What are the challenges with pharmaceutical data?
What is the problem
Pharmaceutical companies are in a rapidly challenging environment. It takes over $2.5 billion to bring a new product to market. Over 80% of the drugs on the market are generic. And, emerging markets are increasing in production.
There are less blockbuster drugs and pharmaceutical companies under continuous pressure to re-assess R&D costs. In the midst of all this, payers are seen more as a barrier than a customer and fraud is on the rise with a total of $2.9 billion in fines between 2016 and 2017.
Plus, many pharmaceutical companies aren’t prepared to make strategic decisions based on their current data because the data is siloed across departments and they have too much data being created daily. Consider a typical pharmaceutical with the following departments and their data:
- Commercialization – Prescription drug and patient indications
- Analytics – Automated analysis of payer information and changes
- Supply Chain – Manufacturing discrepancies and inventory and delivery trends
- Finance – Financial monitoring and revenue forecasting
- Marketing – Programs and campaigns across patient and HCP
- Compliance – Annual reporting metrics to mitigate compliance risks
How do we solve it
- Track shifts in drug prescription rates across hospitals, providers, and health groups that impact revenue mix changes
- Identify challenges and opportunities in supply chain distribution to ensure quality assurance
- Monitor data that could potentially compromise data analytics and reporting
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“Outlier guides us on making more and faster strategic decisions based upon our huge data sets. Before Outlier, we didn’t know what hidden insights were in our data or how many weeks it would take to find those insights.
Our management team wanted to partner with a firm that could help us keep our competitive advantage and continue to deliver the best patient experience.”
Vice President of Commercial Analytic Strategy
A Leading Life Science Company