Key Takeaways from 2016 PMSA
Last month’s PMSA annual conference in Las Vegas was another great opportunity to catch up with partners and customers, and to get up-to-date insights into some of Pharma industry’s latest analytics trends and challenges.
We enjoyed the opportunity for close encounters around our poster presentation, and got some great feedback and questions on our poster “New approach to improve Sales Effectiveness for Drug Launch”.
Integrating patient level data in Oncology
One theme that in particular caught our attention throughout the on-stage and poster presentations – and ties into the concepts presented on our own poster – was the challenges and opportunities posed by the fairly new source of data, the fine grain patient level information. Specifically in oncology, we see a paradigm shift in the way latest treatments are administered and managed. The approach is different from mass market therapies, taking advantage of new abilities to use biomarker based information and tailor treatment per user. The good news is that these groundbreaking capabilities open a whole new world of treatment possibilities to cancer patients. A side effect is a new source of data that is collected, at patient level, documenting the administration of therapies step by step.
Advanced analytic solutions are starting to deal today with the challenges of taking this granular new source of data into account, and integrating it into a comprehensive picture of the business. Mastering this ability is beneficial to all stake holders – from patient, through physicians, to the drug manufacturers. All want to see an optimal management of the therapy process and will greatly benefit from advanced tools analyzing every step of it, improving treatment decisions and preventing critical problems with the ability to forecast next steps.
The progress in Oncology therapy and fine grain data collected, creates a great opportunity for drug manufacturers to closely follow the effectiveness of their treatments and continually improve it. From the analysis side, it is ever more challenging to build robust metrics as these therapies are by definition designed for very small targeted patient populations. The best way to overcome this challenge is to view and analyze the process in a broader way than the old-school commercial view, which focused solely on improving sales. The new approach to Oncology business analytics integrates research level data as part of the treatment analysis, to improve decision making at the different stages of the process.
Leverage for success in New Drug Launches
Drug manufacturers can greatly benefit from this highly granular data, as early as the launch phase of new oncology drugs. The first few months of a new drug are the most critical ones for its acceptance. Being able to analyze this new source of information, feed back to the research and development team and respond to it in an agile manner with necessary tweaks and adjustments can be what will make or break the success of the the new drug.
Collecting and integrating patient level data and carefully formulating KPIs that offer meaningful performance measurements, enables advanced analytic solutions to offer valuable predictive insights that boosts oncology treatment to new levels, overcoming the challenges and leveraging the opportunities of this new paradigm.