The business of pharma is becoming more data-driven—from R&D to commercial—yet many pharma companies still struggle to garner leaders’ buy-in to build and operate the analytics programs that they need to fuel their success. They face tough challenges, including overcoming skepticism, proving the program’s value and scalability, finding the right talent and ensuring organizational collaboration.
artificial intelligence & pharma,
Ishita Srivastava and Divya Babbar co-authored this blog post with Qin Ye.
The FDA considers the use of real-world data and real-world evidence a top strategic priority, and on Dec. 6, it unveiled its much-anticipated RWE framework to support the development of drugs and biologics. The framework is aimed at evaluating the potential use of RWE for assessing a product’s effectiveness and focuses on increased stakeholder engagement to effectively leverage RWD and RWE for public health purposes.
data driven decisions,
As more healthcare stakeholders clamor for price transparency, prescription drug rebates’ days could be numbered. Whether the behind-the-scenes negotiation tool—which has been linked to a growing discrepancy between a drug’s list and net prices—will partially or completely disappear is up for debate, but one certainty at this point is that the price transparency knock rarely goes unanswered.
A new business entering the competitive pharmaceuticals market faces a steep climb, so any innovation capable of creating a handhold is highly valuable. The evolution of cloud computing technology over the past decade has been a particularly favorable development for startups, offering them essential resources and capabilities that might otherwise be cost prohibitive. At a high level, cloud tech encompasses several benefits:
This post is the third in a three-part series on how pharma companies can achieve customer centricity.
In our second blog post, we highlighted the difference between point change—where a change program is focused on a single, new capability—and system change, where the change program is focused on redesigning a process of how several capabilities work together. We see companies purchasing new capabilities—cloud-based marketing automation tools, digital asset management tools, data science capabilities, etc.—but introducing these capabilities via point change. This reinforces the siloed structure that most companies have today and limits the value of these new capabilities. The better approach is to recognize that these tools and capabilities are designed to be integrated, and to redesign the marketing process to be more automated and integrated across functions. In other words, use the tools and capabilities to break the silos by deploying them via system change.
customer-centric pharma organizations,