How to Choose an Analytics Solution for Your Next Drug Launch
To succeed today, pharmaceutical companies must be highly responsive to rapid changes in customer behavior and market dynamics, especially when introducing a new drug to the market. Many organizations, however, find themselves overwhelmed by the huge amounts of customer data and increasing competition. Abandoning any effort to make sense of it all, they instead make critical decisions based on little more than intuition. Not only does this put their business at risk, they also fail to find and take advantage of the diamonds hidden in the mounds of data. What can be done? The answer lies in deploying an effective business analytics platform that understands the needs of the complex life sciences industry.
When choosing a solution for your next drug launch, a data driven business model will allow you to leverage valuable business and market information. Selecting a business analytics system that can meet your company’s needs is vital to success. This means choosing a solution with a low TCO, high value and quick speed.
Total Cost of Ownership (TCO)
Why is TCO so important? The five-year cost of ownership for major hardware and software systems can often end up being five to ten times the purchase price. It’s therefore worth your while to spend time determining TCO. When calculating TCO you must take into consideration not just initial price but also the costs of set-up and maintenance (Lights on Costs). Since launch KPIs evolve along with the drug launch and even established business units change, it’s also very important to consider the cost of modifications and adjustments. Many companies charge a high premium to make these changes.
Launch dates cannot be missed and as the launch environment is dynamic your analytic solution must reflect reality to be useful. Speed of initial implementation and the flexibility to quickly perform ongoing changes are therefore critical for any platform. Your system must be ready at launch as well as be able to evolve with the launch. Many platforms are too cumbersome to keep up with the pace of change.
Metrics should be actionable. There is no point in measuring and reporting on things that have very little value to your business or are very hard to influence. Analytics should therefore deliver actionable insights. The best way to measure value is by usability. If it brings value, your staff will use it and vice versa. Many systems create overlap by generating redundancy through large numbers of reports. This confusion leads to low business impact. To create clear actionable insights you need a platform that provides a consolidated, single version of the truth.
Verix Analytical Applications
Verix is a producer of state-of-the-art business analytics technologies that empower decision makers to quickly respond to business insights for optimized sales performance. The New Product Launch application is the first and only solution on the market created specifically for drug launches. This application uses was developed with the life sciences in mind, enabling quick implementation for optimized drug launches. It can be deployed within weeks and feedback implemented within hours or days.