-Physician communication to the market.
Pharma to physician engagement has dawned a new day thanks to the innovative work from P360 – the company behind creating Swittons. The world’s first fully customizable four-button IoT powered solution for pharmaceutical organizations and physicians is now available on a commercial scale.
“At Swittons, we have reimagined the world of pharma to physician communication by fundamentally changing the way marketers and sales organizations interact with customers and prospects,” said Swittons CEO and Founder Anupam Nandwana, “Our solution not only saves organizations time and money, it gives them a new digital channel of engagement for meaningful interactions. From the dashboard to devices to data, Swittons powers seamless engagement.”
Swittons revolutionizes the pharma to physician relationship by helping representatives cover more territory, and by breaking down communication barriers to office visits, professional consultations and product orders. This device can also be configured for biotech and medical device sales organizations.
Swittons is designed to be compatible with existing commercial infrastructure and integrates seamlessly with leading CRM and ERP systems. This Microsoft Azure-based device can be custom branded and comes programmed to execute up to four different predefined functions.
“Bringing critical data from a device to the enterprise has never been easier because Swittons takes care of all the complex technical work,” said Nandwana.
As the cost of doing business goes up and regulations become more restrictive, pharmaceutical sales organizations are increasing their demand for innovative products that help them remain competitive.
Swittons solves the “whitespace” problem by enabling communication with physicians who were previously untargeted, because of remoteness or other reasons. The device also helps boost the launch of new brands by increasing awareness, sample facilitation and more.
A major early customer for the company uses the devices to increase lift in their existing strategies with physicians in the field.
Physicians appreciate Swittons because the device enables them to be in better control of their schedules. At the click of a button, they can request samples, schedule sales visits, book medical science liaison (MSL) consultations and access important medical information. Individualized preprogrammed functionality is available for the device as well.
For physicians that receive Swittons, the device comes out of the box all ready to go. All that is required is a Wi-Fi or GSM cellular connection
Nandwana said the smart devices create a physical presence with physicians that adhere to industry regulations. The devices can be used in multiple ways, depending on how they are configured. More information about Swittons for Physicians is below.
How Some States are Limiting Sales Rep Access to Physicians
Many states, including Vermont, Maine, and Colorado, have passed laws that regulate how drug reps can market to prescribers. Many of these laws are centered around price transparency and comparisons to generics.
These state-mandated restrictions are on top of an outright ban on sales reps visits that many hospitals and health systems already have in place.
Vermont Has Led the Way on Sales Rep Regulations
For several years, Vermont has had laws in place that dictate how sales reps can interact with prescribers during in-person visits. Vermont’s pharmaceutical marketer price disclosure has led the way, with several other states following suit with similar laws.
Vermont’s price disclosure law requires that when sales reps market a drug to prescribers, they must disclose:
The average wholesale price (AWP) per pill
The drug’s AWP in relation to other drugs in the same class
In addition, reps marketing to prescribers in Vermont must report any marketing related expenditures they incur. The distribution of drug samples, which has long been a staple of sales rep visits, is included in these expenditures.
Pharmaceutical companies who have expenditures of any amount over $0 must report their expenditures annually. Companies reporting expenditures must pay a $500 registration fee before each state-mandated reporting period.
Maine Seeks Drug Price Transparency
On an annual basis, Maine plans to publicly report prescription drug prices. In order to make this transparency possible, the governor recently enacted several bills. Pharmaceutical companies will be required to report certain drug price increases.
Unlike Vermont, Maine is not requiring that drug reps communicate this price information when meeting with prescribers. Rather, price information will be shared on a publicly accessible website, where both doctors and patients can access the information.
This means physicians will have access to certain price information whether or not they meet with sales reps. For physicians who have price concerns or questions, this may decrease their desire and need to meet with sales reps.
Northeastern States are Pushing for Drug Importation from Canada
That fact that Vermont and Maine are requiring more transparency about drug prices is no coincidence, as both states could easily import more affordable drugs from Canada. In fact, both Vermont and Maine have passed bills approving the importation of prescription drugs.
However, both states’ plans are in limbo as they await federal approval and guidance. If Vermont and Maine are able to import drugs from Canada, marketing from U.S. drug reps could become irrelevant.
Colorado Also Looks at Wholesale Drug Costs
While nothing is on the books in Colorado to promote the importation of drugs, cost transparency laws have been enacted. The state has enacted its own laws requiring:
That the wholesale acquisition cost (WAC) must be disclosed by drug reps.
Reps must also disclose the names and WAC of three generic prescription drugs from the same therapeutic class, when such generics are available.
What is the Impact of these State Laws?
While these state laws don’t outright ban sales reps from visiting physicians, the requirements do put a significant burden on drug companies. Sales reps must be trained to act in accordance with the new laws, as well as adhere to record-keeping and reporting requirements.
This is in addition to the limitations hospitals and health systems are already placing on drug reps.
In-Person Meetings are Already on the Decline
For many physicians, the days of leisurely lunches with sales reps are over. Over the last year, there’s been a sharp decrease in the number of prescribers who are permitted to meet in-person with pharmaceutical reps.
In 2017, just over half of all practices owned by hospitals and health systems banned drug reps from visiting their doctors.Also, across all specialties, 40% of all physicians were reportedly no longer meeting with sales reps according to Healthcare Finance.
There doesn’t seem to be any regional trends when it comes to physicians being permitted to meet with sales reps.
The top three states where drug reps still had the highest accessibility to prescribers in 2017 were scattered throughout the U.S.: New Jersey, North Dakota, and Mississippi. In those three states, between 69 and 72 percent of doctors were accessible by drug pharma reps.
Doctors Overwhelmingly Favor Brief Meetings
Policy & Medicine reports that physicians overwhelmingly favor brief interactions with drug reps.
Alternatives to the traditional face-to-face meeting remain an untapped strategy.
However, technology is proving to be a double-edged sword. While digital resources may offer sales reps a loophole in marketing to prescribers, physicians are able to easily access information on their own.
A report published by Decisions Resources Group in 2019 found that 49% of physicians said they were able to answer drug-related questions on their own.
These physicians often turn to digital resources, claiming they “never had a question for a representative that they couldn’t find answers for online.”
State Laws Add to an Already Rapidly Changing Landscape
Today, pharmaceutical companies face many obstacles when marketing directly to physicians. Recent state laws are only compounding barriers put in place by hospitals and health systems.
In addition, physicians’ own perceptions are quickly changing how they view and want to interact with sales reps.
This restrictive climate is forcing pharmaceutical companies to look at alternative communication methods to fuel sales growth. It’s clear that pharmaceutical companies must change their approaches and strategies, as they are increasingly getting squeezed out of the picture.
For more information on how to stay relevant in this changing landscape, please contact us for free below!
In this second part of our series with Microsoft Power BI Certified MVP executive strategist, Belinda Allen, she shared deep insight with us about how Power BI can elevate your pharma company and provide enhanced efficiency for C-level executives.
We asked her two questions about Power BI below, here’s what she had to say:
What are some of the biggest advantages that come with using Power BI?
Not only does the product come with a low cost of entry, but it is also easy to use for the person consuming reports and it’s very easy to share data. Along with that comes built-in Microsoft ability. The fact that Microsoft has sister-like areas to Power BI, such as machine learning and AI, C-level executives can take advantage of utilizing the other areas and bring them into Power BI.
Power BI also has Bing technology built in it, and natural query language that can have us go in and ask questions from our data and the answers come back in the form of a visual (a chart, a graph, a table, etc.). That’s just insanely powerful! And it’s something that we’re used to, it’s a natural progression for people, it’s called Q&A. Another advantage is the quick analysis of the Power BI service. The quick analysis goes through the data and it looks for trends and outliers to those trends.
Now, it doesn’t know what the data is, it doesn’t know, and it doesn’t care. It just picks the data and it looks for trends and outliers and then it provides you with a report of various visuals based on what was found. I’m going to admit, if you’re familiar with your data then you’re going to look at the visuals and not be surprised by the trends and outliers, but there’s often this golden nugget of information in there that you didn’t expect to get – you didn’t expect to see, and you never even thought about before.
I think one of the biggest advantages is being able to take advantage of and leverage other Microsoft products with Power BI. Another advantage of Power BI is the ability to take advantage of Microsoft’s Power Platform – Power BI, Power Apps, and Power Automate (formerly named Flow). With this Power Platform, instead of doing all the work in various places you can do everything in one integrated location.
One of the things I love about it is you can literally do it from your iPad. So, if the person is out of the office, they can log in and approve/reject or make any adjustments to reports. You can build some custom apps that can have pharma sales reps retrieving data from a CRM system – Dynamics 365, and with the app in there as well you can have it write back to Dynamics 365 and give information out that way to pharma sales reps while they are on the road.
Also, from the marketing point of view, you can go through and monitor tweets. For example, any tweet that uses a certain hashtag you specify can be stored in an excel file in OneDrive and that way I have all my tweets stored and can run my sentiment analysis on them.
What Are Some Challenges that Power BI can Help Large Pharma Companies Overcome?
One of the biggest things is that you can reduce the chain of command to get information. So, you don’t have to ask different people to have that information funneled back up to you. The fact that you can get access to information very quickly is invaluable.
Another thing is the ability to attach comments to reports that can be accessed from any device and location. You can specifically ask questions in real-time from your device while out of the office and have the answers delivered to you immediately. Reducing the chain of command to request information and retain information is one of the biggest ways you can generate efficiency because you’re getting it right away.
Another advantage Power BI offers C-level executives is that this efficiency is forcing the line-level employees to enter data in a timely manner. So, it’s an electronic tattle tale device if you will. If we want to know what is going on in real-time, we must have everything in on time because we are only going to be able to analyze what’s already in the data.
It’s forcing people to do their work much more quickly and to stay current with it which is only going to provide faster information in the long and short run. Pharma sales reps can use the cloud when they are out of the office and they can do a quick analysis of reports when they are selling to a physician. To be able to quickly analyze trends and other data right before entering the door to speak with a physician is invaluable to pharma companies commercially.
There’s also the ability to analyze the status of making their payments. Power BI includes the approval of reports and that’s where the access to the sister Power Apps can help as well. The main advantage with Power BI and the Power Apps is requesting information, so if the information is already in. Instead of C-level executives having to go to other people for reports, the reports can instantly be shared with them including relevant data.
A lot of companies in the past would have challenges with “closing the books” because a lot of employees would allow work to stack up on their desk. Now, if you’re accessing data as it’s collected, you’re asking questions about that data as it is in real-time in the system – and that changes the whole world for the people who must get the data into the system.
Real-time data is a major way Power BI can reduce costs because you can find out what’s going on in the moment. It also doesn’t have to be just an email that goes out with a Flow, using Power Automate. Once it sees that alert has been activated in Power BI, it can do other things as well. You can have it update something inside of a CRM system, update a to-do list activity, and more!
It can do these types of things in conjunction with each other as well as going off the alert that was activated in Power BI. So, it doesn’t have to be one or the other, it can be an entire change of events that occur from that alert. If costs are going up dramatically, you can see that and find out what’s causing it and you can monitor those trends as you’re going along.
The fact that the monitoring of communications becomes an automated process, it’s much more efficient and much timelier. It can also be something that might be happening over the weekend when nobody might be working so the data collecting in real-time can be ongoing constantly. While employees are no longer being used to monitor communications with the help of Power BI, you can now utilize those same employees for more pressing tasks that can help generate more sales.
We are proud to be a partner with Belinda to provide her insight into the C-level application of Power BI strategies, changing the methodology of business in the life sciences. Stay tuned for the next release of insight from Belinda.
Belinda Allen is a Microsoft Certified Power BI MVP and Gold Level Trainer; she is also the Business Intelligence Program Manager for PowerGP Online. She has excelled in assisting partners and customers to implement and create BI methodologies, enabling businesses like yours to make high-quality decisions based on real-time and accurate information. You can find out more at http://www.saci.com/.
If you would like to learn about our Data Analytics solution which includes Power BI technology and how it can help your Pharma company, click below!
In 2003, the cost to fully develop an FDA approved drug was $803 million. Now, however, that price has skyrocketed up to 2.6 billion and there have been no signs of this rate slowing down!
Unfortunately, while the price to develop drugs have increased, the rate of clinical trial success has decreased by about 12% in this span.
Therefore, this results in ever-increasing pressure to increase efficiency and reduce costs of clinical trials, which can be a major catch-22.
Site directors and managers are fighting an uphill battle to minimize complexity, ensure compliance, and streamline clinical trial processes.
On the other hand, there’s still a practical, regulatory, and ethical obligation to ensure data accuracy and scientific validity.
Clinical trial workflows – or the series of repeatable tasks required to finish a trial – are essential for effectiveness, reliability, and efficiency.
Automation and workflow technologies help improve workflows…
…but they also may be challenging to implement. What you need to think is, will this all be worth it? The answer is yes.
After all, the majority of pharma companies don’t have in-house teams of software developers ready to take on the challenge of designing workflows which actually keep costs down and reduce complexity.
There are also stringent privacy and regulatory expectations that can impact pharma trials’ priorities.
Still, if they can be merged with existing systems, automated workflows eliminate repetitive, and manually intensive processes.
This simplifies data gathering and analysis, improves communications and productivity levels, and facilitates accurate tracking and reporting on process steps and completion dates.
In order to achieve these benefits, pharma companies will need to break through some of the above barriers sooner than later!
Here Are 4 Ways Technology Can Optimize Clinical Trial Workflows
Trials generate enormous amounts of data. This information is key to identifying operational bottlenecks and generating insights into how current processes could improve.
But to make use of it, pharma companies need to be able to see it, analyze it and put it into action.
Despite the emergence of digital technology in pharma, many companies still lean heavily on paper documentation or traditional tools such as manually created spreadsheets to manage information and patient records.
There are plenty of problems with this traditional approach, including:
Not fast enough.
It’s historical. (i.e. you can only use it to examine data from the past, or that has already been recorded and stored)
It’s prone to user error, inaccuracies, and data loss.
It’s harder to share with all stakeholders – you’ll need to configure access to online databases, ensure version control, or deal with paper copies. (none of which are ideal)
Software that can automate record-keeping processes and keep track of systematic workflows doesn’t just save time short term but they also make it easier to make good business decisions that affect the entire pharma life cycle.
To be more specific, here are 4 areas in which it’s possible to use digital emerging technology to cut costs, reduce information solos, and take advantage of automation to make clinical trial workflows more effective.
1. Systematizing Trial Startup and Site Selection
Site selection and study startup are among the slowest and least efficient phases of clinical trial management.
Country selection, site selection, budgeting and contracting, regulatory constraints, and finding enrolling participants all take significant effort and time.
Automation can support study startup planning by outlining systematic tasks in order of urgency. Workflows can be designed based on country-specific regulations as well as individual sites, roles, and activities.
Technology can also be used to recruit patients. For example, one study found that a workflow could be designed to flag potentially eligible patients from routine health information system data in a hospital setting.
To name a few more examples:
Process automation can create an automatically updated virtual calendar where upcoming documentation needs to streamline trial startup procedures.
Databases can help automatically identify investigators with previous sponsor relationships and identify whether additional documentation of finances, licensing, and other disclosures are up-to-date.
Analytics and CTMS platforms can also assemble and visualize data from multiple sites at once, providing organizers and sponsors with accurate, real-time information on site performance.
A study found that inefficiencies often arise from the difficulty of measuring and predicting site performance early on during a trial, software that can identify low-performing sites can also help prioritize investigator time.
Allowing investigators to shut down unproductive sites early, or recommend monitors to visit high-risk sites over others, could save hundreds of thousands of dollars in wasted time and energy.
2. Reducing Repetitive Tasks and Eliminating Bottlenecks
Clinical trials involve lots of workers, many of whom are highly-skilled, MD or Ph.D. – level researchers. Their time is expensive, and when it is primarily spent conducting the same tasks repeatedly, it ends up being wasted.
Common tasks of theirs include creating contracts, processing adverse event notifications and follow-ups, recording patient information, or drafting protocols.
Clinical trial site staff and investigators also often spend significant time inputting data into CRO systems with vastly differing systems for reporting AEs/SAEs and other data.
Although not all of these tasks can be automated, many of them can.
One immediate benefit of optimizing workflows with technology is through standardizing digital tasks, and automating some of the data captures. For example, scheduling patient repeat visits automatically or automatically populating patient data into the online record.
Workflow automation can also generate standardized contracts drafts to replace having to manually rewrite them for each trial. Other tools can compare patient records with previous entries to identify missing data points and potential errors in real-time.
While there’s an initial hurdle to get over when it comes to implementing a solution to do this, automating these tasks saves both effort and cost. When done well, they also reduce compliance errors and eliminate unnecessary delays.
3. Improving Visibility and Business Decision-Making
Clinical trials are, first and foremost, designed to produce information.
To support this goal cost-effectively, all operational processes must be designed for optimal workflow and efficiency, so that:
Trials proceed on schedule.
All staff roles are defined and well-understood.
Important projects and tasks don’t get forgotten.
Resources are prioritized effectively and directed at the correct tasks.
Process inefficiencies are identified and eliminated.
Bottlenecks are removed.
In order for sponsors to achieve these goals, managers need tools to see how trials are progressing and analyze this information in real-time.
Armed with good information, they can address problems as soon as they emerge and allocate limited resources effectively. This requires deep analysis of performance across multiple areas and roles in a trial, from regulatory compliance to site selection, patient recruitment, and daily data collection activities.
Unlike previous traditional tools, which only facilitate analysis after-the-fact, pharma analytics software allows forecasting and immediate visibility of all trial processes. A single workflow program can accomplish this goal.
For example, by segregating and analyzing raw data under a single platform, our pharma data analytics solution lays out everything in a clear and concise way to allow your team to more efficiently do their job.
Using a technological tool to align your daily work with the most important objectives in the study leads ultimately to more efficient work, better enrollment, higher retention, and higher compliance rates – and in the end, that results in faster and more cost-efficient clinical trials.
Meeting regulatory constraints on the first try, rather than after trial and error, significantly lowers this cost and can shorten a trial’s timeline.
Data-driven strategies using analytics and other tools can help improve quality outcomes by eliminating compliance issues.
Data standardization – created through designing effective workflows – is also key to ensuring the reliability of the overall trial, particularly when trials go global.
You are much better off in a Medicare or financial audit when you design workflows that collect data along the way and then organize that data logically whenever the workflow is finished.
When paperwork gets lost or forgotten on someone’s desk, or there are errors in recording it, audit inspections can be delayed, leading to further headaches.
In contrast, when your data are organized and reported within a single software-based source, the auditing process is faster and far less painful for all involved. An advanced pharma CTMS software solution will keep track of anything from financial records through consent from the documentation.
Automation Removes Bottlenecks and Streamlines Workflows
The potential of digitizing and automating common pharma tasks is still in its infancy.
Pharma companies are often reluctant to change processes, given the challenges of adopting new technology to old regulations and strict compliance guidelines.
Still, in order to compete and counteract the skyrocketing price of developing new medications, reducing inefficiency and looking for ways to streamline clinical trial operations is unavoidable.
With the tools already out there, it’s already possible to:
No longer enter data and assign tasks associated with running a clinical trial manually or traditionally.
Identify and reduce the current bottlenecks relevant to your organization.
Create standardized workflows designed to make start-ups easier, eliminate delays, and implement study protocols faster.
Identify cost- and time-saving opportunities.
Improve visibility and streamline collaboration between team members.
Keep data gathering auditable and compliant with current regulations.
Not only is it more challenging to find prescribers who will see your representatives in-person, but those who may still be open to doing so drastically cut the amount of time they will devote to listening to a sales pitch.
The pressure has been mounting on the sales force to find ways to deliver results and meet company sales objectives in spite of increasing challenges.
Despite the difficulties present in getting in front of target customers, the sales force of pharma companies continues to be the front line of most commercial sales and marketing strategies.
According to research, 88% of the sales and marketing budget still goes to the sales force.
Unfortunately, organizations are paying more attention to ensuring maximum success from their pharma sales teams and are redefining the meaning of sales force excellence.
So, What is Pharma Sales Call Effectiveness?
Pharma sales call effectiveness is one of the most critical indicators of pharma sales performance.
What your sales reps do consistently in front of their customers and how well they deliver the company approved messages will have a significant impact on their sales performance and the results of the organization.
So, what can you do to improve the effectiveness of every pharma sales call delivered by your team to achieve greater commercial impact?
1. Plan The Calls & Utilize Reports
Too often, pre-call planning falls by the wayside. Sales reps frequently overlook its importance and the incredible competitive advantage it can represent.
Time spent in front of customers is truly precious and largely limited. Companies that are looking to succeed in this competitive marketplace must ensure that their reps are adequately prepared to make the most of each customer interaction.
Walking into a pharma sales meeting unprepared results in disaster and the loss of opportunity, of course. Pharma sales reps must plan, think and act fast to maximize the 1-3 minutes they may have with their customers.
It’s not always about who can get to the finish line first, so teach your team to resist the temptation to jump out of the car and race their competitors to the door.
Explain to them the power that lies within pharma pre-call planning and what they need to do to master this fundamental skill.
The best way to achieve effective pre-call planning is by utilizing reports. Make sure your sales teams are equipped with quality reports to help them gain a better understanding of trends and physician preferences relating to their products’ therapeutic classes.
Having up-to-date reports readily available to your sales teams can be a real game-changer.
One crucial consideration to make when deciding what reports to arm your sales teams with is to make sure the reports are like Goldilocks; Just right!
Some companies provide too much information which may be counterproductive as the massive amount of data is overwhelming for sales reps.
On the flip side, other pharma companies offer little to no data to their sales force, which can be equally frustrating.
So, by implementing the right pharma data analytics solution your pharma company can provide sales reps with actionable reports from large amounts of data.
2. Tailor The Approach To The Customer
Approaching prescribers the wrong way can be detrimental to the success of sales calls. Data dumping is a common mistake that new and sometimes experienced sales reps make when pressured by the lack of time.
Instead of delivering canned presentations that likely offer little to no value to the customer, it is essential to learn to establish a rapport to help put the customer at ease.
Showing genuine interest in the practice and the issues that the doctors face every day will help set your sales team apart from the competition!
3. Bring New Information The Customer Doesn’t Already Know
There are only a few things that irritate doctors as much as hearing the same old information repeatedly.
While pharma sales reps understand the desire physicians have to learn about innovations and blockbuster drugs, they feel this expectation is impossible to meet.
Even though blockbuster drugs do not come around every day, encourage your reps to bring a sense of newness by exposing a new angle or by highlighting a unique point in a previously presented clinical study.
Capitalize on the extra attention your team gets from customers during product launches, as physicians are generally much more interested in learning about the latest advances.
Also, make sure your sales team has the most recent data and that it can be presented in an engaging format. Audiovisuals, such as videos have shown to increase information retention.
So, tap into technology to enhance client engagement and experience!
4. Sell With The Patient In Mind
Successful pharma sales reps are masters at effectively conveying that they care more about patients than making a sale. Reps who are willing to go the extra mile and display their commitment to their customers are generally appreciated more.
Helping doctors empower their patients and increase patient compliance is highly valued by many doctors.
Teach your reps to think of all the different ways they can bring value to their customers’ practices and their patients. Providing patient education material is just one of the many ways!
5. Use Cutting Edge Technology
The truth is, the use of technology in pharma sales is not new. Tablets, iPad and other technological advances have been available to the sales forces of many large and small commercial pharma companies.
It is however also true, that even though utilized, technology isn’t used to its full potential.
An effective sales call means showing the right information, in the correct format and at the right time. It’s no longer sufficient to present old data on a reprint.
Technology can take the presentation to a higher level by making it more interesting. Showing a 90-second to 2-minute video, for example, is a powerful way to engage physicians and potentially extend the duration of the call.
Boosting the effectiveness and efficiency of your pharma sales call strategy is key in succeeding commercially. Above, we went over the following that will help you maximize sales call effectiveness:
Plan The Call & Utilize Reports
Tailor The Approach To The Customer
Bring New Information The Customer Doesn’t Know
Sell With The Patient In Mind
Use Cutting Edge Technology
Pharma companies that strive to improve sales call effectiveness understand the importance of maximizing time spent in front of customers.
They recognize that making the most of each sales call is crucial to help the company grow and achieve its sales objectives.
Technology can drastically improve the quality of sales calls by allowing your reps to prepare adequately for each interaction with their clients. A comprehensive pharma sales operations solution goes way beyond the sales call by streamlining the entire process from start to finish.
Also, if you’d like to learn more about our all-in-one pharma sales operations solution contact us below for free today!
Digital technology is continuing to emerge in the pharma industry – when implemented well, sales teams can customize their approach to meet the needs of specific providers and quickly adjust to market shifts.
Of course, there’s still a lot of competition, even with digital technology.
If you include all digital channels, the average doctor gets the equivalent of one query every hour from pharma sales reps.
In other words, it’s not enough to just digitize – successful pharma sales teams increasingly need to leverage data analytics, Artificial Intelligence (AI), and other more comprehensive CRM and online mobile tools to maintain their edge.
Here Are Four Ways in which Next-Generation Technology Can Increase Pharma Sales Growth:
1. Contact HCPs Where They’re Already Spending Their Time: Mobile
HCPs today spend about 84 hours a year reading digital marketing material.
When HCPs visit pharma websites, they’re mostly looking for information about the products they’re already using.
Just as pharma sales reps must stay up-to-date on clinical trial information and market trends, HCPs face enormous pressure to stay up-to-date on a wide variety of available treatments.
In other words, HCPs are looking for information from pharma companies. Content that is easily accessible and trustworthy is still both needed and wanted.
It’s up to the pharma sales reps to proactively reach out and provide answers.
Helping to keep track of often complex meetings and conversations between pharma sales reps and physicians over time.
Helping sales reps know what material to reach out with.
Streamlining digital communications with providers to take advantage of increasing emphasis on mobile channels.
2. Tailoring Messages to the Provider: Closing the Loop
Successful pharma sales reps are increasingly able to react to customer feedback and idiosyncrasies.
To achieve this kind of customized messaging, pharma companies need to be able to to see and measure what approaches influence sales.
For example, research indicates that oncologists prefer data delivered within six months of the product launch. Similarly, when a certain disease enters the public eye or becomes more relevant, pharma sales teams need to quickly adjust the data they deliver during sales calls.
Both market trends and individual variations can and should influence the way sales reps to approach providers.
Instead of inundating providers with communications and hoping something sticks (which is likely one of the reasons so many of them are fed up with sales reps), there’s an opportunity here to make better use of the data available to customize messaging to suit the needs of specific providers.
The right content makes a difference. To build successful relationships, pharma sales reps need to create two-way conversations that extend beyond the old sample drop-off or booth interaction.
Once sales reps understand provider needs, they’re better equipped to deliver against them, while retaining compliance.
Keeping track of multiple touch-points over time is complicated to do manually, but automating this process allows sales teams to:
Segment the market and understand the needs of their customers at an individual level.
Quickly identify relevant information and send specific studies or data to providers when it is needed.
Track provider preferences over time and maintains accurate records of previous conversations, both for better decision-making and for compliance.
3. Leveraging AI and Data Analytics To Improve Productivity
Machine learning and Artificial Intelligence (AI) technologies automate some of the most time-consuming sales-related tasks, allowing pharma sales teams to do more in less time.
For example, AI-supported sales tools can often suggest communication templates or recommend relevant content based on previous interactions.
AI is particularly helpful for pre-call planning by making recommendations on what information and content will have the most impact on the meeting, minimizing the time sales reps have to search for relevant materials.
Pharma data analytics tools can also automatically keep track of previous calls, reducing data-entry tasks and paper-based record keeping. Pharma sales reps can also place orders on-site rather than after the fact, increasing their speed and efficiency.
AI is also increasingly effective at linking sales and marketing, learning from past data to determine which tactics and tools will be most effective.
In short, AI-supported CRMs help:
Identify and deliver the best, most relevant information during live selling situations.
Reduce the time sales reps have to spend on manual research and data entry trends.
Quickly identify and provide actionable insight on market trends based on customer interactions.
Identify the best practices used by top performers, improving the entire team’s outcomes.
In some cases, guide sales reps through the entire sales process, providing data-driven decision support and advice in real-time.
4. Streamline Internal Communication
Optimizing the collaboration and communication between pharma sales reps both in and out of the field is essential to increasing productivity and efficiency.
Digital channels are often very helpful to keep track of team members and communicate effectively, especially when pharma sales reps are in the field frequently.
For example, CRM tools can help you with:
Roster management, including assigning tasks, budgeting, and allocating time with sales reps.
Simplifying internal communications with a single, centralized messaging interface and built-in templates for faster communication with your team.
Providing data to help with territory alignment and prioritization.
Establishing uniform incentives for pharma sales reps.
These tools can be essential to simplify the sales process to improve sales numbers, maximize ROI in selling assets, and shrinking the sales lifecycle.
5. Keeping Track Of Everything In The Same Place
Traditional management, minus digital technology, typically involves a lo of physical files, documents, and a lot of paper shuffling and printing before each call.
Sales operations solutions allow everything to be easily stored and located within one dashboard and shared via the cloud. This does away with version control issues and makes the right information immediately accessible to every team member, regardless of where they are.
Centralizing your operations and sales solutions is key. People are most likely to take advantage of both mobile apps and new technology when it fits naturally into how they already work and provides immediately obvious benefits.
Sales management solutions designed for the pharma industry mimic the process of call preparation, and immediately make it faster, reducing the amount of time it takes users to get up to speed and see benefits.
For example, before a call, pharma sales reps might use the system to look up previous call notes to keep their conversation continuous. They might want to know what materials have been used previously and access new information that might be relevant.
Using the software, they could do this either on the go or in the office, and everything’s accessible in one location!
Digitizing Pharma Sales Is Both A Looming Necessity And An Opportunity
Pharma sales teams today need a technological edge to meet quotas while remaining compliant and following the market trends. Sales optimization software can, and should:
Allow all sales reps to see and use everything needed, and access it from the same place.
Have the tools and support needed to identify relevant content for providers.
Automatically adjust to market changes and provider needs.
Customize their approach to specific sales scenarios.
Easily and quickly communicate between sales teams in the field and in-house.
Conduct the analytics that simply isn’t possible to do manually.
Allowing technology to do more of the manual work that pharma sales reps used to do offers significant opportunities to increase sales team preparedness, offer HCPs real value, and boost efficiencies.
Ultimately, increasing sales numbers and the time pharma sales reps have with HCPs.
How has technology changed your sales approaches? Let us know in the comments below!
Of course, there is a lot of tools out there that can help you, however, few provide everything in just one tool…ours does!
To learn more about our Pharma Sales Operations solution contact us below for free today! We would love to talk with you and explain in even more detail about how our solution can increase your sales growth!
Pharma companies have begun to realize that to stay competitive, they can no longer afford to conduct their business with traditional methods. A one-size-fits-all sales strategy no longer works!
Pricing pressures brought on by a plethora of healthcare reforms, intensifying competition, and a hostile regulatory environment have all contributed to the industry’s shrinking revenues.
To further complicate the situation, access to physicians has been progressively getting worse, making it far more complicated for pharma sales teams to get in front of HCPs and educate them in the process.
Approximately 50 percent of HCPs say they can imagine a world without sales reps. – BlueNovius
Industry analysts have pointed out that success in this rapidly changing environment is closely linked to the availability of high-quality, trusted data. Data is crucial to making better decisions and getting closer to customers.
Getting the right data in the hands of a well-trained sales teams can drastically improve pharma sales performance exponentially.
Pharma executives of top companies agree that becoming data-driven is key to success and that in the next 10-20 years, the most successful companies will be experts in using digital technology.
Cloud-Based Technology Is Changing The World Of Pharma Sales
Cloud computing has been around approximately 20 years, and several industries have embraced it since the beginning. So, what exactly is cloud computing?
Cloud computing is technology where the software is not installed on individual desktops; instead, it’s hosted on a web-based server, offering on-demand software availability.
The pharma and biotech industries were among the first to adopt cloud-based capabilities to equip their sales force with digital technology.
From a pharma company’s perspective, the biggest benefits of using cloud computing are:
Sales reps can increase their effectiveness by accessing shared data stored remotely.
Working in the cloud allows your sales team to make use of mobile e-detailing tools.
Research shows that going cloud-based is a sound business investment that’s likely to yield a considerable ROI.
According to a Dell report, companies that invest in cloud technology, digital technology, security solutions, and data analytics solutions have their revenue increased by up to 53 percent faster than competitors uninterested in these various forms of technology.
Besides the impressive ROI, cloud-based systems are particularly attractive to pharma companies as they don’t require a massive upfront cost with their pay-as-you-go set-up, reasonably low equipment, installation, and maintenance costs.
5 Ways Pharma Companies Can Benefit From Cloud Computing Solutions
By creating an integrated digital strategy and by making data safe, sound, and widely accessible, you will help empower your sales team to make better business decisions.
When done correctly, going cloud-based enables you to achieve precisely that. Here are some of the ways cloud-based technology can help propel your business and drive Rx:
1. Providing Quality Analytics
The performance of pharma sales teams relies on a CRM system to manage its daily operations. It’s crucial to provide your sales team with an easy to learn and flexible CRM platform that gives access to all critical market data.
Cloud-based systems allow you to provide your sales team with access to smart reports and dashboards that offer actionable insights, call activity, and sales data that your team needs to make informed decisions in the field.
Old data frustrates pharma sales reps and relying on them leads to missed opportunities. Real-time reporting that combines information from various sources will ultimately result in cost reduction and an overall more productive sales force.
2. Simple and Easy to Use Platform
Having access to a CRM platform both online and offline carries major advantages. An offline platform enables pharma sales reps during their sales calls to capture real-time information and interactions.
Receiving ongoing data input is vital to accurate analytics. A cloud-based CRM solution can drastically simplify customer relationships and business processes, as long as it offers a user-friendly interface and ease of CRM management.
In today’s rapidly developing high-tech environment, the ability to provide feedback from within the CRM application is a must-have.
Choose a platform that has a modern feel and user-friendly design to help engage sales reps and entice them to use the functionalities to its full capacity.
3. Integrated Application
Do you have a system in place that allows for the integration of all your sales and marketing campaigns in a single application? Once again, a cloud-based CRM serves as a robust sales and marketing tool.
By doing so, it acts as a hub, driving follow-up communications with customers based on specific needs. Focused segmentation is essential for achieving pharma sales growth.
Cloud-based platforms make information accessible to anyone, from anywhere at any time. This is huge, as data is gathered and analyzed from a single location, combining the efforts of the whole organization as a team.
4. Engaged Sales Teams
Cloud-based or not, acceptance by your sales team is vital for success. If your pharma sales reps aren’t willing to start incorporating the new tools into their daily routine, even the best technology will be worthless.
So why not ask your field reps about their level of satisfaction with the existing CRM features and functionalities? Why not get them involved in the early stages and get them excited about the upcoming upgrade?
Just imagine how much more smooth the roll-out will be with most of your sales force already on-board.
Explain the benefits of your new system to your representative and stress how the advanced features will make their life easier.
The goal is for your sales reps to be able to manage their daily activities without ever having to connect to the internet and be able to perform tasks effortlessly through a simplified workflow logic.
A smart sales force effectiveness system is an excellent tool for increasing the level of your sales team skills.
5. Stellar Execution
Explain to your sales team how technological advancements, such as cloud computing can help them build quality and long-lasting relationships with their customers.
For example, with a cloud-based CRM, your sales reps can receive prompts to tailor the sales messaging based on their customers’ responses.
An effective way to encourage your sales reps to demonstrate new behaviors is by adding the new requirements to their KPIs.
For instance, cloud-based technologies enable you to track how consistent your sales reps are with successfully delivering tailored messages to their key prescribers.
Investing in cloud computing benefits pharma companies in multiple ways including:
Increased sales productivity.
Additional in-depth insight into the performance of sales teams, which in turn can help sales management intervene when necessary and improve sales team performance much faster.
Enhances the ability to segment customers more accurately, resulting in tailored communication and more effective message delivery.
The 5 ways cloud computing solutions benefit your pharma company that we mentioned above are:
Providing Quality Analytics
Simple Platform to Use
Engaged Sales teams
Also, if you’re interested in our Cloud Computing solution build on Microsoft’s Azure platform, you can contact us for free below!
However, ongoing research challenges are affecting far more than pharma companies’ bottom lines. To name just one high-profile example:
Pfizer recently realized that patients taking one of their arthritis drugs might have reduced risk of developing Alzheimer’s. While that seems like positive news, the company ultimately opted out of testing the correlation. This was due to the risks, difficulties, and cost of R&D not being worth the potential upside.
This case reveals a growing reality within the pharma industry – clinical trials are an essential step towards bringing new drugs to market and driving value, but they are facing increasingly pressing challenges, not only including costs but also:
Complexity: Increasing trial complexity influence both the cost and quality of the research. Testing drugs sometimes requires hundreds of sites, complex protocols, and the involvement of hundreds of highly qualified professionals.
Risk Management: Standardizing clinical trial processes to comply with regulations requires extensive planning and IT sophistication.
In situations like the one, Pfizer faced, everyone loses – the patients, who miss out on potentially life-saving treatments, the insurers, who have to pay more for drugs that cost more to produce, and the pharma companies, who have shrinking windows for patented drugs and who face R&D costs spiraling out of control.
Unpacking the specific barriers facing clinical trials – and how to overcome them using the most innovative solutions available – is key to meeting efficiency goals and continue to add value.
Top Challenges Affecting Clinical Trials & How to Solve Them With Pharma Technology
1. Regulatory Barriers and Approval Delays
Given how tightly regulated the pharma industry is, meeting compliance obligations is unsurprisingly among the top challenges getting in the way of timely and cost-effective clinical trial completion.
Especially as trials move globally, they become increasingly constrained by their own complexity. The need to coordinate between multiple sites, partners, and vendors are becoming exceedingly challenging.
In a survey including pharma executives by ICON and pharma intelligence, 43 percent of respondents named regulatory approval delays as the most common challenge.
Even steps as fundamental as version control on consent form documentation can turn into major deviations from protocol – a regulatory disaster – if data isn’t correctly stored and organized.
Organizing information using a CTMS software keeps track of all information from the beginning, standardizing your record-keeping and who is authorized to do what, and when.
Analytics tools not only keep you protected in an audit but also make delays less likely, as well as streamlining the entire approval process.
An effective CTMS software will keep track of anything from Sunshine Act reporting through consent form documentation, and make it easier to define investigator and support staff roles at a site-level.
These tools also centralize site activation mechanisms, making it possible to instantly share important records with stakeholders.
Once a trial is underway, record-keeping systems also help keep track of scheduled dates for ethics/IRB submissions and approvals, helping to keep study timelines on track.
2. Site Selection & Recruitment
About 2 million patients participate in clinical trials every year, but to meet U.S. recruitment goals, 6 million patients would be needed. This reality causes delays or budget issues in as many as 90% of trials.
Recruiting and retaining enough participants to complete a trial is among the biggest sources of delays and trial failures.
Site selection is a critical first step to patient recruitment, and some of the most important parameters for site selection are patient access, infrastructure, and suitability for the given treatment type.
However, according to research done at Tufts, the number of PIs available to conduct research has consistently declined over the past several years.
This makes it more challenging – and more important – that pharma companies have the tools to identify available investigators who have the highest enrollment potential.
Artificial Intelligence or AI can draw operational data from previous trials to predict site performance in the future. Eventually, it may even be able to predict retention, trial success, and whether a drug will result in positive outcomes.
Today, however, using the right software makes it possible to re-use information from a site across multiple trials, reducing the time it takes to select and then initiate a site.
When the same patient population becomes known, these tools can also support increased engagement and better relationships over time.
3. Clinical Trial Site Management
Clinical trials have been growing increasingly complex for years.
As the complexity, geographic diversity, and rate of change in trials increases, it becomes more difficult to make decisions and identify potential issues in real-time.
Roles and responsibilities among staff members evolve quickly, and lack of visibility into data, as well as dealing with disparate data sources, makes it touch to respond quickly.
About two-thirds of clinical trial coordinators say they use manually compiled spreadsheets to make business decisions.
This leads to slower problem resolution and an inability to identify underperforming sites (leads to more delays).
Using a CTMS, you can easily generate reports on study progress, financial metrics, staff hours, enrollment goals, protocol deviations, and adverse events.
This software enables centralized monitoring, real-time reporting, rather than shuffling papers and trying to compare sites after the fact or in cumbersome ways.
4. Data Management
When trials are underway, ensuring that sites are well-monitored, and data is being accurately captured, is one of the most important priorities of trial management.
Ensuring patient perseverance and completion of the clinical trial protocol requires active data analysis and monitoring to track compliance, including monitoring of endpoint data, deviations, and any adverse events.
Doing this manually, as many pharma companies still are, leads to difficulty updating information quickly and aggregating data from multiple sources and across different systems platforms.
Lab results, imaging, and health records are difficult to integrate quickly, especially with site directors relying on manual spreadsheet methods.
Software for clinical data management has the advantage of instantly centralizing the information, making it accessible by key personnel quickly.
The right solution can integrate across disparate data sources in near real-time, enabling proactive response to SAEs/AEs and seamless monitoring of protocol compliance.
Data managers can also automate result reporting, making it easy to look for trends in patient responses sooner.
Traditional Methods of Clinical Trial Management Aren’t Working Anymore
In the past, clinical trial activities such as…
Compliance and Record-keeping
…were all completed using paper-based, traditional methods.
Even though online tools have been available for record-keeping for over two decades, clinical trials have been slow to adopt them.
Today, less than 10 percent of clinical research professionals report having access to the software tools that enable automation of these initiatives.
This should be too much of a surprise given the long lifecycle of drug development being eclipsed by the evolution of digital tech and that pharma is such a regulated industry.
However, given how pressing the challenges currently facing clinical trial management are becoming, using modern tech solutions is the best – and possibly the only productive way to improve diverse areas of research, such as:
Overall study quality and validation
Risk-management protocol and risk-based monitoring
Centralizing of study data and monitoring
Site selection and management
Patient Recruitment and retention
Tools like Artificial Intelligence, Data Analytics, and CTMS software all reduce the risk of extra cost and delays. Data analysis enabled by these technologies can also reduce overall expenditures and improve the efficiency of future studies.
Clinical trials require a balancing act of speed and delivery against the quality of data and processes to deliver the safest product. Often, the right software makes the difference in this balancing act.
If you’re interested in our CTMS solution for your clinical trials, contact us below for free and let’s chat about it!
It’s no secret that technology has had a major impact not only on our daily activities, but also on businesses in almost every industry.
The pharma industry, in particular, has seen major changes throughout many operations due to the implementation of technology.
Technology such as Artificial Intelligence has improved drug discovery while Cloud Computing has proven to be very beneficial with communication and storing files.
However, another type of technology that has been proven to be very beneficial is commercial pharma analytics.
According to Market Research Future, the global commercial pharma analytics market is expected to reach about $9 million by 2027.
While statistics such as the one above show evidence that analytics in pharma is in popular demand going forward, some may wonder, how exactly can you benefit from this technology?
Below are 6 key reasons why commercial pharma analytics is beneficial:
1. Efficient Drug Development
Pharma analytics have proven to be extremely beneficial when being used for drug development. The process of drug development is long and costly, as it can take up to 10 years to develop a single drug while costing billions of dollars.
Using advanced analytics, you can reduce the costs of clinical trials and much less time-consuming by identifying the most appropriate patients to take part in the trial using various sources.
37% of clinical trials fail because they don’t have enough eligible patients.
The patients are vetted based on demographics, historical data, and complex criteria such as genetic makeup and individual characteristics. This way clinical trials can be run more efficiently and at a reduced cost.
Decision-making is another area where advanced commercial pharma analytics can be very beneficial. As the trend towards data-driven decision-making gains momentum, it’s important for pharma companies to follow suit, or they’ll be left behind their competitors who are doing so!
With that being said, how can you possibly make the best decision if you’re not presented with the right options to choose from? That’s where pharma analytics come into play!
Pharma companies can use advanced analytics to attain insightful information on patients, market trends, and other relevant data to inform decision-making. They can make important decisions on drug development such as the type and amount of the drug to be developed.
Also, opportunities in the market can be identified and commercial activities can be monitored with pharma analytics. Prioritizing drugs is key and with this technology, you can establish the effectiveness of one drug compared to the other.
Combined with machine learning and artificial intelligence, advanced analytics help provide invaluable information that can make it much better for patients and improve health outcomes.
Many pharma companies embrace advanced analytics to improve decision-making with their budgeting.
You can use advanced analytics to identify areas in your supply chain that require improvements. It can be anything from streamlining the supply process to negotiating better rates and projecting future patient needs.
Remarkably, pharma analytics can help measure performance in relation to other competitors. The data obtained can be used to devise strategies to increase competitiveness and performance.
4. Cost Reduction
Advanced analytics provide you with the best resources and tools available to make the right decisions every time, which in the long run will save your pharma company a lot of money. Who wouldn’t want to save money?!
In an article by PA Consulting Group, a pharma client of theirs spent 75% of their sales efforts on tasks that weren’t viewed as a top 10 priority.
Spending valuable time on tasks that aren’t at the top of the list of priorities can result in wasted time and even increased costs! Thankfully, pharma analytics can help you choose the right tasks to complete in the correct order!
Pharma analytics not only can be used to reduce commercial costs, but clinical trials costs as well.
Implementing advanced analytics can reduce the cost of clinical trials by up to 15% according to McKinsey.
Making the right decision is a critical part of reducing costs. Advanced pharma analytics ensure you have the necessary tools presented in front of you to make the right decisions and increase efficiency and effectiveness.
5. Increased Sales Growth
Sales growth is another key area where commercial pharma analytics can be very beneficial.
McKinsey Global Institute affirms that big data strategies have the potential to generate a value of $100 billion each year as a result of better decision-making, greater efficiency of clinical trials, and superior innovation.
You can use pharma analytics to identify opportunities in the market and capitalize on them. For example, using available data, you can determine patient populations that are undeserved and develop drugs for them.
Traditionally, HCPs have been left out of patient health records. Pharmacists were only given pieces of paper with the required prescription.
This made it hard for HCPs to offer patients holistic and personalized care to the best of their ability.
However, with electronic health records (EHR), healthcare providers can collaborate to offer patients personalized care.
When HCPs have access to all of the patient information available, they can make more accurate recommendations on treatment options.
Also, pharma analytics provides better communication and collaboration between research groups, healthcare providers, insurers, regulators, and patients to offer patient-centric and additional care.
Making the decision to implement technology such as commercial pharma analytics is not an easy choice and we understand that! However, the benefits of this technology can elevate your pharma company to new levels!
To recap some of the benefits pharma analytics can provide your pharma company with, they are:
Efficient Drug Development
Optimize Clinical Trials
Assist in Decision-Making
Increased Sales Growth
Also, if you’d like to learn more about our pharma analytics solution, contact us for free below!
In the past, Artificial Intelligence (AI) may have been a fancy buzzword that was constantly heard around various industries. Now, however, the term carries much more meaning, especially in the pharma industry.
According to Accenture, 74% of pharma executives believe AI will result in significant improvement within the next three years.
While you may have heard how beneficial AI has proven to be when assisting with drug discovery, there are many other benefits to implementing this technology into your pharma company.
Whether it’s increased productivity or automated communication, the need for AI in pharma is becoming increasingly more clear as we move forward in this technology-driven era.
Below, we have created an infographic that highlights statistics displaying the need for AI in pharma as well as how AI is elevating the pharma industry.
Also, if you’d like to learn more about our Artificial Intelligence technology, contact us below for free and we would love to talk with you about how we can implement the technology to enhance your pharma company!
We sat down with Microsoft PowerBI Certified MVP and executive strategist, Belinda Allen – where she shared her insight on how enterprise application of Power BI is revolutionalizing business strategies.
This is the first part of a series with Belinda, focusing on tangible, actionable Power BI integration at the enterprise and executive levels.
During each part of this series, we are sharing two tidbits that we asked Belinda:
What is your definition of the CEO-level value-proposition of using Power BI?
“With the implementation of Power BI, C-value executives will have access to real-time analytics and knowing what is happening in the moment without having to ask anyone to provide them with updates, without having to guess on their own, and more importantly – they are no longer looking at what has happened in the past, but they can now dig into what is happening in the present to make the best decisions for the future.
We live in a world where disparate systems are a reality, and they probably will be a reality going forward while line-level managers are leveraging data. So, being able to create reports that integrate the data from multiple sources on to one common place and looking at it in real-time is something that prior to the world of Power BI dashboards was not possible or it took a long time for people to prepare reports and send to C-level executives.
The ability to look at information and make decisions quickly to look for trends, tracking data, and starting to use other resources that are available within the Microsoft family that provide intelligence and machine learning built-in is beyond invaluable for the CEO.
One of the biggest advantages of using Power BI is there’s a low cost to entry and high return on investment. So, the low cost of entry the product that is relatively easy to use for the person consuming reports and it’s very easy to share data. It’s all about the efficiency in getting data, nobody wants to sit and wait on what’s going on. We all expect everything instant in today’s technology era – and Power BI can deliver that.”
How does Power BI feed the strategies that help the executive management of an organization and make enterprise decisions?
“Being able to use sentiment analysis along with financial numbers is becoming more and more important. Sentiment analysis monitors what people are saying on social media and reviews that are left on websites such as Yelp and if they’re showing that they’re happy with your company or not. We are living in the here and now, so if you have a bad experience with a company, you’re most likely going to tweet about it and companies can now capitalize on this information with some of the tools that take sentiment analysis and do that.
The same is true when they’re looking at their CRM systems, being able to monitor what’s going on. Times have definitely changed, you can now create a correlation between complaints about your company and the revenue decreasing. Let’s say you have a ton of complaints about product “B”, you may want to see if there have been new sales for that particular product and if there is any correlation there. We don’t know what we don’t know! We have a tendency as human beings to look for data that supports our theories.
So, if we can do some analysis that takes us out of trying to build something that just supports our theories – which is what we’ve always done with tools such as Excel (creating files to prove a theory of why we are going in that direction we are headed in), we can instead look at what the data is telling us. Being able to be more fluent and go with the trends using Power BI and sentiment analysis is just invaluable.
Microsoft’s Power Platform is also very beneficial and it consists of three products – Power BI, Power Apps, and Flow. Power Apps is a mini-app building tool that enables you to create an app to use on your desktop or on your phone and it can be something very complex that a developer would build or something more straightforward. And you build those out using the single functioning formulas similar to the way you do an excel spreadsheet. So, if you’re comfortable with Excel, you can build your own apps inside of Power Apps. I bring this up because you then can take something built-in Power Apps and put it inside your Power BI report. Or you can take Power BI visuals and put them inside your Power App.
Then you can take advantage of a third product called Flow. It’s an integration tool or workflow tool – it’s a way to bridge things together between multiple applications. Let’s say you are in Dynamics 365 and somebody has a problem with your company. After a case has been resolved in Dynamics 365, Microsoft Flow can automatically send out a form and if someone responds saying no they weren’t satisfied then new questions can appear so you can drill down on the issue and if it’s an open-ended question which I completely recommend then whether or not the answer was positive or negative can be tracked and analyzed, so you can really get to the heart of the matter.
In days past, we would have to read all of the comments/answers to get an idea of what’s going on, now, Microsoft machine learning has the ability to go through all of that text automatically and assign based on shift in tense, all capital letters, and other signs of negativity. You can have this tool go through social media comments, YouTube comments, blog comments, etc. Or, let’s say one of your employees creates an alert using Flow, and if that alert gets activated, then I want it to send an email to the CEO of the head of sales and maybe three other specific people and I want it to include a link to a specific report or visual – and you can do that automatically with Flow. You can even set parameters where if the number being analyzed is less than a certain value, the alert can only be sent to certain people. Or if it’s a value greater than you can send it to everybody.”
We are proud to be a partner with Belinda to provide her insight into the C-level application of Power BI strategies, changing the methodology of business in the life sciences. Stay tuned for the next release of insight from Belinda.
Belinda Allen is a Microsoft Certified PowerBI MVP and Gold Level Trainer, she is also the Business Intelligence Program Manager for PowerGP Online. She has excelled in assisting partners and customers to implement and create BI methodologies, enabling businesses like yours to make high-quality decisions based on real-time and accurate information. You can find out more at http://www.saci.com/.
If you would like to learn about our Data Analytics solution which includes Power BI technology and how it can help your Pharma company, click below!
Everyone in the pharmaceutical industry wants to enhance and personalize patient engagement while also lowering costs and reducing the risk of the unknown when it comes to breaking into a new market.
But, where do you even start?
By properly supporting your marketing operations from the ground up. That’s where the magic with cloud computing comes in.
According to a report by HIMSS analytics survey, over 83 percent of pharmaceutical companies are already using cloud technology. On top of that, MarketsandMarkets reported that in 2015, healthcare companies spent about $3.75 billion on cloud technology. That number is expected to grow to about $9.5 billion by 2020.
Until recently, cloud computing had held a negative stigma within the healthcare community as being easy to hack. So, why are all of these companies not only eager to use cloud technology but also investing a ton of money into it?
The answer is that cloud computing has made leaps and bounds over the last few years and offers a huge opportunity for pharmaceutical companies to boost their marketing prowess.
What is Cloud Computing and Why Does It Matter?
Before diving into how cloud computing can support your marketing operations, we first need to understand what Cloud Computing is.
Cloud computing helps businesses be more efficient and save on software and hardware costs that are essential for basic marketing operations. Specifically, in pharma, it helps companies meet HIPAA Compliance Requirements.
Cloud computing has various definitions that depend on how it’s being used. Companies can use cloud computing to enhance their marketing technology capacity without adding costly software, personnel, investing in training, or setting up new infrastructure.
There are different types of cloud computing as well as…
So, How Can Cloud Computing Support Pharma Marketing Operations?
As a marketer in the pharmaceutical industry, having direct access to your marketing and audience data anytime, anywhere is critical to maintaining a strong marketing strategy and supporting each campaign from the ground up.
Cloud computing makes this easy in 8 simple ways:
1. Access to Multi-Device Support
There’s an overabundance of data available in the pharma industry. In fact, the pharma industry generates petabytes of data every second via multiple data streams, like R&D and CRM systems. When it comes to leveraging this data, the biggest problem is not knowing where to store all this data and how to access it after the fact.
Cloud computing allows marketers to store important data in a global network that can be accessed from anywhere in the world and from any device.
This, in turn, allows marketers in the pharmaceutical industry to function more efficiently where they are, instead of having to be in the office to access specific data. Multi-Device support allows for the simple exchange of information and also helps promote clinical trial recruitment.
Patients, physicians, and caregivers are being informed and influenced by pharma sales reps in person, via mobile devices, internet, apps, and social media. Virtual care from any device and platform is what is becoming more common.
Patients are already using portals to access their medical records and to contact their physicians. Apps are also being used to fill scripts and start conversations between patients with the same disease online.
2. Direct Access to Tons of Patient-Data Instantly
According to a 2013 survey by Accenture, 45% of Chief Marketing Officers want their marketing employees to control data and content without any intervention.
This begins with the ability to access data on their own terms, wherever they are!
With cloud technology, marketers can easily access and share relevant files from anywhere, which improves collaboration and communication between the team and clients.
As mentioned above, patient data is pouring in from everywhere, including social media, apps, fitness wearables, and the internet. Cloud computing ensures that pharma companies will never have to worry about accessing that data because it will all be there for the taking.
With patients being much less dependent on doctors and more self-reliant with controlling their health, the way data is gathered has changed over the years.
“In a survey, more than 85 percent of patients said they were confident in their ability to take responsibility for their health and knew how to access online resources to help them do so.”
The more that patients access devices to control their health, the more data that can be accessed by your company using cloud computing.
3. Maximize Cost Efficiency
Implementing cloud computing into your pharma marketing operations is much more affordable than traditional methods. This is because you won’t have to spend excessive amounts of money and time on infrastructure, software, and hardware. The cloud is already out there, ready and waiting for your data.
All you need to do to get started is to pay the initial sign up fee for the subscription services of your choice. (We recommend Azure Cloud Software)
While costs are reduced through cloud computing, process efficiencies are also increased. Cloud computing creates an open channel of communication which will result in faster decision-making and more streamlined patient engagement and market access processes.
Having this type of awareness in real-time makes your marketing operations much more efficient and gives decision-makers a clear perspective to make informed decisions.
4. Increased Security
In the past, security was a major problem with cloud technology and was a primary reason why pharma companies would stay far from it. However, with time and recent technological advancements, security has become what may be the biggest benefit of transitioning to the cloud.
Now, multiple layers of security are added to critical business data such as patient data and the information necessary for your marketing operations. Some would think that cyber hackers might have the same access, but the cloud shuts that idea down quickly.
The cloud is secure by encrypting data to be transmitted over networks and placed in specific databases. This encryption not only keeps potential outside threats like cyber hackers out but also prohibits access by internal team members who do not have authorized access to the data.
Data such as contacts, sales tracking, patient information, content, and strategies are all heavily protected by the cloud, ensuring that your marketing operations remain safe and secure.
5. Increased Mobility
Let’s all be honest, we are living in a mobile world, and our phones are often used for much more than just making phone calls or texting.
No matter how your business operates in the industry, the field never sleeps. Through cloud computing, your marketing operations team can access relevant information anywhere.
Especially, when your team may:
Be aiming for a better work-life balance
Maybe your team has had a crazy busy day at the office and hasn’t been able to address existing deadlines or work through new problems. With the cloud, anybody on your team can continue working while accessing all of the same files and data at home, as if they were still at the office.
Thus, remaining productive.
A vital part of a successful marketing strategy is making sure that it’s streamlined and your team is never behind. The robust benefits of cloud computing ensure that your pharma marketing operations are keeping up with the continuously changing and heavily competitive pharma market.
6. Improved Analytics
As a marketer in the pharma industry, are you familiar with the patient journey? If not, then fully understanding it should be at the top of your priorities!
Advanced cloud analytics can help track and better guide patients through their journey.
More importantly, analytics can also help marketers gain a clear understanding of what matters most to your audience.
That way, pharma marketers can put together helpful content that not only catches the eye of the patient but also helps them address any issues or questions they may be having.
Now, the question becomes, how do you know what visitors to your website are looking for without asking? The answer is with analytics.
Below is a simple visualization of an example of how analytics can better prepare you with decision making.
This example is very simple but very accurate.
Let’s say two visitors go on to Microsoft’s website. One is looking for an Xbox video game console, and the other is looking for the Surface Pro laptop.
Analytics through the cloud can track where these visitors have clicked, and it will be able to be seen which visitors is which, based on what they have done during their experience on the website. Thus, specific content can be created and served up to those patients to guide them further in the patient journey.
7. Improved Communication
The pharmaceutical industry is extremely complex and requires a ton of pre-communication before any decision can be made.
Before patients, healthcare providers, hospitals, or third-party companies in pharma spend any amount of money for anything; they are going to need to know for sure that their problems will be solved with what they are buying.
This is done by having an effective customer service system. Through the cloud, BPaaS (Business Process as a Service_ customer service system makes sure communication is continuously flowing.
This can be done by:
Collecting customer/patient data
Flagging common problems
Categorizing client service histories
Quickly sharing, filtering, and pushing solutions across various channels
Having an effective BPaaS service system can be a major game-changer for your pharma marketing operations, and how efficiently it’s run when issues come up or customers just need to be more informed.
8. Optimizing Digital Media Spend
Besides being incredibly common as a daily activity in people’s everyday lives, social media is a key contributor for business to reach a larger audience.
The primary mover in the digital marketing world tends to be through sponsored posts and paid media. However, this also brings up more questions than it answers.
How much do you spend on these posts?
Where do you focus these posts geographically?
How do you know how much to divide your posts among all the platforms?
These are all questions that a cloud-based BPaaS can answer.
BPaaS can assist CMOs by managing their marketing strategy on social media to make better decisions for spending effectiveness and ROI based on campaigning on certain platforms.
When deciding which platforms to campaign on, the pharma industry does better on the following channels:
The pharmaceutical industry is incredibly complex and competitive. Cloud computing is something that can give your company the edge over your competition. It can especially be beneficial for your marketing operations.
Here are the 8 ways cloud computing supports your pharma marketing operations as we have covered in this article:
Access to Multi-Device Support
Direct Access to Tons of Patient-Data Instantly
Reduced Cost Efficiency
Optimize Social Media Spend
These are key ways that cloud computing can benefit your company. As more parts of the business in the pharma industry become digital, cloud computing will only increase in value.
As a pharma marketer, here’s what cloud computing can do for you:
Feel less stress
Have more time for other tasks that need your attention
See actual results from the work you’ve done
Feel more confident going forward with streamlined marketing operations
If you have any other input or comments that wasn’t stated above, please feel free to let us know in the comments! Or, if you’d like to learn more about how cloud computing can help you grow your marketing and your company, please contact us today for a complimentary consultation below.
Artificial Intelligence is a rising star – meteoric, actually – in most industries, including pharma. But, do you really know how pharma AI can affect your business?
Pharma artificial intelligence can help you drive revenue growth and operational efficiency by powering in-depth data mining and analytics, patient engagement, compliance monitoring, and making efforts. It can impact your R&D time and costs, too!
On average, successful drug research and development takes upward of ten years, and the clinical trials success rate is less than 12 percent according to estimates. That’s far too long and costly to result in profitable R&D operations.
Thankfully, you can leverage pharma AI to boost clinical success rates, cut costs, streamline and shorten the drug design, testing, and validation cycle.
A look at how AI transforms pharma company operations will help you make an informed decision if you haven’t adopted the technology yet. Perhaps, answers to the following questions will help see why AI can be a worthy investment:
What pharma processes or elements can AI impact?
What’s the role of machine learning in healthcare outcome monitoring?
How does AI impact pharma speed to market?
What’s the effect of AI in pharma sales productivity and revenue growth?
Let’s find answers by examining the most critical ways that pharma AI can affect the time to market for new drugs…
Let’s start with the good news:
1. Integrated Information Systems and Automated Big Data Mining Speeds Up Drug R&D
One of the most significant benefits of artificial intelligence in the pharma industry is rapid drug research and development.
It involves the use of machine learning (ML) and deep learning (DL) algorithms, which “train” integrated computer systems to automatically extract and analyze massive chunks of raw genotypic and phenotypic data relevant to drug R&D.
The system streamlines and fast tracks the collection of big data from the Internet of Things (IoT) devices (such as wearable health monitoring gadgets), medical research journals, patient management software, and other public and private databases.
AI systems that gather R&D data automatically and relatively fast helps to shorten the medicine discovery time, which is longer with a human-centric effort. Pharma companies can increase their speed to market and gain a competitive edge by delivering new drugs to hospitals and patients comparatively fast, which results in turnover growth.
2. Accurate Predictive Pharma Analytics Help Boost Clinical Trials Success Rates
AI-driven pharma R&D delivers predictive analytics, enabling researchers to pinpoint with a high degree of accuracy the right compounds for manipulating diseases. It provides in-depth insights and data necessary to validate and test drug concepts as well as optimize treatment delivery methods.
It can cost up to $2B to research, iterate, test, perfect, and validate a drug concept. However, the cost can come down with the accurate prediction of drug candidates, which increases the probability of clinical trial success.
AI-powered analytics helps to eliminate trial and error in the drug discovery process, and this can reduce overall R&D costs as it allows pharma researchers to present more viable solutions for approval by the FDA most of the time.
3. Tracking Medication Adherence
Low medication compliance rates among patients participating in a clinical trial can slow the drug R&D process. Likewise, the inability to monitor the extent to which each candidate is adhering to a prescribed drug can undermine the testing and validation phase.
Traditional health IT systems and human-centric approaches (such as requiring the patient to memorize their dosage) have not solved the non-adherence problem.
AI can help track pharma compliance rates in several ways. For example, indigestible IoT sensors transmit adherence information to a centralized database, enabling pharma researchers to monitor and analyze drug usage against treatment results and side effects.
The technology can track critical biometrics in the patient, including blood pressure and glucose levels. It can pinpoint anomalous outcomes based on the intelligence gathered via machine learning.
Another approach is facial recognition software. It involves a patient recording themselves taking a drug, after which the AI algorithm analyzes the video to confirm that the right candidate took the pill.
4. Improvement of Treatment Outcomes by Virtual Collaboration and Coaching
The success of any drug in the market depends on its ability to solve the intended healthcare problem. However, an otherwise appropriate medical solution may fail if the patient is not using it correctly out of ignorance, or certain lifestyle habits are hindering outcomes.
AI changes that.
A “smart” healthcare system can process natural language, and that makes it possible to “advise” patients in real-time in a language they understand, without necessarily involving a real, human doctor.
The system draws from vast amounts of healthcare data and medical records to provide highly personalized, evidence-based answers to questions that patients ask.
For example, robot-like assistants can help reinforce behavioral changes necessary for drug compliance and successful treatment. Advanced systems may also pose questions to patients, for example, to help understand why they’re skipping doses.
AI-powered IoT technology can then transmit the data to a pharma content management system for real-time monitoring. Improved treatment outcomes mean more business for pharma companies.
5. Streamlining Pharma Sales Process
AI-powered pharma sales software can impact reps productivity and turnover in a big way. For instance, the tech can help study industry trends and customer preferences, such as the treatment options a particular practice or doctor prefers the most.
A sales team may use that intelligence in pre-calling planning to gather relevant promotional and informational material. Effective pre-meeting preparation increases the chances of converting leads to sales. It can help boost pharma revenue.
The advantages of pharma AI nutshell…
Pharma AI speeds up the drug R&D process, enabling companies to differentiate their products by delivering healthcare solutions to hospitals and patients faster than otherwise possible. It reduces R&D costs while boosting clinical trial success rates, which translates to increases profit margins for pharma businesses.
Integrating IoT and AI into patient management solutions helps to improve medication adherence and treatment outcomes, resulting in in-market success. The tech can also boost pharma sales productivity and revenue.
Now, for the bad news. There do happen to be a couple of slight detractors to using AI in the pharma industry:
1. Patients May Not Always Cooperate
For pharma companies to monitor drug use and effects using AI-powered technology, participating patients must be willing to interact with the system consistently.
For example, a candidate may decline to ingest a biosensor or film themselves taking a pill. Without collecting vast amounts of consistent patient data, ML algorithms cannot “learn” and extract the intelligence necessary to help pharma researchers or providers to draw accurate conclusions on treatment outcomes or drug efficacy.
2. Incompatible Legacy Health IT Infrastructure
The majority of current health IT systems do not naturally lend themselves to AI and big data mining applications.
With most of the healthcare data available in disparate, structured and unstructured sources, extracting in-depth insights for tasks like remote treatment outcome monitoring and patient engagement is usually difficult if not impossible.
As such, pharma companies have to develop (or acquire) interoperable health IT infrastructure before they can leverage AI to tap into data from diverse sources, and to extract predictive analytics/business intelligence, which enables them to make informed, real-time choices.
The fact of the matter is that presently, most healthcare systems are not AI-ready.
Not all patients or healthcare facilities may adopt the interoperable AI infrastructure needed to supply pharma companies with large volumes of data for in-depth ML analytics.
Leverage AI to Boost Your Overall Pharma Business Efficiency (and Profits)
Artificial intelligence in the pharmaceutical industry outperforms human-centric patient or customer data collection and analysis techniques. It’s a game-changing and product-differentiating piece of technology.
By incorporating AI into your pharma management system, you can increase business revenue and profit through enhanced speed to market, effective patient monitoring and compliance, and improved sales productivity. Contact us for free below and let’s chat!
Artificial Intelligence, or AI for short, has been one of those buzzwords that’s been circulating throughout the healthcare industry. Most recently, it has been widely considered to be extremely beneficial for drug discovery and in clinical trials.
However, that’s just a very small aspect of the total benefit that pharma AI can bring to the table for the pharma and biotech industries.
Constantly hearing about the incredible benefits of AI while still not fully understanding whatit can do and how it can help can be very frustrating and often deter companies from embracing it.
Before we dive into AI and its benefits, let’s briefly go over its definition:
AI consists of various computer systems and predefined algorithms with the ability to perform tasks that normally require advanced human intelligence.
Some of these tasks include:
Translation Between Languages
The idea of “human versus machine” has been replaced with “human + machine” and if that just piqued your interest, it should. Pharma AI has entered the beginning of a golden age, and it is expanding into everything from manufacturing to marketing trends.
You may have wondered how patients feel about receiving AI-enabled healthcare?
So, How Can Commercial Pharma AI Be Used Beyond Drug Discovery
1. Targeted Content Delivery in Marketing
The pharma industry has come a long way since the traditional methods of marketing blockbuster drugs, thanks in large part to the integration of AI and other state-of-the-art technology.
With the addition of pharma AI, huge amounts of raw data can be collected, sorted, and interpreted in real-time. Due to this, pharma AI has the ability to improve your commercialization in some key ways:
Product Value Proposition
In the past, general marketing strategies have worked because the drugs that they were selling had an impact on a large population of patients all at once, otherwise known as blockbuster drugs.
Now, with the rise of a more patient-centric approach within the industry, pharma companies need to market in a more targeted and specific way.
Unfortunately, the traditional pharma marketing systems can no longer be successful in this new pharma because they’re both sluggish and inaccurate.
With pharma AI, on the other hand, pharma companies can aggregate, process, and convert massive amounts of unstructured and difficult to manage data sources to gain rich insight into how consumers are making decisions.
By implementing the right algorithms paired with a powerful analytics solution, data can not only be accessed but can also be used to precisely target consumers who are most in need of your product or service.
“Using data intelligently to power go-to-market strategies has to be a priority if commercial teams want to stay ahead of the competition and increase both their REACH and their PRECISION.” – Dr. Dolores Baksh, GE Healthcare Life Sciences
Success in pharma marketing often requires a lot of complex decision-making, which can get overwhelming and stressful very quickly. Thankfully, pharma AI can provide your company with data analytics to reduce stress, save time, and deliver high-quality results!
“AI-powered analytics is perfect for pharma marketing departments because it can undertake large volumes of complex decisions by going through data-sets at a high degree of accuracy.” – Sudeep Pattnaik, CEO, ThoughtSpace
The end result is a solid marketing foundation that allows you to target the right consumers or population leading to a better commercialization and pharma marketing strategy.
2. Manufacturing Optimization
You’re probably familiar with the old saying, “everybody makes mistakes.” Well, what if we can change that to, “Artificial intelligence DOESN’T make mistakes,” at least when speaking about pharma manufacturing.
Why is pharma manufacturing optimization so important?
The process to fully develop and test a new drug can cost up to $2.7 billion.
Of course, not all of that money is spent in the manufacturing stage of drug development.
The various studies that need to be conducted in order to bring the drug to market constitute about $10 million to $2 billion of the total amount, but here’s the kicker…
90% of drugs that begin testing in humans don’t reach the market because they are either UNSAFE or INEFFECTIVE.
So, errors in manufacturing could not only hit you at an unexpected time, but they can also be extremely costly. That’s where pharma AI comes into play.
Using predictive analytics, AI and Machine Learning (ML) can predict and prevent:
Supply chain problems.
Production line failures.
With that being said, how exactly can AI and ML do this?
Well, instead of humans sifting through the massive amounts of raw data for hours looking for anomalies, AI and ML can do it much more quickly, efficiently, and accurately at a lower cost.
3. Discovering and Evaluating Pharma Market Trends
The last thing that any pharma company wants to worry about is being the last to know about an emerging trend in the market.
Being the last to know could set your company and product development far behind your competition and you’ll end up playing catch-up.
Traditionally, the best ways to discover emerging market trends were networking, website researching, and sifting through professional studies.
However, in the current technical age, pharma AI helps your company be the first to know about an emerging trend before it happens, giving you plenty of time to plan and execute.
Applications of AI such as ML and Deep Learning (DL) have the ability to analyze large amounts of data to make sure you are the first to witness any potential market trends.
By following a programmed algorithm, these applications of AI can quickly dig through these large data-sets. This would take much longer for humans to do.
The word “analyze” doesn’t quite fully define the magnitude of automated work that will be done for your pharma company using pharma AI. Instead, the term “dynamic understanding” more effectively describes the capabilities of AI and ML-enabled processes.
ML can provide your company with a dynamic understanding of the entire market in real-time, providing the best results.
After the data is produced, your company can benefit from being fully aware of the following:
Health Economics and Outcomes Research (HEOR) activities.
4. Prescriber Segmentation
As the pharma industry becomes increasingly more patient-centric, the way pharma companies create and commercialize drugs are becoming more prescriber specific.
Based on that statistic alone, can you even imagine how long it would take to sort through all of the data involved for each individual prescriber? It would simply take forever!
Pharma AI helps you and your team free up time typically spent on more mundane or administrative tasks to instead focus on tasks that lend themselves to the company’s long-term goals.
For example, some types of data that pharma AI can generate efficiently are:
Therapy starts, changes, and add-on prescriptions.
Compliance and persistence.
Managed care access for the brand.
Group practice affiliation.
For instance, let’s say you want to segment prescribers into the following groups:
By leveraging pre-programmed AI algorithms to calculate large data-sets, you can create more specific groups for the four segmentations above. Let’s say two of the more specific groups are “Price-driven” and “Range of communication.”
A study that conducted similar prescriber segmentation discovered that 71% of prescribers were more specific with how they would like to be contacted, while only 29% of prescribers had a larger range of communication preferences.
Traditionally, finding this would not only take a ton of time, but it would also require significant resources to pull off within a reasonable timeframe. So, why spend all the time and resources on a task that can be done much more quickly and efficiently with AI?
A research firm, Gartner, predicts that chatbots will handle 85% of customer service issues by 2020 and 40% of patients won’t mind talking to a chatbot as long as the information is accurate.
When people think of chatbots, they only think of the little pop-ups that come up at the bottom of the screen of websites. With the integration of AI, chatbots can be expanded in multiple ways that make your job easier and the experience much better for your consumers.
First, let’s briefly go over how AI-enabled chatbots can benefit your pharma company’s website since it is the most common understanding of the technology.
You can’t always be there to respond to every website visitor all day and every day. However, AI-enabled chatbots can help bridge the gap by providing basic information to visitors on your website and social media when they need it.
According to a State of Chatbots report in 2018, 64% of website visitors expect 24-hour chatbot customer service while 55% of website visitors expect instant responses.
Plus, by incorporating certain algorithms into ML-enabled chatbots, insights from every conversation can instantly be learned and processed to ensure that a more human-like response is given with every encounter.
This way, you’re giving the user EXACTLY what they want. A response that is accurate, compliant, quick, and available 24/7, 365 days a year!
So, what are other ways chatbots implemented with AI can be beneficial for your pharma company?
Track patients after discharge.
Check on patients with chronic diseases.
Track clinical trial participants.
Help users find and talk to doctors.
AI-driven chatbots can also be beneficial when developed around a specific treatment option. This would allow physicians or patients to get information that is relative to their needs for either prescribing or starting treatment. This includes the ability to access:
It’s clear that incorporating AI-powered chatbots into your pharma company can save time while also ensuring that website visitors, patients, and prescribers are all getting accurate information very quickly!
Pharma AI saves time and money so you can focus on tasks that drive long-term success.
By integrating pharma AI solutions into your company operations, you will reap benefits far beyond drug discovery and development.
While many of these benefits will take some time to manifest, you will see an increase in production, efficiency, and reduced cost progress over time, all with minimal involvement on your part.
1. Targeted Content Delivery Marketing
2. Manufacturing Optimization
3. Discovering and Evaluating Pharma Market Trends
4. Prescriber Segmentation
Applications of AI such as ML, DL, and Predictive Analytics are being incorporated into pharma operations every single day with great, lasting results.
How will your company leverage the power of artificial intelligence to provide better products, services, and support to your audience?
Want to learn more about pharma AI? Or, curious about our artificial intelligence pharma solution built on Microsoft platforms? Get in touch with us for free today by clicking below!
Nearly 70 percent of Americans take at least one prescription drug, and more than 50 percent take two. That’s a staggering statistic, but few industries can touch the lives of that many people; transcending race, geographic location, socioeconomic status, or any other demographic that differentiates us.
However, traditionally, the people making these life-saving drugs have very little contact with the patients that actually use them. Outside of traditional television ads, pharmaceutical companies have been ineffective at communicating with their customers, before or after their initial interaction with the brand.
The fact is that patients typically rely on their doctor or nurse for advice or reassurance about the use of a certain drug or therapy, with little to no knowledge of who is actually making their recovery possible.
Now, the question is, can pharmaceutical companies join this circle of trust and become part of the patient journey? Absolutely! But, it takes a little hard work and a lot of listening and learning to genuinely understand the intricacies of pharma patient journey mapping.
Here’s a basic rundown of what the patient journey is and what pharma marketers need to know to get into the game.
First of All, What Is the Patient Journey?
The pharmaceutical patient journey is a representation of how the typical user, or patient, move through the healthcare system and interacts with each entity along the way.
For example; most patients begin their journey with the realization that something is not quite right and a trip to the doctor may be in order.
From there, the patient moves through their journey by interacting with their primary care physician, a specialist, pharmacists, and finally the product itself.
Optimizing how your company fits into this digital patient journey is an integral part of a smart pharmaceutical marketing plan and an amazing patient experience.
So, How Do You Streamline Digital Pharma Patient Journey Mapping for Best Results?
Define Your Goals
When it comes to pharma patient journey mapping, the first step is to nail down your goals, both in the short-term and long-term as it relates to your product and ideal patient.
The top three things to aim for with your patient journey optimization are Engagement, Advocacy, and Adherence.
Engagement: Every marketer worth their salt wants high engagement rates. It’s a simple fact of Marketing 101.
However, pharma marketing is a little different in that brand engagement also lends itself to healthier patient habits and eventually higher patient adherence rates.
Advocacy: Another standard goal of marketing, advocacy is a critical asset to pharma marketing and the pharma patient journey as a whole.
Advocacy means that your product and brand are making a genuine, positive impact on the health and well-being of your patients and they genuinely want to share that goodness with their friends and anyone else who will listen.
Adherence: This is a big one. One of the most significant problems facing healthcare and pharma today is the average patient treatment adherence.
Becoming part of the natural patient journey and providing relevant, valuable information along the way helps improve adherence by boosting trust.
These represent both the overall goals of your patient journey mapping and marketing efforts, but the overall goals of the individual product itself.
Settle on A Smart Digital Approach
The average consumer actively engages in thorough information gathering and comparison before making a decision, no matter how large or small. Whether they are searching for a new home, car, clothes, or cosmetics, most consumers turn to their smartphones to compare prices and reviews. Fortunately, the pharmaceutical patient journey is no different.
Research from the Pew Internet & American Life Project found that 80 percent of Internet users have searched for health-related topics online. That’s about 93 million Americans.
However, pharmaceutical companies are still relying on mass-media advertising, field sales teams, and localized physician advocates to present their products to uninformed consumers.
But, the fact is that most patients are anything but uninformed.
A quick google search of any condition, disease, or pharmaceutical treatment will return immediate results. Unfortunately, some of those results are less than flattering.
So, why can’t pharmaceutical companies be the source of the most reliable information for their patients? As the healthcare industry shifts to a more patient-centered approach, also affectionately known as pharma 3.0, patients are becoming more empowered.
They want to…
Gather all the available information.
Get advice or input from their peers.
Make their own informed decisions.
By being part of that patient journey from day one, through effective patient journey mapping, pharmaceutical companies can provide both the best care and create the most effective marketing strategy to promote Engagement, Advocacy, and Adherence.
Define the Ideal Customer Decision Journey
For years marketers have relied upon a generalized “sales funnel” approach to represent how customers move through the stages from product awareness to purchase.
However, the digital age has made this approach largely obsolete for the pharmaceutical industry. Instead, pharma marketers are now developing their strategies based on a theory called the “customer decision journey” or patient journey mapping.
Simply put, new technology has radically changed the way customers make purchasing decisions. In fact, researchers at McKinsey & Company identified some recurring factors of modern customer behavior that directly impact how decisions are made:
Customer loyalty is at an all-time low.
Consumers feel obligated to shop around, and technology makes it easy to do so.
Family, friends, and celebrities are big influencers.
Social media continuously reminds consumers that they have options.
Consumers trust reviews and recommendations that they read from strangers more than what companies or brands say.
This is a commoditized market, and every purchase is up for grabs.
Researchers concluded that the survey “shows us that brands need to win back the trust of consumers” and that process starts with understanding the patient journey.
Design Your CareFlow Exhibit
In the pharmaceutical industry, digital patient journey mapping is done by what pharma marketers call a CareFlow exhibit.
A properly optimized CareFlow exhibit tracks the patient journey from the first time the patient detects a problem, through their treatment and advocacy phases.
Your CareFlow must map the entire process as the patient does his or her research, consults with others, considers the cost of treatment, fills a prescription, has side effects, and ultimately decides to continue or stop treatment.
Each of these points is an opportunity for pharmaceutical companies to engage the patient by providing information, supporting their decision, or offering comfort measures.
Three Emerging Trends to Consider When Developing Your Patient Journey Map
There’s no doubt that the healthcare and pharmaceutical industry has undergone a digital transformation in recent years. With the advent of pharma 3.0 and the integration of strong social media platforms, pharma marketers must work even harder to stay in the game.
These recent emerging digital trends are reshaping patient care, and your understanding of them will directly impact how joining the digital transformation will keep your patient journey on the right track.
1. Outcome-Based Care
Insurers, as well as the government, have placed greater emphasis on patient-outcomes, forcing pharmaceutical companies to prove the tangible benefits of their products.
For example; digital health monitoring technology has enabled patients to wear sensors that collect and analyze data in real-time, monitoring their condition between visits to their doctor. This data directly demonstrates a drug’s effectiveness for that particular patient or scenario.
In the coming years, there’s no doubt that technology will be further integrated with prescriptions. Combining rich data analytics about activity, nutrition, and the human biological system will provide caregivers and physicians the opportunity to intervene early.
2. Patients Want Engagement
Patients are evaluating healthcare products and services themselves, without the input or knowledge of the brands. They are already using available portals to view medical information, fill prescriptions, and make appointments.
Digital engagement from pharma has limitless opportunities, including information sharing and trial recruitment. Do your part to inform and influence patients where they are spending their time, like via mobile apps and social media. Use those outlets to offer advice, answer questions and be the patient’s trusted advisor for all things pharma.
3. More information Is Always Available
Digital technology and online communities have paved the way for patients to gain access to information previously controlled by pharma companies.
Now, patients are searching for other patient experiences, ways to monitor a drug’s effectiveness, and any tips they can get their hands on to help them make the best decision possible for their health and well-being.
This is your chance to BE their go-to information source:
Use content marketing to publish research or case studies.
Maintain a blog on the latest developments, common questions, or tips to overcome side effects.
Use video to demonstrate how to effectively use certain products.
Host a live video and field ACTUAL patient questions on the fly.
Host online forums with experts that can answer questions about specific drugs.
Launch a public Facebook or LinkedIn group for support or information.
Initiate discussions on stigmatized topics, such as mental health.
Talk about the impact of diet and exercise on the efficacy of treatment.
Helping the patient feel like the pharmaceutical industry, and your company specifically, is a guide on their journey to better health, not just a drug manufacturer goes a long way in improving Engagement, Advocacy, and Adherence.
Brands across all industries are scrambling to keep up with an effective multi-channel marketing approach that yields true ROI. As a pharma company, think about smart digital patient journey mapping and focus on:
What are they looking for in their social spaces?
What are they asking and what responses are they getting?
How can you best answer those questions and establish trust?
Focusing on your patient instead of your drug provides valuable insight into how pharma decisions are made, effectively shaping your digital patient journey map and your marketing strategy.
Respondents also said patient services will become the standard of therapeutic customer support, not a niche add-on. Is your pharmaceutical company keeping up with the shifting landscape?
Follow this simple guide to pharma patient journey mapping for marketers to ensure that your company is leveraging each potential opportunity in the patient journey to engage and educate your prescribers. If you would like to learn more, contact us today for free below!
In this digital age, the term “data” can often be much like a loaded question; many industries have an overabundance of raw data available but a distinct lack of understanding of how to deal with that data. The pharma and biotech industries are no exception.
The growing level of accessible, quality, real-world healthcare data is causing quite a stir throughout the pharmaceutical industry.
Recent findings indicate that applying specific data strategies to innovation optimization, improved efficiency of research and clinical trials, and transitioning doctors, insurers, and regulators to the rapidly shifting individualized, patient-centric approach to healthcare is consistently identified as a top priority among pharma leadership teams.
Pharma data collection and analytics are so essential to the future of pharma that nearly 40% of pharma professionals identified it as the most significant trend in the industry for the coming year.
Much like any other industry, there is an enormous amount of raw data available to pharma companies, but harvesting and harnessing that data can require a bit of work.
In order to remain competitive in the rapidly evolving field of pharma data, organizations must understand the following:
Which data sources available are relevant to the pharma industry.
The unique differences between these data sources.
The importance of the information provided by these data sources.
How to harness this information to benefit your company.
Primary vs. Secondary Data Sources
All data is not equal, which is especially true in the pharma industry. To simplify things, pharma data typically fall into one of two categories: primary or secondary data sources.
Primary Data Sources
A primary data source gathers information through direct interaction with the end-user and through purchased data. This type of information is obtained when…
Physicians are attended by a sales rep.
Patient participates in a clinical trial.
The patient is involved in treatment where a medical claim is generated.
Primary source data is essential as it provides vital information gathered through study, trial, testimonial, or other forms of direct interaction between a patient or provider and a pharma product.
Secondary Data Sources
Secondary data sources gather information through market research and often use data gathered in databases and registries. Examples of pharma secondary data sources include…
Various forms of social media.
Sunshine Act Database
Something to keep in mind is that secondary data source information is typically public information available for free and provides valuable information that can help you reduce costs, advance sales, and adjust the focus of your company.
Regardless of the source, both primary and secondary data provide timely, relevant, and important information essential for evaluating and identifying strategic opportunities in the overall global pharma market.
Examples of Primary Data Sources In Pharma
1. Clinical Trials
Clinical trials are advanced research programs designed to test whether a new medication, treatment option, or medical device is as effective or more effective than current devices or treatments currently used or prescribed to patients.
Recent reports estimate the average cost associated with developing a new medication to be more than $2.5 billion, with nearly 60% of costs coming directly from the associated clinical trials.
These clinical trials are essential in providing detailed information about the safety and efficacy of pharma products, indicate who is able to use and benefit from the drug and highlights important side effects, interactions, and potential dangers associated with it.
Without the data provided through the clinical trial phase, the breakthroughs realized through new pharma developments have no value and their benefits will go unnoticed.
2. Patient Testimonials
It’s no secret that patients are the ultimate beneficiaries of the advances in medical science that help them overcome diseases and life-threatening challenges.
However, due to the nature of the pharma sales process, more often than not, pharma companies aren’t able to make a direct connection with the patient and rely heavily on the prescribers to educate the patients.
Over the last decade, companies have built great patient assistance programs and patient testimonials are increasingly important.
“There is no greater partner we can look for in healthcare than the patient,” says Cheryl Lubbert, President, and CEO, Health Perspectives Group. “By incorporating the patient’s voice early and often, we can expect better health literacy, better adherence, and better health outcomes.
In fact, patient testimonials are so effective, research conducted by Remedy Health demonstrated that…
9 out of 10 patients who have heard an inspirational story about another patient reported becoming more hopeful, which inspired them to take action.
This action includes trying a new treatment or medication, going to the doctor, exercising, or eating healthier.
3. Adverse Events
While adverse events are an uncommon occurrence, managing and tracking adverse events is a crucial data component for a pharma company to stay legally compliant with the FDA as well as to improve the conditions of future trials.
Strong, efficient data collection and analytics are an essential component to effectual sales operations for any pharma or biotech company.
This is often achieved through…
Building strong customer relationships.
Enhancing sales team performance.
Monitoring the customer’s decision-making process.
Efficiently monitoring and managing operational costs.
Sales operations and analytics software platforms within a pharma company analyze a large amount of data to develop a comprehensive promotion strategy and target universe.
Examples Of Secondary Data Sources
5. Social Media
Social media continues to transform the way the pharma and healthcare industries do business, especially in the evolving age of patient self-information.
Studies show that 80% of social media users are actively using the platform to search for health-related information. Also, over 90% of 18-24 year-olds report that they considered the health information provided on social media to be reliable.
Social media users also report sharing their first-hand experiences on a wide variety of health and medical topics over social media, including…
Coping with chronic conditions.
Treating acute illnesses.
Choosing a healthcare provider.
In addition, an increasing number of social media users are looking to their doctors to actively share information about new drugs, benefits of new medications and treatments, and updates on specific illnesses.
By engaging in social media about health-related topics, people are able to share their stories and experiences, as well as find treatment recommendations and options that have worked for others in similar medical circumstances. Social media provides a massive, active network for pharma data collection.
Companies are using these developing patient portals to glean information from end-users of pharma products and services.
Data gathered through social media channels can also help drive marketing campaigns by providing a rich well of potential marketing material such as patient testimonials and stories that when integrated into marketing materials are instantly relatable and give people the opportunity to make an emotional connection.
6. Sunshine Act Database
Each year, the Physician Payments Sunshine Act published data that discloses to the Centers for Medicare and Medicaid Services (CMS) payments made to teaching hospitals and physicians, as well as manufactures holding interests in those companies.
The Sunshine Act Database provides current data on over 28 million records related to nearly $17 billion in clinical trial-related payments to doctors, hospitals, and healthcare organizations.
Most of these payments are provided in the form of travel, research, gifts, meals, and speaking fees.
The database also details information pertaining to the ownership interests that physicians and their family members have to clinical trial organizations.
This data provides valuable information that has significant implications for the impacts of the efficiency of your organization.
A 2009 survey discovered that 84% of physicians interacted financially with drug, device, and medical supply manufacturers.
These relationships often resulted in swayed decision making that directly correlated with inflated healthcare costs.
Having access to the type of pharma data provided through the Sunshine Act Database is critical to understanding the value attached to drugs.
Are You Ready To Access Actionable Pharma Data and Analytics For Superior Outcomes?
In the current era of open healthcare information, a wide variety of valuable pharma data is available and accessible to prescribers and patients alike.
Pharma organizations that demonstrate the ability to collect, analyze, and respond to relevant pharma data also demonstrate the ability to better meet the needs of their customers/patients, accelerate innovation, and increase revenue and overall value.
We at Prescriber360 provide powerful, streamlined access to the most relevant primary and secondary pharma data sources available including:
Sunshine Act Database
We proudly serve as a premium pharma data solutions provider, allowing you to focus on your resources and efforts on implementing this knowledge, adapting to customer needs, and achieving better results and increased earnings for your business.
If you have any questions or comments, please feel free to post them below in the comment section!
Want to learn how our advanced pharma analytics and data management platform can provide you with the information you need to enhance your company’s performance? Request a free platform demo today below!
Every industry is changing at a more rapid pace. Products and services are becoming increasingly commercialized. Technology is playing a progressively bigger role in research and development, marketing and advertising, and sales and distribution.
The pharmaceutical sector is one that has felt this transformation in research and development over the past few years and will start to feel it in the other divisions over the next decade.
Here are a few of the trends that will shape the pharmaceutical industry over the next ten years:
It’s very likely that within the next decade, humans will no longer be pharmaceutical test subjects. Instead, cognitive computers will be used in biotechnology and genomic research.
Rather than it taking months to see the effect of a particular drug on thousands of people, it will take seconds to see the effect of thousands of drugs on billions of simulations of the human body’s physiology.
In fact, there’s already one supercomputer program, Atomwise. This program has been used for similar purposes. It has the ability to search through existing medicines that could be re-purposed to more effectively treat diseases.
This type of molecular structure search and analysis would normally take months, if not years. In 2015, Atomwise identified two drugs in less than 24 hours, that could reduce Ebola’s infectiousness.
Digitization of Medicine
Every company, in every industry, is coming to the realization that a product or service isn’t enough. A complete package must be offered and this package should be digitally friendly.
In the pharmaceutical industry, this trend is growing so quickly that there’s a name for it, ‘Around the pill’ digital offerings. These offerings include everything from digital health apps to services and devices that can be bundled with the prescription.
As this grows in popularity, it will prove to be a game-changer when it comes to pharmaceutical marketing and advertising, as well as distribution.
Body sensors are a new technology that’s currently still in clinical trials. These sensors can either be placed on the body or inside of it. They measure various critical vital signs.
One sensor that’s already being used is a digestible sensor. These are sensors that are inside of the pill and track both the drug being digested and how well the drug is being absorbed into the body.
It has been seen to be especially effective in overseeing prescription adherence with schizophrenia, major depressive disorders, and bipolar I disorder.
In 2015, the very first pharmaceutical was 3D-printed. As this manufacturing method gains popularity, it will likely completely transform how the pharmaceutical industry operates, in terms of its supply chain.
Hospitals and pharmacies could potentially print the pills that they need in-house in ten years’ time.
Additionally, the University College of London is testing ways to print pills in fun shapes for kids. Thus, making it easier for them to take and can make it a potential commercial goldmine.
For those B2B companies that are involved in the sales, sales operations, and marketing of pharmaceuticals, these new trends could open many doors in terms of new forms of revenue and profits.
Personalization and Precision of Medicine
Whole new fields of pharmaceuticals are opening up and over the next decade, will only continue to widen and gain significant depth. It’s becoming less expensive and more commercially available for patients with various illnesses to get precision medical treatment.
Therefore, more money is flowing into pharmaceutical research that aims to discover how to target medication more efficiently (e.g. how certain drugs could attack cancer cells and avoid attacking the other cells).
It’s also becoming more commercially viable for patients to work with companies like myDNA. This organization, and others like it, analyzes a patient’s DNA to identify which medications will be most effective for a specific treatment plan.
It’s likely that over the coming years, rather than medications being manufactured for millions of people with an “average” or “median” DNA and molecular makeup in mind, medicines and their dosages will become unique to every patient.
AR and VR
Augmented reality is slowly creeping into every aspect of our lives, and that includes pharmaceuticals. Some pharmaceutical companies are looking at allowing patients to better connect with their prescriptions by translating the descriptions on the bottle into 3D.
Instead of having to read along, and a nearly indecipherable pamphlet on how the drug works, patients could be much more engaged with a visual AR demonstration.
When it comes to VR, it’s been believed that if the pharmaceutical industry pursues and invests in the technology, more new streams of revenue from pharmacies that provide virtual reality treatments could be opened up.
The treatments won’t be applicable to many diseases, like cancer or pneumonia, but rather as a treatment for pain and stress.
With new technology and innovation, patients are gaining more power. They now have the ability to have more of a say when it comes to their body and their health.
Thus, pharmaceutical companies will need to start taking patient needs, thoughts, and desires into consideration. Products will be more successful if patients are involved in their creation and distribution.
It’s likely that over the coming years, many companies in the pharmaceutical industry will create patient advisory boards. This has already become an integral part of several healthcare conferences where patients either help to organize the event or speak at it.
The pharmaceutical industry is changing at each level.
In order to survive and thrive in this environment, it’s more essential than ever for companies in the industry to explore and invest in the latest technology and innovations.
Are you interested in harnessing some of these top-notch technologies to move your business forward? Get in touch with us today for a free consultation on the top technologies that can impact your business the most.
In 2019, commercial pharmaceutical companies operate in a progressively changing environment; the ever-increasing pressure to reduce healthcare costs puts the industry under even greater scrutiny from both the public and regulatory bodies.
Unfortunately, this drive to cut costs in the marketplace can directly impact the availability of research and development resources which in turn impacts the company’s ability to bring new, innovative drugs to market.
This is primarily because the drug approval process is extremely lengthy and expensive; with an average of only 1 in 5,000 drugs that ever make it to market, the odds of launching a blockbuster drug are slim.
Regardless of the unfriendly forces at work in the marketplace, the ultimate goal of a commercial pharma company is to provide life-saving products while remaining profitable.
So, with so many negative factors outside the company’s control, the attention naturally shifts to improving internal processes to gain a competitive advantage and achieve operational excellence on multiple levels.
Achieving excellence in sales, in particular, remains to be one of the most critical areas of focus for any pharma or biotech organization looking to thrive in this new environment.
So, they must be fully committed to measuring salesforce effectiveness the right way to truly understand how success can be achieved and replicated across the organization.
The salesforce of the organization plays a pivotal role in driving prescriptions and generating revenue.
Several factors play a vital role in incompetent and consistently effective salesforce:
Difficulty bringing new products to market.
Managed care pressures.
Lower profit margins.
Reduced access to prescribers.
Longer sales cycles.
The Traditional Method of Measuring Salesforce Effectiveness
About a decade ago, measuring salesforce effectiveness was much more straightforward because the pharmaceutical-medical landscape was far less complex.
At that time, tracking a few specific key performance indicators was sufficient enough to evaluate the performance of your sales reps:
Call Goal Attainment
Territory and Customer Coverage (Reach and Frequency)
Sales Goal Attainment
Although these metrics are still being utilized today, they no longer paint a complete picture and must be augmented by a variety of new metrics:
Favorable Access to Doctors
In years past, direct access to doctors was relatively easy. Whether your reps could get in front of their target doctors and deliver the approved marketing message wasn’t a concern.
Now, territories can change annually and the difference between territories can be extreme; making access to doctors more limited for certain sales reps.
In the past, a doctor’s decision-making process was relatively simple.
Previously, managed care did not have much influence over the prescribing decisions of physicians, allowing pharma reps to easily fulfill their primary purpose of educating physicians on the benefits of their drugs and ultimately to influence their prescription choice.
Now, a doctor’s prescribing decision is heavily influenced by managed care plans, accurate and thorough educational information, and by the patient’s themselves.
Unique Products With Unique Selling Points
Much like most marketable products, successful prescription drugs have unique characteristics.
Twenty years ago, the market was much less crowded, leaving a much bigger piece of the pie for each new market entrant.
With only a couple of options available in each therapeutic class, reps could easily sell the benefits of their products and convince doctors to prescribe them for their patients.
Now, the market is saturated with many different drugs in each therapeutic class and projected efficacy.
So, How Can You Measure Salesforce Effectiveness The Right Way?
While some of the basic principles of successful selling in the pharma industry are still in use today, others no longer hold.
It is no longer enough to call on the right customers (Reach) at the right number of times (Frequency) to ensure success.
Among the elements that add to the complexity of the current selling environment:
Rapidly changing the pharma-medical landscape.
Lack of truly unique products.
Increased influence of managed care organizations over doctor’s prescribing decisions.
These factors and many others contribute to the fact of what’s necessary for success in one territory may be completely different from what’s needed in another.
So, the question naturally arises – How should we measure sales force effectiveness in a changing marketplace?
Yes, it is still essential to make sure your reps call on the right prescribers the right number of times. But, it is also important to make sure they meet their daily, weekly, and quarterly call goals.
However, reaching 100% on ALL these metrics will no longer guarantee success because these metrics by themselves don’t go deep enough.
They do not answer these important questions:
How did we achieve the results that we currently have?
How do we replicate these results in the long term?
To better answer these questions and more accurately measure and replicate salesforce effectiveness, your pharma company must also measure:
What they know.
How they behave.
How consistently they apply their knowledge.
These three areas will give you a more in-depth understanding of the quality aspect of your salesforce’s performance.
Here are examples of specific areas to measure when it comes to the level of acknowledge of your salesforce:
Due to the subjective nature of behavior assessments, determining how your salesforce behaves in customer interactions is a bit more difficult, but certainly not impossible.
Here are two of the most effective ways to measure sales reps behavior:
The third and final measurement refers to the sales rep’s consistency in the application of knowledge and behavior.
The answer to this can be somewhat wrapped into the Reach – Frequency – Call Goal Attainment Numbers.
If your reps excel in all three of these AND have high Sales Goal Attainment numbers, they are likely to be performing at a higher level in all other markers – knowledge, behavior, and consistency of application.
On the flip side, however, high Reach – Frequency – Call Goal Attainment – with low Sales Goal Attainment may indicate subpar performance in one or more of the following measurements – knowledge, behavior or consistency.
Measuring salesforce effectiveness the right way is not only useful in the short-term but vital to understanding the strengths and weaknesses of your long-term salesforce strategy.
Without this information, you will not be able to elevate your sales team’s performance, because you won’t be able to pinpoint the skillsets necessary for success, regardless of the complexity of the environment.
Tailored technology solutions, like robust sales operations software, can help give you the tools to measure some of these metrics easily and efficiently so that you can focus your efforts on building a first-class salesforce.
In your experience, have you found another critical element of salesforce effectiveness that wasn’t mentioned here?
Please let us know in the comments, we’d love to hear about your experience and make this a more comprehensive resource for other pharma and biotech companies.
The Internet of Things (IoT) has had a massive effect on many industries worldwide. But, the pharmaceutical industry has been rather conservative in adopting technological change, so the effects haven’t been felt as strongly across the pharmaceutical and medical device industry yet.
However, the IoT has incredible potential to help pharma and device companies improve quality output, reduce costs, and even change the way that medication is delivered to the prescribers.
To help you make the most informed long-term business decision, we’re outlining the top 5 benefits of IoT in the pharma industry and how you can harness it to grow profits and improve patient relationships.
What Exactly is IoT?
The Internet of Things, also commonly referred to as IoT, is the network of physical internet-enabled devices that enables seamless cross-device communication.
Essentially, it allows all of the devices within your organization to effectively “talk” to each other, using the data that they collect and send to streamline communication and encourage smart process automation.
There are two broad areas where the IoT could have a significant impact on the pharma industry: The production and administration of pharmaceuticals.
Here are the Top 5 Benefits of IoT For the Pharma Industry and How to Harness It to Grow Your Business
A Glance at The Benefits of IoT in Pharma Production
Immaculate production and quality control measures are an absolute bust in the pharma industry. When you’re working with a potentially life-saving substance or device, anything could go wrong.
Leakage of a dangerous liquid or gas could harm workers or create a fire hazard.
An improperly produced medication can be ineffective or toxic.
An equipment failure can interrupt production and require a expensive cleanup procedures.
However, introducing a network of connected devices with monitoring sensors can reduce the risk of machinery malfunctions and guarantee precision production by detecting issues and making adjustments before they cause a problem.
Industrial Mechanics and Maintenance
Industrial monitoring devices are already in widespread use in the industry, but real-time status information isn’t widely available yet.
Pharma IoT monitoring sensors can instantaneously feed all relevant facility data into a single dashboard, alerting a supervisor to abnormal conditions or to necessary maintenance requirements.
Plus, they can also connect to automatic shutoffs to immediately and remotely handle critical conditions as they arise.
Material Tracking & Management
Connected devices can easily track the availability of materials in real-time, allowing for better inventory controls and reduced costs.
Tracking the source of supplies is important to maintaining quality and speed of production, and the potential risks of ingredient substitution, counterfeit medicines, or the theft of drugs can have serious consequences for a pharma company.
Pharma IoT-enabled data-gathering devices located in shipping and receiving stations can collect information from RFID tags and barcodes and correlate the information from multiple locations, including production facilities and warehouses, to verify whether data is consistent.
By signaling restocking needs when supplies reach appropriate levels, they reduce both the need to stock extra supplies and the risk of running out at a critical time in the sales process.
Supply Chain and Logistics
Tracking finished products throughout the supply chain provides enhanced control over your pharmaceutical or device inventory.
Computers that correlate the data can determine how much more production is needed and identify batches that have passed their expiration date. If a batch is recalled, tracking devices make it easier to locate and remove it from the supply chain.
Regulatory Compliance Consistency
Pharmaceutical production processes have to be well-documented to establish and maintain consistent regulatory compliance.
Pharma IoT connected devices can continuously send data to a server to establish that quality standards are met, which effectively reduces the amount of manual paperwork and potential margin for error.
Rich Insights Into Production Process Health
The information gathered through IoT connected devices can be used in more advanced ways as well.
Data analytics software can determine what areas are most prone to issues, pinpoint inefficiencies, and potential cost overruns so that improvements can be put in place to boost productivity and profitability.
Enhancing Patient Connectivity and Adherence
The second most important aspect of pharma IoT is its inherent impact on patient adherence and overall health. In this digital age, everything is technically enhanced, even prescription or OTC medications.
Smart Pills and Implanted Devices
Leading pharmaceutical companies are using smart devices to administer medications and monitor their effect on patients. This includes the delivery of medications or medical monitors in “smart pills.”
One use is simply to check whether patients, especially ones with lapses in memory, are taking their medications on schedule. If they miss a beat, it will give them a prompt reminder on their phone to help get them back on track. If they fall too far behind schedule, it can notify their physician to step in.
Smart pills or implanted devices can also detect changes in a patient’s condition. For example; if there is a serious event, such as a hypoglycemic episode, the device can immediately alert a physician or paramedic.
More routinely, it can inform the patient of how well the medication is working. If the effect moves outside acceptable bounds, the patient can consult with the doctor for a change of treatment.
Being on a millimeter scale, smart pills have a very short transmission range and are typically used in connection with a transponder which may be worn or implanted under the patient’s skin.
Smart Wearable Devices
A more common and often more affordable (not necessarily more effective) application of IoT in pharma is the use of dedicated mobile apps and wearable devices designed to incentivize or encourage patient adherence.
Traditional monitoring of patients relies heavily on subjective evaluations. Unfortunately, many patients don’t report any symptoms prior to needing medical attention, and they may be unable to notify anyone when a crisis hits. That’s where IoT comes in.
Real-time monitoring backed by IoT networking can detect the early signs of a serious medical event and alert the appropriate party.
Larger, external devices are already widely used to transmit ongoing data analytics and individual patient condition metrics to a remote server, where doctors and pharmaceutical company representatives are able to monitor progress and issues.
Clinical Trial Optimization
Clinical trials are an obvious application of active monitoring with IoT connected devices.
Monitoring the effects of experimental medication in real-time helps to assess its effect. It allows quicker detection of adverse reactions, reducing the participants’ risk and improving the quality of the test data.
Ingestible and wearable external IoT-connected devices can simultaneously gather data and transmit to integrated software that provides detailed readouts that paint a complete picture of the patient’s condition or issue alerts. This invaluable resource allows for enhanced processes and a streamlined optimization process no matter what your company is selling.
What’s In Store for the Future of IoT in the Pharma Industry?
The pharmaceutical industry is heavily regulated, and mistakes can incur serious liability which means that the entire industry tends to be a little cautious about adopting any technology. However, the immense value of integrated IoT in pharma organizations is easy to see and even easier to prove.
The addition of IoT in production facilities — what’s known as the “Industrial Internet of Things” or IIoT — faces the fewest barrier to entry. Typically, anything that provides better quality control and lowers the risk of workplace accidents isn’t likely to raise objections.
However, any device that administers medical treatment or reports patient data is very likely to fall under HIPAA privacy and strict security regulations. Unfortunately, the Internet of Things has acquired a reputation for devices with poor security, which online attackers can easily break into, and that does not bode well for the future of IoT in the pharma industry.
In the pharmaceutical industry, mistakes have serious consequences, so progress will always be slow and cautious. However, it will come. Integrating smart pharma IoT solutions into your organization will result in better production processes, decreased costs, new ways of treating patients, and a better experience for everyone concerned.
What do you think about the possibilities of IoT in the pharma industry and do you think your organization could benefit in a big way from leveraging it? Share your thoughts with us in the comments below!
It goes without saying, that clinical trials are an incredibly important aspect of the pharmaceutical industry as a whole. But, unfortunately, they are the furthest thing from inexpensive or easy to manage.
In fact, it was reported that the total cost to implement and conduct a large-scale clinical trial can be anywhere from $300 to $600 million, with the total cost increasing a few million each year. But unfortunately, that’s not all.
On top of all of the financial costs, research conducted at the Tifts Center for the Study of Drug Development reported that the average development time for clinical trials is 6.7 years!
Now, the good news is that there is a legitimate solution to simplify clinical trials.
Here is a basic outline on how to streamline your clinical trial management with cloud computing technology:
First Off, What is Cloud Computing?
Cloud computing is the centralized management of data and applications on virtual and internet-based servers. When offered by a third party vendor, they’re often referred to as cloud-managed services.
Now, you may be wondering, “How can cloud computing benefit clinical trials? How can it be a solution to all the issues?” That’s exactly what we’re here to answer!
Cloud Computing is rapidly transforming the way clinical researchers retrieve data. With the wide variety of mobile and cloud-ready devices we have available to us, it’s almost unheard of to not use the cloud to store your personal data. You know it’s safe in case of any emergencies. So, why not leverage the cloud to store and access business data?
HIPAA compliance and data security have long been a major concern for pharma and healthcare organizations venturing into the cloud. However, strides have been made in this department as well, which we will discuss a little later.
Devices such as smartphones and fitness wearables make it possible to electronically collect data directly from clinical trial participants. This allows clinical researchers to skip many of the annoying but required steps to collect this data.
Traditionally, this process would involve tons of folders to store data, constant struggles with recruitment, disorganization, high costs, and a ton of risks. Cloud computing puts an end to all of that.
Cloud Based CTMS
Unlike a traditional Clinical Trial Management System (CTMS), a cloud-based CTMS doesn’t require companies to purchase servers, install applications, validate, document, and maintain everything in-house. This means that you no longer have to wait months for IT to implement a CTMS. Altogether, saving you so much time and stress.
Here is the process of a CTMS:
On top of those benefits, with a cloud-based CTMS, payments are usually lower over a five-year period and spread out monthly or quarterly. This provides greater flexibility and reduces many of the risks associated with a clinical drug trial.
Data security has always been pharma’s biggest concern with cloud technology. But, with recent security and storage advancements over the years, he risk has been significantly reduced.
While this technology isn’t “perfect,” it’s well on its way!
Still not convinced that a cloud-based CTMS can significantly improve how clinical trials are conducted? Not to worry, we will dive much deeper into how cloud computing can make clinical trials run more efficiently while providing better results in a major way.
First, it’s important to understand the Clinical Trial phases and the unique caveats that come with each stage.
Let’s Take A Look At the Basic Clinical Trial Process
Before diving into the different phases that a clinical trial consists of, these seven questions should always be asked….
This checklist gives clinical researchers a better idea of how to run the trials and what kind of results hey can typically expect. Also, if your client is running the clinical trial, mentioning this to them before going into what your CTMS can provide, would earn you some nice brownie points.
For every drug that’s been FDA approved, it has gone through these phases.
As you can see, as the drug progresses through each phase in the process, the length of each phase gradually increases. But, that’s not the only thing that grows.
With the exception of the final phase (when the market is tested with the new drug), the cost of each phase increases. These prices do not even reflect the low percentage of companies who successfully move on to the next phase.
So, if a drug didn’t make it past phase 2, the price of $42,000 for the transition into phase 3 would double, or it could multiply even more depending on the circumstances of the trial.
On top of costs steadily climbing, think of how many participants are involved with each phase (see above chart in each phase description for the amount of volunteers). If the massive amount of collected data isn’t organized and analyzed correctly, the drug will fail more times than not.
That’s where cloud computing for clinical trials comes into play.
How Cloud Computing Affects the Organization of Information
Easily Organize Clinical Trial Data in one place
“Cloud-based EDC (Electronic Data Capture) software provides even more efficient data monitoring and reporting, enhanced communication and collaboration, and better budget forecasting,” said Cynthia A. Challenger, Ph.D.
Clinical researchers can often be overwhelmed by the sheer number of data sources for each trial, such as social media and wearable technology. The integration of cloud technology for clinical trials can easily aggregate and store all of this data and every person can input feedback at their convenience.
This results in one place for authentic, high data quality, and accessible information that can make collaboration easier.
Yet, the adoption of the right cloud computing software or cloud-based EDC doesn’t just store the massive amounts of data in one place, it also does so much more! It provides real-time visibility combined with the ability to do the following with data:
Instantly share results with relevant stakeholders
With a clinical trial cloud system, data from a study is collected from around the world and patient smartphones and stored in one convenient place. Having this data stored in the cloud offers built-in error management protocols and collects all the information in real-time. Which results in no delays and faster results.
What does this mean for clinicians?
It means less sitting through thousands of paper Case Report Forms (CRFs) from different sites, transferring tons of data into spreadsheets to be analyzed, and best of all, no more stressing.
The FDA actually encourages companies to use cloud-based systems for organizing their clinical trial data, because it enables the sharing of more accurate data between:
This increased level of data sharing leads to increased compliance and reduced clinical trial costs.
To sum it up:
One centralized data storage location receiving and archiving feedback can exponentially speed up how clinical trials are run.
Another benefit of cloud computing with CTMS is how to secure the data that’s being used is kept.
At one point, this was a huge concern with cloud technology. But, over the years, significant advancements have been made to improve the overall security in the cloud and ensure that everything is HIPAA compliant.
How does Cloud Computing Help with Data Access for Clinical Trials?
Increased Data Security Measures
We’ve all seen the computer hacker scenes in movies….
It seems so cool, but the last thing anybody wants is their clinical trial data to be hacked and sold to the highest bidder. Over the years, cloud technology has drastically improved its security measures to reduce risk and improve trust.
In fact, most people believe that data security with the cloud has surpassed the security of data hosted on-site.
The confidential participant data is located in a secure data center and there can be multiple layers of security applied to protect sensitive patient data from prying eyes.
Cloud computing for clinical trials allows employees to access the same applications and documents no matter where they are and converts any location into a “virtual” office.
Simplified Subject Recruiting
In less than ten years, the number of registered clinical trials jumped from 50,000 in 2007, to more than 180,000 in 2014. Yet, during that time, about 85% of those trials were delayed or unfinished because of a lack of participants.
The good news is that there is a solution!
One key way that clouds computing helps pharma companies recruit participants is with “big” data.
As mentioned above, data that are stored in the cloud can be shared with anybody with proper access. That includes the data of certain patients and their qualifications for certain trials.
Cloud-based recruitment benefits hospitals and healthcare companies by increasing the awareness of the clinical trials that are being held and improves collaboration saves time and facilitates the research by the end-users.
It also benefits pharma companies and contacts research organizations (CROs) by streaming trial design and procedure based on eligible patients and lowering R&D cycle time and costs.
Boosts Subject Tracking Measures
A huge amount of data has to be collected on these patients to qualify for a clinical trial. To simplify the process, cloud computing can generate data from:
Fitness Wearables (smartphone apps and smartwatches)
And so many more sources!
We live in a digital world, where a 2×2 screen on your wrist can literally determine what kind of patient you are. That’s just the way it is!
On a more serious note, all of these different devices offer a great way to track patients and their health when conducting clinical trials!
These devices enhance the following in clinical trials:
Plus, patient devices provide nothing but benefits for patients and the organizations in healthcare in the form of more data, educated patients, aware patients, and smoother communication between the provider and the patient.
How Can a Cloud-Based CTMS Help Improve Study Management?
The cloud can massively assist in study management. The chart below explains how it can be used and what it can accomplish.
Better Trial Location Control
Study Start-Up (SSU) solution is a cloud-based technology that simplifies trial location control with integrated activities:
Site Selection and Initiation
Contract and Budget Execution
Enrolling the First Patient
You can review and manage each trial location and how data is entered at that location, as well as monitor trial requirements in real-time, which speeds up the clinical trial process and reduces overall costs.
How Can a Cloud-Based CTMS Help with Cost Reduction?
Simplifies Financial Management
Research from IBM has indicated that many pharma companies can reduce their annual operating spending as much as 25% on clinical IT systems by using cloud technology.
The costs of hardware acquisition, installation, provisioning, maintenance, support, and software licensing are all eliminated when using a cloud-based CTMS. You can also obtain financial disclosure, obtain medical licenses, and manage to budget.
It was estimated that per year, patient recruitment costs alone can reach more than $1 billion.
“Recruiting the required number of patients for clinical trials is a constant challenge for customers and can represent more than 30% of total study costs,” said Steve Cutler, Icon’s COO.
Additionally, it was reported that in the U.S. in 2014, clinical trials across all therapeutic areas costs $30-40 million on average before even reaching approval in phases 1-3.
By keeping data organized and enabling clinical researchers the ability to manage everything in one location, the clinical trial process speeds up and eliminates extra costs.
This is all possible because of the benefits that cloud computing offers to clinical trial management.
So, how can a cloud-based CTMS provide clinical researchers the ability to run trials more efficiently and effectively? A cloud-based CTMS can:
Increased Reliability Across Multiple Phases
Reduce Hardware Requirement, Costs, and Maintenance
As does the digital technology we personally use on a daily basis, a cloud-based CTMS offers more control and flexibility with each study! Ultimately, providing information and results that improve the health of patients worldwide.
By looking at the charts and facts said in this article, you can gain a ton of insight on….
Questions that should be asked before beginning to form a clinical trial: Whether this is for a client of yours and you are supplying the cloud technology for their trials,or you’re a clinical researcher, these questions must be asked! It gives a greater perspective on what can come from the trial and how to properly go about conducting it.
The clinical trial phases that must be done before receiving FDA approval: When doing business with somebody, it’s always best to relate to your customers/clients. So, if you’re services are being sold to those who conduct clinical trials, you should know the phases they have to go through in order to successfully launch a drug.
Struggles that exists around patient recruitment for clinical trials: For a trial to exist and results to be shown, you need participants, there’s no question there. The traditional way of recruiting is hard and costly. The cloud helps with that. The graph shows the percentage of struggles that occur in recruiting. Thus, giving you a better idea for how you can assist your clients even more.
How to manage your study with the cloud: While most internet searches may not be helpful in determining how cloud computing can help manage your study, our above chart simplifies the answers. You can more easily collect data, manage that data, reduce on-site work, improve trial visibility across multiple channels, simplify financial reporting, and more effectively choose a trial site.
So, after reading this, do you find yourself not only more knowledgeable on clinical trials, but also feeling more confident in how you can help your clients manage their clinical trials with the cloud?
There’s so much to talk about on this topic so please if you have any input that wasn’t stated above then please share in the comments!
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