Analytics are critical to the pharmaceutical industry. In this Q&A, HRI and PwC principal Carlos Moreira talks about data trends and how to solve some of the knottiest problems.
What kinds of data do pharmaceutical life sciences companies currently capture? What new data should these organizations think of capturing?
As far as opportunities for collecting new kinds of data, there is a trend toward converging insights with the health services sector. Mobile wearable devices generate additional insights about patient location and compliance. Traditionally, this information has not been captured in the pharmaceutical and life sciences sector, but it is likely to become a viable asset in building patient-focused products and technologies.
HRI: How is the Insights Platform best optimized today?
Carlos Moreira: It collects commercial activity information, which includes sales operations, field operations and support, and computes these areas into an executive dashboard with key indicators. The platform shows what the company and industry are doing by looking at different dimensions including revenue generation and revenue optimization.
First, revenue generation insights help us understand what is happening in the market. Second, revenue optimization shows pricing and how the product compares to other products in the portfolio and a competitor’s portfolio.
By evaluating these areas, companies can determine effectiveness in the market from a price management and deals perspective with an overarching view of how revenue growth and performance are impacted.
The success of the pharma and life sciences Insights Platform is like a cake. The first layer is the ability to have a platform for new tools and data and analytic capabilities. The second layer consists of the consulting services with a client. During this time, we identify the indicator metric critical to driving a business outcome.
The final layer is constituting and building processes to drive the outcome and managed service. Moreover, the platform identifies areas for continuous improvement to drive outcomes and to build new indicators. In order to effectively utilize the platform, business and technology are integrated.