Power BI Insights for C-Suite from Microsoft MegaExpert Belinda Allen – Part 2

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!

6 Reasons Why Advanced Analytics Is Essential In Pharma

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:

Advanced analytics on a laptop.

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.

According to a report by Tufts Center for the Study of Drug Development, it can cost up to $2.6 billion to fully develop a drug.

Advanced analytics enables drug development to run efficiently and effectively by being able to identify potential drug candidates that have a high potential for success and develop them quickly.

Also, patient data can be used to identify connections and patterns that help develop precision medicine.

Large data-sets from numerous sources ranging from clinical trials to patient health records and insurance claims to develop drugs suited for different populations can be used.

Medication out of a pill on a table.

2. Optimize Clinical Trials

Pharma analytics can be used to successfully optimize the efficiency of clinical trials. Not only are clinical trials expensive, but they are also very time-consuming.

The average cost of clinical trials for approved drugs was reported to be $19 million by researchers from Johns Hopkins Bloomberg School of Public Health and it can even take up to 15 years to complete!

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.

Businesswoman using tablet and accessing different people.

3. Decision-Making

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.

Female physician and female nurse discussing something on a tablet.

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.

Person putting money into a jar.

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.

According to a recent survey by WNS DecisionPoint, 71 percent of sales teams and 82 percent of marketing teams use analytics extensively.

6. Improving Collaboration

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.

Person on their phone with their laptop open.

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
  • Cost Reduction
  • Increased Sales Growth
  • Improved Collaboration

Also, if you’d like to learn more about our pharma analytics solution, contact us for free below!

6 Important Pharma Data Collection Sources To Keep An Eye On

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.

Colleagues standing in a data center in front of drawings of charts

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. 

Relevant data collection and uses identified by respondents include…

  • Determining potential drug candidates.
  • Monitoring of clinical trials.
  • Analyzing trends in electronic health records.
  • Improving tracking of patient statistics.
  • Predicting healthcare outcomes.
  • Designing treatment protocols.

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.
Physician on laptop on a desk while holding a pen.

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.
  • Prescription history.
  • 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.
  • Websites
  • Sunshine Act Database
  • FDA 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.

Proficient young male employee with eyeglasses and checkered shirt, explaining a business analysis displayed on the monitor of a desktop PC to his female colleague, in the interior of a modern office

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.

Hand typing on modern laptop notebook computer with future graph icons and symbols

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.

Writing on clipboard with patient in background in hospital

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.

In this regard, the FDA has made guidance documentation very clear and readily available to help pharma companies ensure compliance.

4. Sales Operations and CRM Software 

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. 

Shocked young business woman using laptop looking at computer screen blown away in stupor sitting outside corporate office. Human face expression, emotion, feeling, perception, body language, reaction

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.

60% of social media users report that they trust what doctors post on social media. 

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.

Businessman drawing business statistics on glass wall-2

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.

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.

Especially in a time when…

One in four prescriptions drug users reports difficulty affording their medication costs. 

Background image with financial charts and graphs on media backdrop

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:

  • Clinical Trials
  • Patient Testimonials
  • Adverse Events
  • Sales Operations
  • Social Media
  • 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!