As we head into 2018 and take a look at game changers facing the Life Sciences industry, the next inflection point we see is how the industry increasingly uses data to drive business decision-making via advanced analytics.
The amount of data we have at our fingertips would be unimaginable as recently as five years ago; while collecting and reporting all kinds of data points remains important, businesses are increasingly realizing that these amassed statistics hold deeper value. The goal now is not to utilize this mass of data to guide the business but rather to specifically direct the business.
In Life Sciences, a big driver for the development of platforms to collect and manage all this data was the evolution of regulatory requirements — a complex and constantly changing landscape that has, at times, challenged the industry.
The welcome silver lining is that these requirements have given firms that work with robust, scalable engagement-management platforms an unprecedented wealth of data that can be turned into actionable strategies. A platform designed to introduce controls and processes in order to manage compliance-centric meetings produces a veritable treasure trove of data on HCPs, KOL’s, and engagement activities.
To date much of the marketing and promotions in Life Sciences remains very subjective, relying on relationships and individuals to direct business tactics — though the industry has access to detailed data about HCPs that Life Sciences companies can access to help them make objective decisions. The data available now offers the tantalizing ability to reveal which of a Life Sciences company’s activities, practices and procedures drive the biggest bang for the promotional buck. They are the code to unlocking a deeper understanding of ROI, and we are on the cusp of the technological advancements that can turn that code into real discoveries.
Ultimately, the promise is that Life Sciences companies will be able to use these insights to predict an HCP’s response to interactions and invitations based on their past habits, creating marketing efficiencies as well as more compliant meetings management — bringing that visibility all the way to the level of prescribing behavior.
The promise is that HCP engagement data becomes more than just a box to check, figuratively speaking, for compliance purposes. Instead, it becomes a valuable organizational tool that supports the goals of multiple stakeholders across business units.
Susan Hill, SVP, Global Products & Solutions, AHM
Susan joined AHM in June of 2013 and is responsible for the oversight and management of AHM’s Global Business Development and Solutions and Marketing team. With over nineteen years of experience in the Life Science industry, Susan brings experience in business development, product marketing, and new technology investment and optimization.