Monday, August 12, 2013
Analytics in a Changing Landscape
Analyzing data in emerging markets used to be fairly easy. Of course, that's because there were little or no data to analyze. But those days are pretty much over. The bleak landscape of reliable data on customers and markets in developing countries has bloomed like a flooded desert. And today, new data are being captured through government and business information systems, mobile phones, social networks, and retail transaction systems. With two-thirds of its growth expected to come from emerging markets in coming years, perhaps no other industry stands to benefit more from rigorous data analytics in emerging markets than Pharma.
The pharmaceutical industry can benefit from solid analysis at every stage of the value chain. For instance, disease tracking data support the discovery and development of new therapies. Remote data collection and diagnostic or treatment support can aid clinical investigations and help companies understand how health workers and patients manage health and disease. Improved analysis can help companies segment diverse global customers and devise localized pricing, packaging, and educational programs. Once products are in the field, data can be mined to make improvements in the supply chain, patient education, and communication or training for health workers.
If applied creatively and skillfully, data analytics could help pharmaceutical companies move past the role of pill manufacturer and toward the business of providing personalized health services. As data grow and become more accessible, the time is ripe for pharmaceutical companies to develop and apply new tools that enhance the care experience (and grow their business). This will require evaluation and prioritization of areas where data can bring the most value, and then a clear plan of action to implement the technical and analytical systems to capture, analyze, and integrate that data. With agility and a business-driven focus on quality data analytics, pharmaceutical companies will discover the value of making medicine from desert flowers.