Pharma & LifeScience
Businesses have more data at their fingertips than ever before, providing information into every step of the customer journey. Xpectrum could help businesses by using data analytics techniques to improve the customer experience and create a competitive advantage in today’s market
Our highly competent and insightful pharmaceutical industry professionals can help you develop better drug development strategies by analyzing the past and modeling the future.
Market Entry Analysis
- Market sizing and assessment
- SWOT analysis of market entry strategies
- Assessing product demand
- Prioritizing opportunities through country-level analysis
- Infrastructure and know-how requirements e.g. supply chain, marketing, finance
- Regulatory and legal requirements
- Investment budgeting
- Determine if a market warrants investment
- Evaluate product likelihood of success by analyzing the sales and epidemiology data
- Consider emerging economic and healthcare related issues by country
- Understand macro trends shaping the market
- Validate a company’s own forecast to establish annual targets
- Manage performance expectation
- Analyze your competitors’ objectives, strategies, assumptions, and capabilities
- Analyze the trends and activities of regulatory authorities
- Market response to new agents
- Reveal mistakes to be avoided
- Model the future by predicting the most likely competitor scenarios
- Identify response of regulatory authorities to outcome of new initiatives
- Identify and adapt to changing standards of care
- Licensing Evaluation: Identify, validate, and advise on in-/out-licensing of opportunities to expand the growth potential and geographic presence
- Determine catalog price and discounts for your product that maximize profits and support corporate objectives
- Ascertain optimal timing and magnitude for pricing across product line
- Understand key price drivers within and across countries
- Anticipate price and reimbursement impacts of regulatory changes
- Compare P&R and marketing risk and costs across countries
- Competitive analysis of pricing offered by the competitors
Marketing Mix Models for Pharma
Marketing is inefficient and costly. In the marketing of pharmaceuticals, billions of dollars are at stake. The scattershot, highly generalized models that have long been characteristic of marketing do a poor job of targeting consumers at a time when the cost of competing in highly diversified global markets is rising and the challenges of convincing consumers to buy your product are growing. Big data can change this. Marketing mix models such as Experfy has designed for the pharmaceutical sector can boost profits by reducing the cost of effectively reaching the exact consumers you need to grow your business.
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Challenges and Opportunities
All markets are now global. This has produced enormous financial opportunity for drug companies but it also means that the cost of accessing those markets through effective marketing is greater than ever. Drugs are a physical good with high operational costs intrinsic to marketing. Each market and its consumers remains unique so adapting your marketing approach to maximize its effectiveness and generate the highest return on your promotional investment is more critical—and harder—than ever. In the US alone, over $30 billion is spent on pharmaceutical marketing annually. Pharmaceuticals are also a complex and expensive sector because of the imperative of communicating with a broad array of stakeholders including physicians, consumers, hospitals and HMOs. An effective and well-integrated strategy must be developed for reaching each of the major actors in this complex ecosystem. Reducing the cost of effectively targeting pharmaceutical marketing can be a financial bonanza to those in the drug industry especially at a time when health care costs—and the pressure to reduce them—are growing exponentially.
In our work, there have been specific marketing mix challenges that Experfy has had to overcome. Firstly, the data concerning marketing expenditures has not always been highly detailed (e.g. it was at the city level with some data at the national level). Another challenge related to the integrity of the data as multiple overlapping channels for marketing expenditures were employed simultaneously. Thirdly, we had to devise a data normalization scheme that would provide an unbiased estimate of effectiveness so as to account of variations in the sizes of the zip codes. Finally, we had to estimate the effectiveness of marketing across different cities and markets.
Using our world class data scientists, Experfy can help you to overcome these challenges and we can also help you to capitalize on the most innovative Artificial Intelligence and Big Data techniques to optimize your marketing mix model in the most user friendly, operationally efficient and profitable ways.
Experfy has deep expertise in the application of machine learning and AI more broadly to marketing mix models. Specifically, our solution entails the development of a Marketing Mix Model to forecast and track the effectiveness and impact of individual marketing channels. Our demonstrably effective approach involves:
Harnessing government and private sector data sets to forecast the amount of localized spending via each marketing channel from city level monthly expenditure data.
Forecasting integrated marketing campaign effectiveness and conversion to customer rates based upon the amount that the client spends per channel in a particular area.
Determining the ROI for your Patient/Caregiver & HCP (health care professional) marketing vehicles.
Using visualization technologies and dashboards to capture a detailed view of multi-channel marketing effectiveness and how different marketing expenditure interact and correlate with one another.
Computing the optimal degree of localized expenditure for each product, demographic and channel and then normalizing that analysis to transform all metrics into an unbiased data set by zip code size.
Categorizing publications based upon their effectiveness in targeting specific populations in diverse markets.
Determining the optimal mix of marketing expenditures across channels so as to reduce overall marketing cost while increasing the strategic value of marketing insights obtained.
Tracking performance so as to iteratively improve the marketing campaign over time.
Helping you to determine the best amount to invest in DTV (direct to vendor) vs. HCP focused marketing and how to maximize your ROI so as to fully catalyze physician acquisition, NBRx (new-to-brand prescriptions), RRx (refilled prescriptions), and TRx (total prescriptions) by whatever market segmentation is most strategically significant to your organization.
Understanding how external factors specific to each particular context impact your business operations.
Using this approach and marrying your existing data with external data sources, we can create a customized machine learning model with the capacity to predict sales for each mix of marketing channels—an unprecedented achievement in the pharmaceutical market.
Our solution can provide you with the improved information collection, better analytics and enhanced execution capabilities required to produce a superior marketing mix model. Experfy can also help to train your technical and business personnel in how to determine the optimal mix of marketing channels and leverage it in business strategy.
On-time, on-budget clinical trials—using real-time insights gleaned from healthcare, competitive, and market intelligence data
Unmet Need Analysis
Measure the level and nature of unmet need in any disease along the following domains:
- Product Need (efficacy, safety, convenience of dosing)
- Disease Seriousness (mortality and morbidity)
- Disease Cost (direct and indirect costs)
Enrollment Planning and Forecasting
- Leverage advanced predictive analytics and data visualizations to model potential scenarios and multiple cohorts
- Forecast and continuously tune enrollment completion using predictive analytics
- Track and systematically report on detailed enrollment costs for every trial
- Monitor enrollment across the entire portfolio of trials, regardless of partner or sponsor involvement
- Analysis of epidemiological data for specific or unusual indications, demographic factors or geographic consideration
- Customized comorbidity and risk factor analysis
- Support for orphan drug submissions
- Customized epidemiological data mining
- Develop budget scenarios. Assess cost per patient, cost per procedure, cost per visit as well as institutional cost
- Eliminate redundant payments
Feasibility and Site Selection
- Site identification and profiling
- Patient population profiling to design and tune protocols
- Risk factors to recruitment (time and budget implications)
- Standard of care impact
- Recruitment and retention challenges
Clinical Trial Optimization
- Leverage data to gain insight into protocol design and feasibility, as well as the market and competitive dynamics that could affect trials
- Find the investigators and sites who have a track record of success and access to the right patients
- Access potential savings due to studies covered by third party insurers
Product Safety Analysis
- Early drug safety trend and adverse event signal detection
- Improved drug safety and operational effectiveness
- Proactive unstructured social data mining
The managed care model has seen huge growth in the pharmaceutical industry. It is estimated that in the US, 85% of all prescription drugs are today reimbursed through a managed care plan. In order to ensure preferred and profitable access of drugs in the marketplace, bridging the information and deriving insights across market access, reimbursements, payer relationships, physician influence and physical preferences is critical. All pharmaceutical and medical device companies require analytics, decision supporting systems, and processes to maintain competitive advantages in managing the contract lifecycle while supporting the pricing mechanism (i.e., minimizing revenue leakage) and regulatory requirements needs imposed by various government agencies.
- Claims Reporting
- Managed Care Landscape
- Pricing and Reimbursement Analysis
- Cost-Benefit Analysis
- Health Economics and Outcomes Research
- Compliance and Persistence Studies
Today, pharma supply chains hold massive buckets of data, making it a rich place to establish analytical advantages for Pharma and Life Sciences companies — to develop a comprehensive, analytical approach to optimize their supply chain and operational efficiencies. To meet the current industry challenges and increasing supply chain complexity, our experts can evolve your supply chain in three areas—enablement, effectiveness, and earnings.
Before pharma companies can analyze how effective their supply chain really is, they will need to have clear, end-to-end visibility of their global supply chains linking strategy, performance, management and risk. At a simple glance, this begins with basic metrics and reporting, as these tools provide the backbone of data for performance measurements. Enablement can occur in three areas:
- Demand Visibility: Poor forecast accuracy and demand volatility continue to challenge drug companies due to sub-optimized sales and operations planning (S&OP) processes. There is a need to make basic forecasting metrics more visible to enable replenishment; KPIs such as forecast accuracy, forecast bias, and On Time-In-Full can be very quickly deployed and will help measure the pulse in the supply chain planning domain.
- Inventory Visibility: From KPI dashboards with multi-dimensional drill-down to analytics enabling near real-time inventory tracking and tracing for controlled drugs, we can handle it all. Analytics in this space include inventory variance analysis, inventory revaluation, inventory reporting, gross-to-net inventory bridge, days on hand, as well as inventory usability for obsolescence purposes.
- Transportation Analytics: Drug companies can realize immense performance improvement opportunities through analytics-driven activities such as improved visibility for in-transit goods, freight lane reporting, fleet sizing, load planning, and freight cost consolidation. A quick win here would be to target freight lanes that create imbalances over time and identifying which route supports the business and which ones do not.
Decisions can only be as good as the data coming through. We help you build effective supply chain with appropriate, consistent movement of data up and down the supply chain.
- Manufacturing Analytics: Bringing data under a single umbrella becomes a powerhouse for driving process improvement in the manufacturing space in conjunction with compliance to the ever-changing regulatory guidelines. Real-time measurements of process parameters allow drug manufacturers to leverage advanced statistical analytical methods to monitor and correct process conditions before a potential quality failure occurs.
- Network Optimization: Network design is a powerful, analytics-driven modeling approach proven to deliver significant reduction in supply costs and customer service-level improvements. Cost-based analytics focused on KPIs such as investment cost; return on investment; sunk costs; stock costs; transportation costs; etc. can help you choose between a centralized and a decentralized network design
- EARNINGS A positive working capital ratio is essential for pharma companies to be able to operate profitably, service its debt, and fund upcoming operational expenses. Supply chain analytics can play a huge role in the active management of working capital. The focus on achieving a high-quality balance sheet requires granular level cost information at every point in the supply chain by product, by distribution channel, and by customer. Quantifying these cost differences can help a company discontinue an unprofitable product, alter a distribution network to increase profitability, and then redeploy the freed up capital towards new drug research or towards other innovations.
Our analysts combine deep, qualitative understanding with sophisticated multivariate approaches to ensure that the most powerful attitudes and behaviors inform your strategic and marketing decisions.
- Provide detailed insight into markets from a size, growth, key driver, unmet need and barrier perspective
- Detail what evolution is expected and how you and your competitors will respond
- Design of Experiments: Quantitative methods can help in understanding, predicting, and optimizing product designs, manufacturing operations, and product reliability
Segmentation and Targeting (Physician/Patient)
- Distinguish patient and physician groups most likely to respond to marketing
- Prioritize the products, categories and audiences to target
- Customize messaging to respond to the needs of key segments
Competitive Landscape and Positioning:
- Analyze your competitors’ objectives, strategies, and assumptions to direct your positioning
- Use innovative qualitative and quantitative methodologies to uncover the customer’s functional and emotional needs that ultimately direct your messaging
Brand Tracking and Company Reputation:
- Assessing brand performance by monitoring the parameters like brand awareness, brand image, brand health, brand usage, brand share and brand potential and brand communications
- A 360-degree view and consistent metrics across key stakeholders, including customers, investors, suppliers, regulators, community leaders, social media and employees
- Customer Analytics: Understanding your customers, analyzing their next move, and creating personalized experiences for them is critical to winning more business and driving loyalty. We help you with the following:
- Lifetime value analysis
- Customer churn reduction
- Upsell and cross-sell opportunity analysis
Advertising Spend Optimization
- Historical analysis of past spend
- Predictive modeling to guide future spend
- Evaluation of specific tactics including sales force samples, detailing, meetings, events, internet media, direct-to-consumer TV ads, telemarketing and print ads
- Assessment of patient-driven programs and tactics
- Pharmaceutical Forecasting: Accurate, timely insight into the demand for pharmaceutical products is essential for designing successful brand strategies and applications across the product lifecycle and addressing key issues in commercial planning, clinical trial optimization and competitive event assessment.
- Choice modeling or univariate demand research ensures that the primary marketing research is aligned with the needs of forecast
Volumetric new product forecasting provides the accuracy required for pre-launch planning
- Combination epidemiology-/sales volume-based forecast models provide robust market sizing and trend information
- Custom patient flow models representing the dynamics of complex markets are not possible with cross-sectional methods