Drug companies today suffer from information overload. While sales forces are armed with the latest technology, many companies fail to harness the information these tools generate. By failing to analyze information from its customers, the industry not only mis-serves their customers, but they are not good stewards of their knowledge and medicines.
Today’s commercial teams require tools that convert data into intelligence. It’s no secret that field employees generate more information than ever. But that’s one just part of the loop. If you want to “close the loop”, there needs to be a seamless flow within the commercial department. This flow must be accompanied by technology to enable teams to share their data, better understand it and collaborate off those insights.
Injecting Analytics into Commercial Strategy
It’s not just capturing information that’s important -- drug companies have to then use and analyze the data to inform future engagements. In this way, Pharma commercial departments will not only work harder, but will work smarter. These teams need data-driven insights to reach the right prescriber or health care professional at the right time to survive in today’s increasingly competitive marketplace.
Too often organizations capture information and keep it siloed within one department, eliminating the ability for inter-departmental access. Drug companies fail to realize that one department’s “So what?” is another department’s “Oh wow!” leading indicator.
This is compounded by the fact that pharma purchases a great deal of information from outside the company, and sees the value in doing so, but neglects creating a discipline to manage it effectively across the organization.
Fortunately, technology is rapidly evolving to help Pharma. Third-party partners, who’ve tested the waters, may prove to be effective partners in employing data management and analytics tools to address these data opportunities.
More than ever before, Phama must focus on what data is valuable to their organization and then analyze and align that information with what their business objectives. Drug companies empowered by modern platforms are poised for success.
Commercial Alignment Supports Innovation
Pharma has often called for the need to innovate, to look beyond the pill and to become a more forward-facing customer-centric industry. But before it can begin to accomplish any of these goals, Pharma needs to fix how it understands and uses its information. This sweeping change won’t happen overnight, but every day, tools that help them analyze the data pour in.
For drug companies to align data across their commercial teams, they have to first unify them with a modern platform that simply and easily integrates with disparate data sources, and facilitates collaboration. Teams will grow when they learn from each other’s experiences. This is a fundamental shift of the digital era. Old tactics simply cannot be replicated on new technology; new processes need to be put in place to record, analyze and improve from previous engagements. Success comes from evolving the commercialization process; drug companies must adopt a coherent digital strategy and the proper technology to remain competitive in today’s fast-changing business landscape.