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Analytics is leveraging its benefits to almost every sector of the industry. In what way can analytics serve pharmaceutical companies?
FREMONT, CA: In terms of introducing new products, innovation is a crucial strategy for pharmaceutical companies for maintaining operating buffers. However, unsuitable patient population, inappropriately designed clinical trials, and lack of competitive differentiation are some significant reasons for drug failures pre and post-launch. Analytics truly holds the potential to transform the growth strategies of the pharma industry. Analytics can give a significant boost to the drug delivery and development by mapping patient trends in order to identify target markets, highlighting the gaps in the safety and efficacy of present drugs, and narrowing down on test sites with great patient availability.
Like these, there is a requirement of more interventions in the pharma industry. The likelihood of expiring patients on one side and the government's increased concentration on generic drugs on the other side is putting immense pressure on operating margins. The reduced access to doctors and the growing influence of payors is adding an extra layer to the pressure and forcing pharma companies to give a second thought to their sales and marketing strategies. According to WNS DecisionPoint Buyers Power Index (BPI), due to these factors, pharma companies have witnessed a decline of 3.6 percentage points in their gross margins from 2009 to 2014.
Pharma companies are also experiencing the benefits of adopting analytics for their sales and marketing strategies. Analytics tools are utilized to improvise the sales force's effectiveness. In order to share information with doctors, sales executives are adopting digital communication tools. They are also making use of analytics to develop tailored messages and more relevant communication. For instance, for the doctors dealing majorly with an elderly patient base, the marketing information will concentrate more on the drug to drug interactions.
There is ample scope for adoption and the use of analytics in the pharma industry. Therefore, pharma companies need to delve deeper and think about the ways of using analytics to deliver a winning product launch strategy.